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Ambitious target of $400 bn exports can be achieved this year, says Piyush Goyal

Goyal also 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 (merchandise export from India scheme), and inverted duty structure

twitter-logoPTI | May 11, 2021 | Updated 21:03 IST
Ambitious target of $400 bn exports can be achieved this year, says Piyush Goyal
Commerce and Industry Minister Piyush Goyal

A sharp rise in exports in April is giving a hope that the ambitious target of USD 400 billion merchandise shipments can be achieved this year, Commerce and Industry Minister Piyush Goyal said on Tuesday. He also said that the Department of Commerce has taken up several issues of exporters with the Ministry of Finance for their early resolution, like RoDTEP (remission of duties and taxes on export products), MEIS (merchandise export from India scheme), and inverted duty structure.

The minister added that there is a large potential for enhancing exports in several sectors like pharmaceuticals, engineering, auto-component, fisheries and agro-products.

The minister was addressing a meeting of export promotion councils.

India's merchandise exports in April jumped by 197 per cent to USD 30.21 billion as against USD 10.17 billion in April 2020 and USD 26.04 billion in April 2019.

"Performance of exports in April 2021 and 2020-21 gives a hope that an ambitious target of USD 400 billion merchandise exports can be achieved this year," the minister said.

Regarding certain issues being raised by exporters, Goyal said that they should approach the Covid helpdesk of the department for resolving the problems emanating due to Covid-related measures.

Rates for RoDTEP have not yet been announced by the finance ministry even as the scheme would have to be implemented from January. Exporting community has time and again urged the government regarding the rates as it would help them in factoring in those rates while negotiating prices of goods with international buyers.

The reimbursement of taxes such as duty on power charges, VAT on fuel in transportation, farm sector, captive power generation, mandi tax, stamp duty and central excise duty on fuel used in transportation would make Indian products competitive in the global markets.

Also read: COVID-19 vaccine: Over 90 lakh doses still with states, UTs, says HealthMin

Also read: Moderna hikes 2021 COVID-19 vaccine sales forecast to $19.2 bn

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