Export Of Tractors At An All-time High, Growth Of Almost 72% Since 2013
The major destination for export of tractors is U S A (25.2%), Nepal (7.3%), Bangladesh (6.5%), Thailand (5.4%) & Sri Lanka (5.3%)
India’s merchandise export in 2021-22 (April-January) rose by 46.53% to USD 335.44 billion over USD 228.9 billion in 2020-21 (April-January); marking an increase of 27.0% over USD 264.13 billion in 2019-20 (April-January).
The Government, officials say, has taken a number of proactive and effective measures since 2014 to boost the India’s export. A new Foreign Trade Policy (FTP) 2015-20 was launched on 1st April 2015.
The policy, inter alia, rationalised the earlier export promotion schemes and introduced two new schemes, namely Merchandise Exports from India Scheme (MEIS) for improving export of goods and ‘Services Exports from India Scheme (SEIS)’ for increasing exports of services. Duty credit scrips issued under these schemes were made fully transferable.
New Delhi, February 8 (TNA) The Economic Survey 2017-18 stated that Indian tractor industries have emerged as the largest in the world and account for about one-third of total global tractor production. Budget 2022 proposed to phase out the concessional rates in capital goods and project imports gradually.
India has been seeing consistent growth in exports. It may be noted that India’s merchandise exports in January 2022 increased by 23.69% to USD 34.06 billion over USD 27.54 billion in January 2021; recording an increase of 31.75% over USD 25.85 billion in January 2020.