New Delhi: USA has become India's top merchandise export destination during April-December in the current fiscal with total exports of $59.7 billion, Union Commerce and Industry Minister Piyush Goyal informed the Rajya Sabha on Friday. The Minister shared the data in a written reply to the Upper House of the Parliament.
According to the statistics shared by the Union Minister, in terms of merchandise exports by India, the USA is followed by UAE ($23.31 billion), Netherlands ($14.1 billion), China ($11 billion) Singapore and Bangladesh( nearly $ 9 billion each).
The Minister further stated that the Union Government has taken several steps to promote exports such as extending the Foreign Trade Policy (2015-20) extended upto March 31, 2023, and extending the Interest Equalization Scheme on pre and post-shipment rupee export credit up to March 31, 2024.
Also Read: Over 1 lakh cattle run over incidents in over three years: Railway Minister in Rajya Sabha
"Assistance provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme," stated Goyal.
"Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 01.01.2021. With effect from 15.12.2022, uncovered sectors like pharmaceuticals, organic and inorganic chemicals and articles of iron and steel have been covered under RoDTEP," he added.
The Union Minister said that the anomalies in 432 tariff lines have been addressed and the corrected rates have been implemented with effect from January 16, 2023. "Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters. 12 Champion Services Sectors have been identified for promoting and diversifying services exports by pursuing specific action plans," he added.
