May 26 marks the completion of nine years since Mr. Narendra Modi took over as Prime Minister of the country. How has the Commerce Ministry performed under three ministers, Ms. Nirmala Sitaraman, Mr. Suresh Prabhu and Mr. Piyush Goyal during this period?
The Foreign Trade Policy (FTP) 2015-20 targeted doubling of exports of goods and services from $466 billion in 2013-14. By 2019-20, the exports grew to only $526 billion, a compounded annual growth (CAGR) of only 2.45 per cent. By 2022-23, the exports grew to $770 billion, far short of the $932 billion targeted to be achieved by 2019-20. That is a CAGR of only 5.74 per cent over 9 years.
In 2015, the government replaced the more focused but messier schemes like Focus Market Scheme, Focus Product Scheme, Market-linked Focus Product Scheme, Vishesh Krishi Gram Udyog Scheme etc. with a simpler Merchandise Exports from India Scheme (MEIS). Yet, the merchandise exports in 2019-20 remained at about $
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