Indian Economy News

Mr. Piyush Goyal holds meeting with the Export Promotion Councils to discuss various issues concerning the international trade

Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution, Mr. Piyush Goyal, and Senior Officers of the Department of Commerce and Directorate General of Foreign Trade (DGFT) today held a meeting with the Export Promotion Councils to discuss various issues concerning the international trade.

Mr. Goyal complimented the Exporters for their encouraging performance, even during such trying times. He noted that India’s merchandise exports in April 2021 was US$ 30.21 billion, an increase of 197.03% over US$ 10.17 billion in April 2020 and an increase of 16.03% over US$ 26.04 billion in April 2019. He said that the value of Export in the first week of May 2021 is also up by almost 9% over the same period of 2019-20 (US$ 6.48 billion). He said that Export excluding POL, is even better, and has increased in this period by 15% over same period of 2019-20. He said that performance of exports in April’21 and 2020-21 gives a hope that an ambitious target of US$ 400 billion merchandise exports can be achieved this year. There is a large potential for enhancing exports in several sectors like Pharma, Engineering, Auto-component, Fisheries and Agro-products, he added.

Regarding the issues raised by the participants, Mr. Goyal said that they should approach the COVID-19 helpdesk of the Department for resolving the problems emanating due to COVID-19 related measures. He said that the Department of Commerce has taken up several issues of exporters with the Ministry of Finance for their early resolution, like RoDTEP, MEIS, Inverted duty structure etc. He called upon the exporters to take advantage of the Production-Linked Incentive schemes for various sectors which have been announced.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.