India aims to increase its share of global merchandise exports from about 1.8% in 2024 to around 10% by 2047, according to a World Trade Organization (WTO) report. The target forms part of the Viksit Bharat vision, which emphasizes export promotion to sustain long-term growth and boost competitiveness.
Export Promotion and Duty Schemes
To promote exports, India maintained various duty exemption, remission, and rebate schemes during the review period, the WTO report noted. These measures are integral to the Viksit Bharat vision, intended to help India sustain high long-term growth and enhance competitiveness in global markets.
WTO Reform Perspective
The report also outlined India's perspective on WTO reform. India advocates that reforms must be development-centred, consensus-based, and member-driven. India does not subscribe to the joint statement initiatives (JSIs) and conveyed strong concerns about the JSIs on multiple occasions at meetings during the review period.
Customs Duty Reforms in 2025-2026 Budget
India informed the WTO that it has modified the basic customs duties structure in the 2025-2026 Budget. Key changes include eliminating the highest rates (100%, 125%, and 150%) and reducing the number of applied rates to eight on industrial goods through the removal of intermediate rates.
| Duty Rate | Before Budget 2025-2026 | After Budget 2025-2026 |
|---|---|---|
| Highest rates | 100%, 125%, 150% | Eliminated |
| Number of applied industrial rates | More than eight | Eight |
These reforms aim to simplify the tariff structure and reduce trade barriers, aligning with India's export promotion objectives.
The WTO report underscores India's commitment to increasing its global trade footprint, with the 10% export share target by 2047 serving as a long-term benchmark for its trade policy trajectory.
Sources:
