: bn worth tractors exported from India #finance #StockMarketNEWS #Business New Delhi: India exported tractors worth USD1.025 billion during the first nine months of the current financial year, the

Posted in: #finance #StockMarketNEWS #Business

bn worth tractors exported from India #finance #StockMarketNEWS #Business
New Delhi: India exported tractors worth USD1.025 billion during the first nine months of the current financial year, the Commerce and Industry Ministry said on Monday.

India’s export of tractors rose by more than 72% to 25 Million during April-December 2021 compared to 4 million during April-December 2013. The major destination for export of tractors is USA (25.2%), Nepal (7.3%), Bangladesh (6.5%), Thailand (5.4%) and Sri Lanka (5.3%), according to data released by the Ministry of Commerce and Industry.

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. This is another step towards creating level playing field for domestic manufacturers and capacity creation in the sector which includes tractors.

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 .06 billion over .54 billion in January 2021. India’s exports stood at .85 billion in January 2020.

The Government 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, the ministry said.
The post bn worth tractors exported from India appeared first on The Navhind Times.