India's export of tractors at an all-time, records growth of over 72.5% since 2013

8 Feb 2022 , 11:28 AM

Minister of Commerce and Industry, Piyush Goyal announced that India’s export of Tractors rose by more than 72.55% to $1025 Million during April-December 2021 compared to $594 million during April-December 2013.

The major destination for the export of tractors is USA (25.2%), Nepal (7.3%), Bangladesh (6.5%), Thailand (5.4%) & Sri Lanka (5.3%).

In the latest Budget 2022, it was proposed to phase out the concessional rates in capital goods and project imports gradually. This is another step towards creating a level playing field for domestic manufacturers and capacity creation in the sector which includes tractors.

India has been seeing consistent growth in exports. India’s merchandise exports in January 2022 increased by 23.69% to $34.06 billion over $27.54 billion in January 2021; recording an increase of 31.75% over $25.85 billion in January 2020. India’s merchandise export in 2021-22 (April-January) rose by 46.53% to $335.44 billion over $228.9 billion in 2020-21 (April-January); marking an increase of 27.0% over $264.13 billion in 2019-20 (April-January).

The Government has taken several proactive and effective measures since 2014 to boost 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.