India’s exports, imports showing positive results, trade deficit reducing: Piyush Goyal
India’s share in the global trade is improving because of the resilient supply chains, said Union minister of Commerce and Industry Piyush Goyal
India’s exports and imports are showing positive imports and the trade deficit is reducing drastically, Union Minister of Commerce and Industry Piyush Goyal has said.
At a meeting of the office-bearers of various Export Promotion Councils (EPCs), thanking the resilient supply chains, and hard work of export workers, he mentioned that India’s share in the global trade is also improving.
Goyal said that the exports are approaching the last year’s levels after making a sharp dip in April this year due to the Covid-19 pandemic. The positive thing in imports is that the Capital Goods imports have not declined, and the reduction in imports has been seen mainly in crude, gold, and fertilizers, he added.
About the recent changes in the Merchandise Export from India Scheme (MEIS), the Union Minister said that the capping of Rs 2 crore will not affect 98 percent of the exporters who claim benefit under the scheme.
The central government has announced the Remission of Duties or Taxes on Export Products (RoDTEP) scheme for exporters to take the place of MEIS, and a Committee has also been set up to determine the ceiling rates under the RoDTEP scheme, he said.
Goyal pointed out that 24 focus manufacturing sectors have been identified which have the potential to expand, scale-up operations, improve quality, and lead enhancement of Indian share in global trade and value chain, as per an official statement by the Ministry of Commerce and Industry.
In his concluding remark, Goyal called upon the exporters to engage with the Steering Committee set up to promote Indian manufacturing.
Goyal has recently held a series of discussions with the EPCs. Commerce Secretary Anup Wadhawan, Directorate General of Foreign Trade Amit Yadav, and other senior officers of the Ministry were present in the meeting.