India Targets 10% Share Of Global Merchandise Exports By 2047: WTO
India aims to increase its share of global merchandise exports from around 1.8 per cent in 2024 to nearly 10 per cent by 2047, as part of its long-term Viksit Bharat development vision, according to a World Trade Organisation (WTO) report.
The WTO said India has maintained various duty exemption, remission and rebate schemes to support exports and strengthen the competitiveness of domestic industries.
“Under this vision, India aims to increase its share of global merchandise exports from about 1.8 per cent in 2024 to around 10 per cent by 2047,” the WTO said.
The comments were included in the WTO Secretariat’s report prepared for the eighth review of India’s trade policies and practices. The review is being held in Geneva on July 21 and 23, with Commerce Secretary Rajesh Agarwal representing India.
The review is based on reports prepared by the WTO Secretariat and the Government of India.
According to the WTO report, export promotion remains a key component of India’s Viksit Bharat vision, which seeks to support sustained long-term economic growth and enhance the country’s global competitiveness.
The report also highlighted India’s position on WTO reform. India has maintained that reforms should be development-oriented, consensus-based and member-driven, while continuing to advocate policy space for developing countries.
India has also expressed reservations about the WTO’s Joint Statement Initiatives (JSIs) and reiterated its concerns during meetings held throughout the review period.
The report further noted that India amended its basic customs duty structure in the 2025-26 Budget, eliminating the highest duty rates of 100, 125 and 150 per cent. The number of applied customs duty rates on industrial goods was also reduced to eight through the removal of intermediate rates.
