India’s exports and imports are showing positive trends, according to minister of commerce and industry Piyush Goyal, who recently said exports are approaching last year’s levels after a sharp dip in April due to the pandemic. Capital goods imports have not declined and the reduction in imports has been seen mainly in crude, gold and fertilizers, he said.
He was addressing the office-bearers of various export promotion councils (EPCs) to discuss the issues concerning the country’s global trade, ground-level situation and problems being faced by exporters. The trade deficit is reducing drastically and India’s share in global trade is improving due to the country’s resilient supply chains and perseverance and hard work of exporters, he said.India's exports and imports are showing positive trends, according to minister of commerce and industry Piyush Goyal, who recently said exports are approaching last year's levels after a sharp dip in April due to the pandemic. Capital goods imports have not declined and the reduction in imports has been seen mainly in crude, gold and fertilisers, he said.#
His ministry is trying to generate more reliable and better trade data so that the nation can do better planning and frame policies accordingly, he was quoted as saying by a government press release.
Twenty four focus manufacturing sectors have been identified that have the potential to expand, scale-up operations, improve quality and lead enhancement of Indian share in global trade and value chain. These sectors have the capacity to do import substitution and push exports, he said.
On the issue of recent changes in the Merchandise Export from India Scheme (MEIS), the minister said the capping of ₹2 crore will not affect 98 per cent of exporters who claim benefit under the scheme.
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