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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