India’s exports have experienced consistent growth for a long now. In the fiscal year 2021–2022, they reached a total of $676.2 billion as both services and goods experienced record-high exports. Compared to the entire exports of $526.6 billion and $497.9 billion in 2019–20 and 2020–21, respectively, it has been a significant growth. India’s exports of goods reached the $400 billion mark in the financial year 2021–2022, when they totaled $421.8 billion, a tremendous rise of 44.6% and 34.6% over the previous two years, respectively. The manufacturing process was forced to switch from light acceleration to cruising mode as a result of the exports’ explosive increase in FY 22 and the first part of FY 23.
On India continues to make enormous strides along its digital road, whether it’s enabling improved production processes through the adoption of Industry 4.0 or 5.0 or reaching Rs. 126 lakh crore in digital payments. The tech-enabled procedures simplify digital e-commerce and help the nation’s digital trade reach new heights by maximising export potential through a thriving e-commerce industry.
The Center has started a number of initiatives of its own to promote more open and accessible trade participation. MSMEs and digital startups have profited immensely from the E-commerce Export Promotion Council (EEPC) by having more access to technology, funding, and training. To improve chances for entrepreneurs, SMEs, craftsmen, farmers (GI goods), and service providers, the government is going all-out. It is true that creation Creating a stronger global trade hub and trade e-corridor, promoting “Make in India” with a focus on handcrafted and historic artistry, marketing the skill set through a global demand, increasing market diversity to create more opportunities for tourism, cuisine, and trade, and penetrating the first-world market using the e-commerce global market demand are examples of what we mean. Through national portals like the Indian Customs Electronic Data Interchange Gateway (ICEGATE), operated by The Central Board of Indirect Taxes and Customs (CBIC) and serving as an information hub for export trading partners, efforts are being made to introduce compliant, transparent, affordable, and reliable export practises.
