India’s record exports result of Centre’s ‘Make in India’ digital drive

Indian exports have been witnessing a robust growth for quite a while now. They touched an overall $676.2 billion in the financial year 2021-2022 as both services and merchandise hit record high exports in the year. It has been a significant growth compared to the overall exports of $526.6 billion and $497.9 billion in 2019-20 and 2020-21, respectively. India’s merchandise exports had crossed $400 billion milestone in the financial year 2021-2022 and stood at $421.8 billion, which is a phenomenal increase of 44.6 per cent and 34.6 per cent over 2020-21 and 2019-20, respectively. The surge in growth of exports in FY 22 and the first half of FY 23 induced a shift in the production process from mild acceleration to the cruise mode.

On its digital pathway, India is constantly achieving great heights, whether enabling better production processes through adopting Industry 4.0 or 5.0, or achieving Rs. 126 lakh crore of digital payments. The tech-enabled processes make trading through digital e-commerce and enable the country’s digital trade to scale new heights- tapping into the export potential with a vibrant e-commerce marketplace.

On its part, the Centre has launched many initiatives in order to encourage increased and accessible trade engagement. The E-commerce Export Promotion Council (EEPC) has greatly benefited MSMEs and tech-startups by providing them with increased access to technology, finance and training. The government is going the whole hog to create better opportunities for startups, SMEs, artisans and farmers (GI products) and service providers. The fact is that creation of a stronger international trade hub and trade e-corridor, promotion of ‘Make in India’ with thrust on handmade and historic artistry, marketing the skill set through a global demand, giving the market a larger variety thereby increasing opportunities for tourism, cuisine, and trade, penetrating the first-world space using the e-commerce global market demand- are all cases in point. Moves are afoot to bring in compliant, transparent, cost-effective, and reliable export practices through portals like the Indian Customs Electronic Data Interchange Gateway (ICEGATE), a national portal of The Central Board of Indirect Taxes and Customs (CBIC), acting as an information hub for export trading partners.

One cannot overlook the underlying commitments and vision of the present government towards digitizing exporters, supporting MSME and encouraging greater exports of ‘Made in India’ products. During the pandemic, online or e-commerce platforms have shown immense potential in supporting millions of businesses to sustain themselves. But the government vision is older than this. The vision has to be looked on a much broader canvas. Increasing the youth’s interest in nation-building and business, using the global marketplace as a tool to increase desired opportunity within the country are integral to this broad vision. This, in turn, promises to control outward migration of our bright, young talents. The government’s ‘Digital Drive’, coupled with ‘Startup India’ initiative catalyse small-scale and new businesses, allowing youth independence in business and trade. Together, they can be a game changer in the chronicles of Indian trade and commerce, if executed properly. However, there should not be any gap between the cup and the lip.