Indias Automobile Exports Rise 35.9% In FY 2022

8 Dec 2022 , 10:15 AM

Export of total number of automobiles increased from 41,34,047 in 2020-21 to 56,17,246 in 2021-22, registering a positive growth of 35.9%. Out of this, export of Passenger vehicles including cars increased from 4,04,397 in 2020-21 to 5,77,875 in 2021-22, registering a positive growth of 42.9%, Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel reported. Government of India has been taking various proactive measures to boost export of automobiles. The government introduced various schemes like Advance Authorization, Export Promotion Capital Goods Scheme, Remission of Duties and Taxes on Export Products (RoDTEP) etc. have been provided. The Foreign Trade Policy (2015-20) has been extended unto 31-03-2023 in view of the Covid-19 pandemic situation. Government of India has recently signed Free Trade Agreements (FTAs) including trade agreements with UAE and Australia to get favorable market access for the automobile industry among others. Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry was approved with budgetary outlay of Rs 25,938 crore over the period of five years. Powered by Capital Market – Live News