India ahead of its exports goal despite Covid-19: Piyush Goyal

Minister of Commerce and Industry Piyush Goyal, during an interaction with bankers and exporters on export financing issues, said that despite Covid-19 and other problems, India is ahead of its exports goal. They will be at around $190 billion by the end of September 2021. Stating that this is the first time crossing this figure in the first six months of the FY, the minister said that the exports are at the cusp of exponential rise. The government is operating to bring a quantum leap in quality, productivity and effectiveness, to make the export basket better, larger and broader. Goyal also urged the exporters to create small working groups and consider basic structural improvements to get released from clutches of government support. Further continuing his discussions on the role of banks in helping the exporters, Goyal advised banks to be more liberal concerning exchange rates and provide benefits instead of penalising MSMEs. Asking the Indian Bank Association for utilising a more liberal approach, he said that the credit rating, penal interest, and penal insurance charged requires more liberalisation under the challenges encountered due to the Covid-19 pandemic. The event, which was held as a part of 'Vanijya Saptah', was organised together by the Directorate General of Foreign Trade, Department of Commerce, Export-Import Bank of India and Export Credit Guarantee Corporation of India. Image SourceAlso read: Steel sector ramps up exports as domestic demand slumps Also read: DGTR recommends anti-dumping duty on aluminium imports