The Government of India is bullish on exports. Piyush Goyal, Minister of Railways and Minister of Commerce and Industry expressed that the government is confident of realising the ambitious target of USD 400 billion merchandise shipments on the back of encouraging figures over April and May (period under consideration until May 07’ 2021). For instance, India’s exports in April jumped three-folds to USD 30.21 billion from USD 10.17 billion in the same month last year. In the first week of May 2021, India’s exports grew by 80 per cent to USD 7.04 billion as per the commerce ministry’s preliminary data compared to USD 3.91 billion between May 01-07’ 2020 and USD 6.48 billion in the same period in 2019. He drew attention to the department of commerce having undertaken several issues with the Ministry of Finance for an early resolution. The issues include remission of duties and taxes on export products, merchandise export from India scheme, and the inverted duty structure.
He particularly emphasised the potential of enhancing exports in auto components and engineering in the meet addressing export promotion councils.
