Patel says passenger vehicle exports increased by 42.9%
The Indian automobile exports increased by 35.9% to 5,617,246 units in 2021-22 from 4,134,047 in 2020-21, parliament was told on 7 Dec 2022.
Export of passenger vehicles including cars increased by 42.9% to 577,875 in 2021-22 from 404,397 in 2020-21, said Minister of State in the Ministry of Commerce and Industry, Anupriya Patel.
Elaborating, Patel said the Government has been taking various proactive measures to boost export of automobiles. These include:
(i) Foreign Trade Policy (2015-20) has been extended up to 31 Mar 2023 in view of the Covid-19 pandemic situation;
(ii) Various schemes like Advance Authorisation, Export Promotion Capital Goods Scheme, Remission of Duties and Taxes on Export Products (RoDTEP) etc have been provided;
(iii) Active role of Indian Missions abroad towards promoting India’s exports have been enhanced and access to NIRYAT portal for export monitoring has been provided;
(iv) RBI has decided to set up additional arrangement for invoicing, payment, and trade settlement in Indian Rupees;
(v) The Government has recently signed Free Trade Agreements (FTAs) including trade agreements with the UAE and Australia to get favourable market access for the automobile industry among others;
(vi) The Government has approved Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry with budgetary outlay of Rs.25,938 crore over the period of five years;
(vii) The Government has notified various regulations from time to time to harmonize Indian motor vehicle standards with global standards. fiinews.com
