To promote exports, India maintained various duty exemption, remission, and rebate schemes.
Export promotion is also emphasised in the Viksit Bharat vision, intended to help India sustain high long-term growth and boost competitiveness.
Also Read: India must tighten food safety regime before India-EU FTA takes effect, says GTRI
“Under this vision, India aims to increase its share of global merchandise exports from about 1.8 per cent in 2024 to around 10 per cent by 2047,” it said.
The eighth review of the trade policies and practices of India takes place on July 21. It will also happen on July 23 in Geneva. Commerce Secretary Rajesh Agarwal is there for the meetings.
The basis for the review is a report by the WTO Secretariat and a report by the Government of India.Also Read: India joins WTO fish subsidies pact, 900 questions at trade policy review
It also said that India’s perspective on WTO reform is that reforms must be development-centred, consensus-based, and member-driven.
It remains a strong proponent of policy space for development. India does not subscribe to the joint statement initiatives (JSIs) and conveyed its strong concerns about the JSIs on multiple occasions at meetings during the review period.
India has also informed that it has modified the basic customs duties structure in the 2025-2026 Budget by eliminating the highest rates (100 per cent, 125 per cent and 150 per cent) and reducing the number of applied rates to eight on industrial goods through the removal of intermediate rates.