New Delhi: India has set an ambitious target of increasing its share in global merchandise exports from about 1.8 percent by 2024 to about 10 percent by 2047. This information has been given in a report of the World Trade Organization (WTO).
According to the report, India is continuing several schemes of customs duty exemption and concession to promote exports. With this, export promotion is being given prominence under the ‘Developed India’ approach, which will help in sustaining high long-term economic growth and enhancing competitiveness.
“Under this approach, India aims to increase its share in global merchandise exports from about 1.8 percent in 2024 to about 10 percent by 2047,” the report says.
The eighth review meeting of India’s trade policies and procedures is being held in Geneva, in which Commerce Secretary Rajesh Agarwal is participating. The review is based on reports by the WTO Secretariat and the Government of India.
The report said India’s approach to WTO reforms should be development-focused, consensus-based and member-driven.
India has also repeatedly expressed its concerns regarding the Joint Statement initiative during the review meetings and has not supported them.
Additionally, India has changed the basic duty structure in the Budget 2025-26 by eliminating high rates like 100, 125 and 150 per cent and reducing the number of rates on industrial goods to eight.