Increasing Indian Share in Global Trade

The export target for the year 2013-14 was fixed at 325 US $ Billion. India’s percentage share of the trade to the world trade for the year 2013 is 2.07 %. India’s share in world trade is given below:

Source: World Trade Organisation ( Calendar Year )

With a view to increase our share of trade in global trade, the Government of India continuously monitors the export performance of different sectors and takes need based measures from time to time, keeping in view the financial and overall economic implications. Review of Foreign Trade Policy is a part of this strategy, and Annual Supplements to the Foreign Trade Policy (2009-14) were announced time to time. The last Annual Supplement was announced on 18.4.2013.

Further in order to boost Exports, Government has taken a number of measures, which, inter alia, include the following:

i.    Two percent Interest Subvention Scheme,  which was available for certain export sectors viz. Handicrafts, Carpet, Handlooms, SMEs, Readymade Garments, Processed Agriculture Products and Toys, was  widened to include 134 tariff lines of Engineering Sector w.e.f 1st January, 2013.

ii.   Government enhanced the rate of Interest Subvention from 2% to 3 % with effect from 1.8.2013.

iii.   As part of product diversification and market diversification strategy, 47 new items were added to Market Linked Focus Product Scheme (MLFPS) and 122 new items were added to the Focus Product Scheme (FPS). Government also notified 153 hi-tech products on 10.7.2013 under Focus Product Scheme making them eligible for duty script at the rate of 2 %.

The information was given by the Minister of State (Independent Charge) of the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today.