The financial year 2021–22 (FY 2022) recorded the greatest-ever value of merchandise exports, reflecting the exponential growth of India’s trade statistics in recent years. The government is confident that it will achieve its US$500 billion export goal in FY 2023 thanks to trading in rupees and a number of recent bilateral free trade agreements (FTAs), including those with Australia and the United Arab Emirates (UAE). India also recently unveiled its National Logistics Policy, which calls for the seamless integration of various means of transportation by utilising technology, procedures, and skilled labour. As you can learn about this policy in any reputed import export course , this will increase the competitiveness of Indian exports around the world. The PM GatiShakti National Master Plan-aligned strategy will significantly expand India’s $200 billion logistics industry, facilitating efficient domestic and international trade. Due to India’s robust policy drive and significant infrastructure investment, exports and imports have increased recently. One of India’s most important commercial partners is the US, which overcame China in the previous fiscal year to take the top spot. UAE has also emerged as one of India’s major trading partners thanks to the growing oil trade. Increasing by 43.18 percent from US$291.18 billion in FY 2021 to US$417.81 billion in FY 2022, India’s exports of products reached a record high. During the same period, India’s imports of goods increased to US$610.22 billion, a 54.71% increase over the US$394.44 billion total from FY 2021.
India’s top exports
Engineering goods, gemstones and jewellery, petroleum products, medications and pharmaceuticals, organic chemicals, electronic goods, etc. are among India’s biggest exports. The main items that India imports include crude oil and petroleum products, electronics, gold, machinery, and electrical appliances, as well as pearls, semi-precious stones, semi-precious metals, and transportation tools.
Mandatory documents for export and import in India
For Export
Bill of Lading, Airway Bill, Lorry Receipt, Railway Receipt, Postal Receipt Commercial Invoice cum Packing list Shipping Bill, Bill of Export, Postal Bill of Export
For Import
Bill of Lading, Airway Bill, Lorry Receipt, Railway Receipt, Postal Receipt in Form CN-22 or CN-23 Commercial Invoice cum Packing list Bill of Entry Other important export import documentation requirements are GST Return Forms (GSTR 1 and GSTR 2) and GSTR Refund Form Exchange Control Declaration Bank Realization Certificate RCMC
How to set up an export-import unit in India
A company, partnership firm, or sole proprietary concern must first be established in accordance with protocol in order to launch an export business. Open a current account with a bank that is permitted to do foreign exchange business. The Income Tax (IT) Department’s PAN is a requirement for all exporters and importers. The IEC must be obtained in accordance with the FTP in order to export or import goods from India. According to ANF 2A, an application for an IEC must be submitted electronically to the DGFT, together with the required supporting documentation that is listed in the application form and payment of the 500 INR application fee online using net banking or credit/debit card. In order to receive an export-import licence or any other benefit or concession under the FTP 2015-2020, exporters must have an RCMC issued by the relevant Export Promotion Councils (EPCs), Federation of Indian Export Organization (FIEO), Commodity Boards, or authorities. In order to use the services and advice provided by EPCs, RCMC is also required. An adequate policy from the Export Credit Guarantee Corporation Ltd. can cover risks involved in international trade due to buyer or country insolvency (ECGC). In situations when the buyer places an order without paying in advance or opening a Letter of Credit, it is advisable to obtain a credit limit from ECGC for the overseas customer to guard against the risk of non-payment.
