India automobile exports rose 35.9% in FY22: Government
1 min read . Updated: 03 Feb 2023, 05:30 PM IST
PremiumThe Centre has taken multiple measures to promote India’s exports. Foreign Trade Policy (2015-20) has been extended up to 31 March 2023 and Interest Equalization Scheme on pre- and post-shipment rupee export credit has also been extended up to 31 March 2024
New Delhi: India exported 56,17,246 units of automobiles in financial year 2021-22, an increase of 35.9% from 41,34,047 sold overseas in FY21, the Ministry of Commerce & Industry said on Friday.
Of this, export of passenger vehicles, including cars increased to 5,77,875 in 2021-22 from 4,04,397 in 2020-21, registering a growth of 42.9%, while those of commercial vehicles rose 83.36% to 92,297 in 2021-22, Minister of State in commerce and industry ministry Anupriya Patel said.
The Centre has taken multiple measures to promote India’s exports. Foreign Trade Policy (2015-20) has been extended up to 31 March 2023 and Interest Equalization Scheme on pre- and post-shipment rupee export credit has also been extended up to 31 March 2024, the minister said.
Assistance was provided through several schemes to promote exports - Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme.
Other measures include remission of Duties and Taxes on Exported Products (RoDTEP) scheme which has been implemented since 1 January 2021. Similarly, 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.
“Districts as export hubs have been launched by identifying products with export potential in each district. The bottlenecks for exporting these products are being addressed and local exporters/manufacturers are being supported to generate employment in the districts," the minister said, adding that the active role of Indian missions abroad towards promoting trade, tourism, technology and investment goals have been enhanced.
