At 5.74% CAGR, exports growth dismal in last nine years

he Foreign Trade Policy (FTP) 2015-20 targeted doubling of exports of goods and services from $466 billion in 2013-14

TNC Rajagopalan
trade deficit

Representative Image

Listen to This Article

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 $
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of or the Business Standard newspaper

Also Read

Metal stocks: Will export duty rollback help?

Centre to come up with a single trade body to promote exports: Report

Online monitoring portal to give 'Districts as Export Hubs' plan a leg-up

Rajasthan is making efforts to achieve Rs 1 trn exports target: REPC chief

Govt's new foreign trade policy set to boost domestic manufacturing

Challenging SC judgment on validity of pre-import condition may not succeed

MOOWR scheme made less attractive

Trade resents losses due to government's faults

DGFT should make good notable omissions

Key FTP changes that didn't find mention in the highlights

The board should set the tone on governance

From inclusive banking to inclusive insurance

No, we don't really care about Manipur

Ever evolving Sherlock Holmes

Lunar dreams, powered by atom

First Published: May 21 2023 | 6:08 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to