The Economic Survey 2023, tabled before the parliament by the Financial Minister Nirmala Sitaraman reviews the performance of the Indian economy .In these surveys it was observed that During FY23 (till December 2022) India’s exports have displayed resilience on the back of record levels of exports in FY22. Petroleum products, gems and jewellery, organic and inorganic chemicals, drugs and pharmaceuticals were among the leading export items.
Recognising the key role exports play in improving the resilience of the external sector, from a medium to long-term perspective, various export promotion measures are being considered/implemented
More over while National Logistics Policy would ease the domestic frictions to encourage Indian exports by reducing the cost of internal logistics, the latest Free Trade Agreements, such as with UAE and Australia, would address the external frictions by creating opportunities for exports at concessional tariffs and non-tariff barriers
India’s Foreign Trade Policy (FTP) has been formulated for five years at a time. The focus of the FTP has been to provide a framework of rules and procedures for exports and imports and a set of incentives for promoting exports. The latest FTP for 2015- 2020 is in vogue at present. Due to this, to provide policy stability during the pandemic period, the five year FTP 2015-20 was extended from 2020 to 2022.
During the pandemic period Government has been taking significant measures and consistently looking into opportunities to diversify the exports both in terms of products as well as potential markets.
In the year 2022, India signed Free Trade Agreements (FTAs) with UAE and with Australia. This aims to provide greater market access with a reduction in tariff and non-tariff barriers on goods and services and make the exporters competitive. The Export Preparedness Index has also been introduced to evaluate States’ potentials and capacities. It will guide all stakeholders towards strengthening the export ecosystem at both the national and sub-national levels.
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