India Targets 10% Share in Global Merchandise Exports by 2047: WTO Report

New Delhi, Jul 23 (KNN) India aims to significantly expand its presence in global trade by increasing its share of merchandise exports from about 1.8 percent in 2024 to around 10 percent by 2047, according to a World Trade Organisation (WTO) report.

The report noted that export promotion remains a key pillar of India’s Viksit Bharat vision, which focuses on sustaining high long-term economic growth and enhancing global competitiveness. To support this objective, India continues to implement various duty exemption, remission and rebate schemes aimed at boosting outbound shipments, PTI reported, citing the report.

WTO Trade Policy Review

The observations are part of the WTO’s eighth review of India’s trade policies and practices, scheduled to be held on July 21 and July 23 in Geneva. Commerce Secretary Rajesh Agarwal is representing India at the meetings.

The review is based on reports prepared by both the WTO Secretariat and the Government of India.

India’s Stand on WTO Reforms

The report highlighted India’s position on reforming the multilateral trade body, emphasising that any changes should be development-oriented, consensus-based and driven by member countries.

India has reiterated its support for maintaining policy space for development and has expressed concerns over Joint Statement Initiatives (JSIs), which it does not support. These concerns have been raised on multiple occasions during WTO discussions.

Changes in Tariff Structure

The report also noted recent changes in India’s customs duty framework. In the 2025–26 Budget, the government removed the highest basic customs duty slabs of 100 percent, 125 percent and 150 percent.

Additionally, the number of duty rates on industrial goods has been reduced to eight by eliminating intermediate slabs, simplifying the tariff structure.

(KNN Bureau)