Discuss the measures that are required to boost exports for sustainable recovery of the Indian Economy.
(200 Words)
Refer - The Hindu
Enrich the answer from other sources, if the question demands.
K. V. A 5 years
Pls review
IAS Parliament 5 years
Good answer. Keep writing.
IAS Parliament 5 years
KEY POINTS
· Improved demand conditions in key markets, growth in the US and European markets is key as they contribute to 30% of India’s overall shipments overseas, but across geographies growth has been strong barring South and Latin America.
· In order to provide Indian exporters better access to various markets, the government is engaged in regional, bilateral and multilateral trade negotiations with various countries and trade blocks.
· FTAs have shown results, thrust on free trade agreements (FTA) with partner countries, have actually been helping Indian exports, either related to SAARC countries or to South East Asia and North East Asia.
· As far as SAFTA was concerned, India has huge trade surplus of about $12 billion and with ASEAN, exports have more than doubled after signing of the Indo-ASEAN Trade in Goods Agreement.
· Government has recently released the Foreign Trade Policy (FTP) 2015-20, which has introduced two new schemes, namely, ‘Merchandise Exports from India Scheme’ (MEIS) for incentivising export of specified goods to specified markets.
· Service Exports from India Scheme (SEIS) for increasing exports of notified services from India for diversification of India’s export markets and products and give a boost to India’s exports. This also includes goods and services from MSME Sector.
· The Foreign Trade Policy 2015-20 has also introduced several measures for facilitating trade and improving `Ease of doing business’ by reducing the number of mandatory documents required for export and import to three each. In order to facilitate faster processing and enable working in 24*7 mode.
· DGFT has facilitated submission of various applications and documents in online mode, as well as online payment of application fees through credit/debit cards and electronic fund transfer from 53 banks.
