A 3.1-per cent year-on-year (YoY) rise in total merchandise exports to 252.2 billion, a 5.7-per cent YoY rise in such imports to $416.8 billion and a 11.59-per cent YoY rise in readymade garments exports to $8.73 billion in the April-October period, along with the emergence of solar photovoltaics (PV) as a leading sector marked key developments in India’s department of commerce this year.Here are some of the major developments related to the ministry, as per an official release:
A 3.1-per cent YoY rise in merchandise exports, a 5.7-per cent YoY rise in such imports and a 11.59-per cent YoY rise in readymade garments exports in the April-October period, along with the emergence of solar PV as a leading sector marked key developments in India's department of commerce this year.
Bharat Mart is being set up in Jebel Ali Free Zone Area in Dubai to cater to Indian exporters.
- India and the European Free Trade Association (EFTA) signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. EFTA, comprising Switzerland, Iceland, Norway and Liechtenstein, has committed to promote foreign direct investments worth $100 billion in India in the next 15 years, and to facilitate the generation of a million direct employment in India. TEPA is expected to give impetus to ‘Make in India’ and Atmanirbhar Bharat by encouraging domestic manufacturing.
- In fiscal 2022-23, the exports of solar PV were worth $1.03 billion and almost doubled to $2.02 billion in fiscal 2023-24. India's global rank and share in solar PV exports have improved significantly, rising from 18th place with a 0.4 per cent share in 2013 to sixth rank with a 2.5 per cent share in 2023.
- India and Dominican Republic signed a protocol for establishment of a joint economic and trade committee in March.
- An Indian delegation comprising about 20 energy start-ups participated in the inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum held in Singapore in June.
- Bharat Mart, a physical trade hub, is being set up in Jebel Ali Free Zone Area in Dubai to cater to Indian exporters for establishing a wholesale and retail marketplace. Its foundation stone was laid by Prime Minister Narendra Modi in February and the project is scheduled for commercial operations in the first quarter of 2026.
- Five e-commerce export hub (ECEH) pilots were approved for the Delhi National Capital Region, Bengaluru and Mumbai.
- A new online store called The AABHAR COLLECTION was launched in July under the ‘Vocal For Local’ initiative.
- Trade Connect e-Platform, a single-window initiative designed to help Indian exporters, particularly micro, small and medium enterprises (MSMEs), access new markets was launched in September.
- The online JanSunwai Facility was also launched in September for bridging communication and empowering trade through an on-demand video conferencing as well as a dedicated video conference link for instant interactions with officers within a defined time window.
- The Indian Institute of Foreign Trade, which is opening its first-ever overseas campus in Dubai, is in the process of setting up a Centre for International Negotiations for research and to provide quality training to government officials and corporates in international negotiations.
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