The export-import industry in India has the potential to grow and offer opportunities for businesses and professionals. The Foreign Trade Policy 2023 aims to achieve $1 trillion in yearly exports by 2030.
Indian exports performed exceptionally well over the last few years, despite significant global headwinds. The Government’s continued emphasis on incentivizing exports, with policies such as the Production Linked Incentive (PLI) schemes, Remission of Duties and Taxes for Exported Products (RoDTEP), interest equalization scheme for MSME exporters, and Foreign Trade Policy 2023, among others, have created an enabling environment, conducive for exports growth. With supportive policies and concerted efforts, India achieved a new peak of US$ 776 billion in goods and services exports in FY 2022-23.
A critical determinant of overall export performance is the export competitiveness of the Indian states. Greater engagement from the states to step up export activity can enhance overall exports and enable India to achieve higher targets, while also leading to faster economic growth and reduced disparities among states.
Current global conditions are propitious to expand India’s exports, as global value chains are in the process of diversification and de-risking, with India being perceived as a stable and reliable partner. With India’s states responsible for important economic policies and strategies, their engagement in the export mission will be central to its overall success.
The Economic Survey 2017-18 established that states which engage more in international trade are relatively richer than others. Thus, enhancing export competitiveness of states can bring in significant benefits such as improvement in standards of living and reduced regional disparities through export led growth. The spirit of India’s competitive cooperative federalism with effective coordination between the Central and State Governments has the potential to promote state capacities, address issues and bottlenecks, and unlock greater potential to bolster exports. Given this backdrop, Confederation of Indian Industry is organizing the EXIM Conference.