Economy

At $95 b, merchandise exports surge to all-time high in FY22 Q1

Our Bureau New Delhi | Updated on July 02, 2021

Achieved by Centre, States, public and private sector working together, says Minister Goyal

 

The Government on Friday claimed that merchandise (goods) exports have reached an all time high at $95 billion (approximately ₹7 lakh crore) in April-June quarter (Q1FY22). With this, it aims to reach the $400 billion-mark by the end of current fiscal, which, if achieved, will be another all-time high.

The previous quarterly high was $90 billion during the January-March quarter (Q4FY21) while the annual all-time high was achieved in 2018-19, when merchandise export had clocked $330 billion.

“The record level was achieved as Centre and States are working together, public and private sector working together,” Commerce & Industry Minister, Piyush Goyal said in a media conference. Talking about services export, he said that 97 per cent of Q1FY21 level has been achieved in Q1FY22. He expressed hope that annual services export in next five years will touch $500 billion.

Also read: India’s first Agriculture Export Facilitation Centre launched in Pune

 

 

Commerce Secretary BVR Subramanian said that the effort is to achieve $1 trillion of merchandise export annually and $500 billion of services export during the next five years.

When asked about the matter of allowing special economic zones (SEZ) to work in domestic tariff area, Goyal said that talks are on with the Finance Ministry. “We have to see whatsoever advantages the SEZs have, should not create unfair disadvantage to industries working in domestic tariff area. We need to bring in balance. We hope a solution soon,” he said.

Speaking on RoDTEP (Remission of Duties and Taxes on Export Products), Goyal said that for implementation, inter-ministerial discussion and discussion with industry stakeholders are at a very advanced stage. “We will shortly be notifying the rates. We have already notified that from April 1, the scheme will come into force,” he said.

He also mentioned that soon, more details will emerge about how various sectors will be compensated for various taxes. However, “I would like to make it very clear that this is not a subsidy to any exporter, this is only refund of taxes. So, any element of subsidy exporters were getting prior to RoDTEP, will not be available anymore,” he said.

Foreign Investment

Highlighting the achievements of the Department for Promotion of Industry and Internal Trade (DPIIT), Goyal said that FDI inflow was at $6.24 billion during April this year, showing a growth of 38 per cent in April.

Giridhar Aramane, who is holding the additional charge as Secretary in the DPIIT, said number of startups recognised by DPIIT has gone up to 50,000, spread across 623 districts. “Last 10,000 startups have been added in just 180 days. 1.8 lakh formal jobs were created by over 16,000 recognised startups in 2020-21,” he said.

Talking about the ease of doing businesses, he informed that 6,426 compliances were reduced in Phase I which include 877 related with department and 5,549 with States/UTs. Similarly in the second phase, 3,177 compliances were reduced (105 related with departments and rest of States/UTs).

Published on July 02, 2021

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