Commerce and Industry Minister Piyush Goyal on Wednesday said that the government is taking several steps to increase India’s exports and its share in global trade.

In a written reply in the Lok Sabha, Piyush Goyal said that as per the WTO data released in April 2019, for the year 2018, India’s share in global exports for merchandise was 1.7 % and in global imports was 2.6 %.

For the year 2018 for service sector, India’s share in global exports was 3.5 % and imports was 3.2 %.

Government of India is proactively taking a number of steps to boost exports, including Merger of Council of Trade and Development and Board of Trade providing a common platform for addressing stakeholder concerns.

Also a capital of Rs. 389 crore has been infused into Export Credit Guarantee Corporation (ECGC) on 21st June 2019.

A Grant-in-aid (corpus) of Rs. 300 crore has been contributed to National Export Insurance Account (NEIA) trust on 21st June 2019, thereby, enhancing its risk taking capacity to support project exports in challenging markets.

A new Agriculture Export Policy (AEP) was approved in December 2018 to increase agriculture exports from present US$ 30 Billion to US$ 60+ Billion by 2022. Outlay of Rs. 206 Crores for 2019-20 has been approved for its implementation.

A common Digital Platform for Issuance of electronic Certificates of Origin (CoO) for the exporters was launched on 16.09.2019 to improve ease of doing business for exporters.

In his reply, Goyal added that there is no official study to estimate the logistics costs in India. 

Published On : 27-11-2019

Source : SME Times