Exports and Imports Showing Positive Trends, India’s Trade Deficit Reducing: Goyal

He added that the trade deficit is reducing drastically and India’s share in the global trade is improving due to resilient supply chains. He also said the ministry is trying to generate more reliable and better trade data so that the nation can do better planning and frame policies accordingly.

“The country’s exports as well as imports are showing positive trends. The exports are approaching the last year’s levels, after making a sharp dip in April this year due to the pandemic,” an official statement said on Friday quoting the minister. Further, Goyal said 24 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 capacity to do import substitution and push exports. On the issue of recent changes in the Merchandise Export from India Scheme (MEIS), the minister said that the capping of Rs 2 crore will not affect 98 per cent of the exporters who claim benefit under the scheme.

The government has already announced the Remission of Duties or Taxes on Export Products (RoDTEP) scheme for exporters to replace MEIS. This new scheme would reimburse the embedded taxes and duties already incurred by exporters.