Daily Hot Topic
Topic : Five-year Action Plan to Boost Exports
GS-3 Mains : Economy
Goal: Achieve $2 trillion exports of goods and services by 2030 (equally divided at $1 trillion each).
Current Status (2023):
- India’s share in global trade: Exports (1.8%) & Imports (2.8%).
- Top exports: Petroleum products, gems & jewellery, textiles, chemicals, pharmaceuticals, mobile phones.
- Challenges: Lack of diversification in products and markets (US & UAE account for 25% share).
- Slowdown in global demand (improved in 2024).
Government Initiatives:
- Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) for promotion.
- Rebate of State and Central Levies and Taxes (RoSCTL) (since 2019) for labor-oriented sectors.
- Remission of Duties and Taxes on Exported Products (RoDTEP) (since 2021) – covers pharmaceuticals, chemicals, and steel products.
- Common Digital Platform for Certificate of Origin for trade facilitation and FTA utilization.
- Districts as Export Hubs initiative to identify products with export potential in each district.
- Regular monitoring with export promotion bodies and industry associations.
- Foreign Trade Policy (FTP) 2023 to include e-commerce exports in government schemes.
Government Programs for Domestic Market Growth:
- Pradhan Mantri Gati Shakti
- National Logistics Policy
- National Industrial Corridor Development Programme
- GIS enabled Land Bank (India Industrial Land Bank)
- Industrial Park Rating System (IPRS)
- Productivity Linked Incentive (PLI) scheme
- Make in India Initiative
- Startup India Initiative
- One District One Product Scheme
- National Single Window System
Way Forward:
- Launch of ‘Trade Connect’ e-platform to help exporters connect with international stakeholders.
- Increased focus on exports to Central Asia, Africa, and Latin America.
- Potential boost from Free Trade Agreements (EU, UK, Oman) under negotiation.
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