India’s export policy taking shape

Monday, 04 March 2019 01:00:04 (GMT+3)   |   San Diego
       

According to an export report from India reviewed by SteelOrbis, the Ministry of Commerce continues the strategy of pushing India’s export potential to boost India’s economic growth. The US is the largest market for Indian exports, both for merchandise and services. According to a referenced Assocham report, India’s exports hold a promising outlook with the US economy and are expected to grow in the next four years.  Additionally, the rupee depreciation is expected to enhance net revenue realizations for Indian firms. With the focus of the US Trump administration on growth and infrastructure investment, demand for Indian exports, steel and other engineering goods trading is expected to increase.  

The Ministry also noted the need to further develop relationships with countries such as Cuba and African nations to push exports to new markets.

The Ministry highlighted trade facilitation and export finance as high priorities to achieve the plan’s goals. The logistics sector is also noted in the report as essential to reduce export costs and lead to growth of 5-8 percent in exports. As a result, a new logistics division has been established at India’s Department of Commerce. A National Logistics Portal is also being established to ensure ease of trading in the international and domestic markets. The Ministry is also supporting a Trade Infrastructure for Export Scheme (TIES) to expand on the duty-free procurement of the inputs needed for exports. The Indian government is planning to invest Rs 1,500 crore ($212 million) to develop 40 export-oriented clusters.


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