Know the Current Growth Rate of Export
Experts believe that the export growth of India has stagnated since 2012.
However, it has turned negative in last few years. Though there is an early sign of recovery with 15 per cent increase in goods’ exports in 2017-18, India is still far from its potential, particularly when world market is reviving and exports of other emerging countries are going up.
Economic Survey 2017-18 rightly puts forward the point that export is one of the main drivers of growth and can upscale India’s growth rate by 0.5 per cent in FY 2018.
Therefore, if Indian economy has to achieve 7.5 per cent to 8 per cent growth rate, it needs to reap the benefits from the growing world market.
The present government of India has taken a few big steps for MSMEs that will help in boosting exports.
Recently government took a step of cutting corporate tax rate to 25 per cent with annual turnover up to Rs 250 crore, providing an additional Rs 3,794 crore for MSMEs for credit and comprehensive package with allocation of Rs 7,148 crore compared for MSMEs in textile sector. These would certainly help MSMEs.