Exports are considered to be one of the major drivers of economic growth and development. Historically, it has been observed that high economic growrh has been preceded by impon substitution with more export oriented and outward looking policies. The stellar economic performances of countries like South Korea and Singapore were inextricably linked with their higher export potential. Besides boosting growth, exports contribure significantly to promote innovation.
Exports form an integral part of lndia’s growth model and has a significant role to play in achieving India’s objective of becoming USD 5 trillion economy by 2024-25. Despite the challenges posed by Covid pandemic, Indian exports, surpassing pre-covid levels has recuperated strongly, registering a positive growth. Along with recovery of global demand coupled with revival in domestic activities, the timely initiatives of the government also played a vital role in fostering Indian exports. The Economic Survey 2022 mentioned that lndia has already attained more than 75 per cent of its ambitious export target of US$ 400 billion set for 202t-22.
As India seeks to improve its share of global trade, states become relevant stakeholders by forming the manufacturing backbone of the country. Improving the export competitiveness of states could also improve their wealth and standard of living, which in turn is expected to minimize the regional disparity across states. A holistic and comprehensive effort is required from all States and UTs in further transforming exports into a formidable growth driver. Considering the diverse export prospects and challenges of the State and UTs, it is imperative to have a more customized framework for export planning so as to take fuller advantage of their expott potential.
The Export Preparedness Index, via ranking the States and urs based on export readiness and performance provides crucial insights to improvise export eco-system of each State & UTs. Thus, with individual focus on States and UTs, EPI aims at a more specific and integrated approach for consistently rising the share of Indian exports in the global market. By understanding the distinctive prospects and addressing challenges, Epl 20ZI provides asignificant policy roadmap for the states and UTs to foster their expons.
I hope State & UTs would be able to internalize and utilize the insights from the second edition of EPI 2o2l report for better policy making and implementation, so as to mark its solid export presence in the global trade landscape. I would like to take this opportunity ro thank the entire team of NITI Aayog and Institute for Competitiveness for the efforts in the preparation of Export Preparedness Index 2021. In the light of diverse prospects and challenges of states and UTs,Export Preparedness Index 2021 can be regarded as a guide to accelerate their export-oriented potential and make India a global economic superpower.