India is aiming to increase its share of global merchandise exports from about 1.8 per cent in 2024 to around 10 per cent by 2047, according to a World Trade Organisation (WTO) report. Export promotion is also emphasized in the Viksit Bharat vision, intended to help India sustain high long-term growth and boost competitiveness, it noted. To promote exports, India maintained various duty exemption, remission, and rebate schemes. India widened the geographical reach and depth of its regional trading agreements (RTAs). RTAs entered into force with Australia, the European Free Trade Area, Mauritius and the United Arab Emirates. It also signed other agreements with Oman and the United Kingdom. India has also continued to liberalize its foreign direct investment (FDI) policy since 2021. Sectoral caps have been raised or removed and entry conditions eased for foreign investment in civil nuclear energy, defence, insurance, petroleum and natural gas, telecommunications and the space sector.

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