The Commerce and Industry Ministry announced on Monday that India exported tractors worth USD1.025 billion in the first nine months of the current fiscal year.
India’s tractor exports increased by more than 72% to $1025 million from $594 million in April to December 2021, compared to $594 million in April to December 2013.
According to data given by the Ministry of Commerce and Industry, the United States (25.2%), Nepal (7.3%), Bangladesh (6.5%), Thailand (5.4%), and Sri Lanka (5.3%) are the top destinations for tractor exports.
According to the Economic Survey 2017-18, India’s tractor industry has grown to become the world’s largest, accounting for around one-third of total worldwide tractor output. Budget 2022 recommended gradually phasing away from the preferential pricing on capital goods and project imports. This is another step toward levelling the playing field for local producers and increasing capacity in the tractor sector.
Since 2014, the government has made a number of aggressive and successful steps to enhance India’s exports. On April 1, 2015, the new Foreign Trade Policy (FTP) 2015-20 was unveiled. The strategy, among other things, rationalised previous export promotion programmes and created two new ones: the Merchandise Exports from India Scheme (MEIS) for enhancing goods exports and the Services Exports from India Scheme (SEIS) for expanding services exports. The government stated that the duty credit cards issued under these programmes are entirely transferrable.