![]() Pharma and electronics goods rose 45 per cent and 163 per cent, respectively.Ĭoming to marine products and toy, they rose 63 per cent and 89 per cent, respectively, data showed.įurther, dairy sector to be exempted from maintaining Average Export Obligation. In the past six-to-seven years, India’s exports have risen by about 75 per cent, as compared to 28 per cent at the global level, data showed.ĭuring the period, engineering and agricultural exports rose 81 per cent and 61 per cent, respectively. Export scenario will remain challenging,” the government said in its presentation. ![]() The WTO’s global trade forecast predicts growth in world trade to slow down to 1 per cent in 2023, due to global uncertainties. “India’s projected growth (in 2023) is more than double the projected growth for the world. This will be an increase of over 13 per cent on a yearly basis. India’s total exports already crossed USD 750 billion and is projected to touch USD 760 billion by today, and will be the highest by the country ever. The benefits of such export excellence are recognition, market access initiative scheme, and common service provider facility. They are Faridabad for apparel, Moradabad for handicrafts, Mirzapur for handmade carpet and dari, and Varanasi for handloom and handicraft.īeautiful 22 Karat Gold Leaves Stud Earrings Unforgettable Intricate Bangles Set for Kids The government believes merchanting trade is expected to facilitate trade, making India a trade hub.Īlso, four new towns of export excellence (TEE) are being declared in addition to the already existing 39 towns of export excellence. A merchanting transaction is one which involves the shipment of goods from one foreign country to another foreign country involving an Indian Intermediary. Under the new policy, provisions for merchanting trade are also proposed. ![]() The Foreign Trade Policy 2023 is aimed to provide policy continuity and a responsive framework. A currency can be termed “international” if it is widely accepted worldwide as a medium of exchange. This mechanism will help in internationalising the Indian currency in the long run. The RBI had last year put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in Indian currency. The government has been working towards making the Indian rupee a global currency and allowing international trade settlement. International trade settlement in rupee is allowed under the new policy and changes introduced for the grant of export benefits and fulfilment of export obligation for export realizations in Indian currency as per RBI norms. ![]()
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