India announces export stimulus policies

The Indian Ministry of Finance recently announced a series of export stimulus policies, and India's port construction is expected to be further accelerated.

Indian Finance Minister Sitaraman said that in order to promote foreign trade development, India will provide tax relief for export products, expand the coverage of export credit guarantees, and provide higher insurance for banks that provide export liquidity. Rs 170 crore. From January 1, 2020, a new export tax rebate policy will be implemented, and the government is expected to spend Rs 500 crore each year.

West Talaman specifically mentioned that India needs to speed up logistics construction, improve the export efficiency of ports and airports, and at the same time, it needs to improve the standardization of export products. Citalamman pointed out that the logistics cost per kilometer in India is $7, in China it is 2.4-2.5 dollars, and in Sri Lanka it is 3 dollars. India needs to increase its development in the electronic and digital aspects of ports to promote the efficiency of ports. In terms of export standards, India needs to accelerate the formulation of agricultural export standards and promote agricultural exports.

India has set a goal for foreign trade development. The Minister of Commerce and Industry of India Pius Goyal recently said that annual exports of India will more than triple in the next five years, reaching $100 billion, to achieve GDP of India in fiscal year 2014-25. The key to $500 billion. In the fiscal year of 2018-19, India achieved an export target of 331 billion US dollars.

India’s incentives for exports and the establishment of foreign trade targets show that the Indian economy is striving to achieve a transformation in growth mode: from traditional domestic consumption to export-oriented economic growth. India's export-related industries, especially the port and logistics industries, are expected to grow rapidly.

India also has plans for infrastructure construction. India plans to invest 100 trillion rupees in infrastructure construction over the next five years. The Indian Ministry of Finance stated that high-quality infrastructure is a prerequisite for broad and inclusive growth.

We,Original link Logistics will follow the information of the freight forwarding industry with you, you are always welcome to visit our website, and if you have any business needs, just drop us an email：alex@ol-log.com, we will be glad to assist you