Chapter-10 : Commerce

Short Notes or Revision Notes 

GIST of India Year Book 2024

Department of Commerce: Boosting India’s Global Trade

  • Manages India’s international trade through policy formulation, multilateral relations, and export promotion.
  • Aims to increase exports and technological advancements for a stronger global presence.

India’s Trade Performance (FY 2022-23)

  • Total Trade: USD 1,674.41 billion
  • Exports: USD 451.07 billion (growth of 6.89%)
  • Imports: USD 623.34 billion (growth of 18.15%)
  • Trade Deficit: USD 121.62 billion
  • Services Trade Surplus: USD 143.28 billion

Global Economic Outlook

  • Slower global growth projected by IMF, impacting India’s trade dynamics.

Key Initiatives for Trade Promotion

  • New Foreign Trade Policy 2023:Focuses on e-commerce, high-tech exports, and district-level initiatives.
  • EPCG Scheme:Duty-free import of capital goods for manufacturing.
  • Interest Equalisation Scheme (IES):Reduces interest rates on export credit.
  • Advance Authorization Scheme:Duty-free import of inputs for export products.
  • Special Economic Zones (SEZs):Duty-free enclaves promoting exports and investments.
  • Niryat Bandhu Scheme:Training programs for new exporters.
  • NIRYAT Portal:Provides information on India’s foreign trade.
  • Remission of Duties and Taxes Scheme:Reimburses taxes/duties on exported products.
  • Trade Infrastructure for Export Scheme (TIES):Financial assistance for export infrastructure projects.
  • Free Trade Agreements (FTAs):Promote a rule-based international trading system (13 FTAs concluded, 6 PTAs underway).


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