Export means the transferring of any good from one
country to another country in a legal way for the purpose of trade.
Export goods are provided to the foreign consumers by the domestic
producers.
Indian Exports: A History
The history of Indian exports id very old. During prehistoric times
India exported spices to the other parts of the world. India was also
famous for its textiles which were a chief item for export in the 16th
century. Textiles and cotton were exported to the Arab countries from
Gujarat. During the Mughal era India exported various precious stones
such as ivory, pearls, tortoise stones etc. But during the British era,
Indian exports declined as the East India Company foreign trade of
India.
Indian Exports: Current Scenario
Every year India earns billion of dollars by exporting various goods
and items. The Indian government has outlined certain export policies.
The export policies tell about the products to be exported and the
countries to whom exports are to be done. The government of India works
with the Federation of Indian Export Organization, the leading export
promotion organization of India. Exports are the major focus of India's
trade policy and most of the items can be freely exported from India. A
few items are subject to export control to prevent their shortage. The
profits from exports are exempted from income tax. Indian exports
contribute nearly 12.4% in the GDP.
Leading Export Items of India
In the past ten years, exports have grown at a rate of nearly 22%. Some
commodities have enjoyed faster export growth than others. Some of
India's main export items are cotton, textiles, jute goods, tea, coffee,
cocoa products, rice, wheat, pickles, mango pulp, juices, jams,
preserved vegetables etc etc. India exports its goods to some of leading
countries of the world such as UK, Belgium, USA, China, Russia etc.
Restriction on the Exports of Items
However there are some restrictions on the export of goods. Under sub
section (d) of section 111 and sub section (d) of section 113, any good
exported or attempted to be exported, contrary to any prohibition
imposed by or under the customs act or any other law is liable for
confiscation.
Problems of the Indian Export Sector
But there are few problems which need to be solved before India makes a
mark for itself in the export sector. The Indian goods have to be of
superior quality. The packaging and branding such be such that countries
are interested to export from India. At the same time India must look
for potential market to sell their goods. The government should frame
policies which gives boost to the exports.
