Minister hopeful of $400 billion in merchandise exports this fiscal

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Union Commerce and Industry Minister, Mr Piyush Goyal, and senior officers of the Department of Commerce and Directorate-General of Foreign Trade (DGFT) on Tuesday held a meeting with the Export Promotion Councils to discuss various issues concerning international trade.

Mr Goyal complimented the exporters for their encouraging performance even during such trying times. He noted thatIndias merchandise exports inApril 2021was $30.21 billion, an increase of 197.03% over the $10.17 billion in April 2020 and up by 16.03% over $26.04 billion in April 2019.He highlighted that the value of exports in the first week of May 2021 was also up by almost 9% over the same period of 2019-20 ($6.48 billion). He said that export excluding POL was even better, and has increased in this period by 15% over the same period of 2019-20. He emphasised that the export performance in April 2021 and 2020-21 gives hope that an ambitious target of $400 billion in merchandise exports can be achieved this year. There is large potential for enhancing exports in several sectors like pharma, engineering, auto components, fisheries and agro products, he added.

Regarding the issues raised by the participants, the Minister asked them to approach the Covid helpdesk of the Department for resolving the problems arising due to the Covid related measures. He said 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 also called on exporters to take advantage of the Production-Linked Incentive Schemes for various sectors, informed a release.