India’s merchandise exports in June rose 47.34% on year to $32.46 billion, taking the first quarter exports to a record high of $95.36 billion, preliminary data released by the government Friday showed.
The ministry said the government has taken many remedial measures to boost exports. These include extending the Foreign Trade Policy (2015-20) by one year up to September 30; providing assistance through several schemes to promote exports such as Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme; and implementing the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and the Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour-oriented textile exports.
The role of Indian missions abroad towards promoting India’s trade, tourism, technology, and investment goals has been enhanced. A package was announced in light of the COVID-19 pandemic to support the domestic industry through various banking and financial sector relief measures, especially for MSMEs, which constitute a major share in exports. It also helped exports.
During the first quarter of the current financial year 2022-23 (April-June 2022), the country’s merchandise exports stood at $118.96 billion as against $95.54 billion during the April-June 2021 period, registering a positive growth of 24.51 per cent. Merchandise imports for the period April-June 2022 were $189.76 billion as against $126.96 billion during the period April-June 2021, registering a positive growth of 49.47 per cent. The merchandise trade deficit for April-June 2022 was estimated at $70.80 billion as against $31.42 billion in April-June 2021, which is an increase of 125.34 per cent