The six-month imports rose to $361.1bn, says Patel
India’s merchandise exports during January-June 2022 were US$235.7 billion, up from US$185.9 billion during the same period of the previous year, Minister of State for Commerce and Industry Anupriya Patel said in a written reply in the Rajya Sabha on 22 July 2022.
The January-June 2022 merchandise imports rose to US$361.1 billion from US$258.6 billion during the first six months of 2021.
Exports of petroleum products grew by 119.47%, electronic goods by 41.42%, Leather & Leather products by 33.72%, she highlighted.
For fiscal 2021-22, merchandise export increased by 105.4% to US$421.9 billion on the US$400 billion target set for the year.
Barring a few sectors, all major sectors show positive trend with an overall growth rate of 26.7% for the first six months of this year.
Patel elaborated on the Government’s remedial measures to boost exports.
Foreign Trade Policy (2015-20) extended by one year up to 30 Sept 2022.
Assistance provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme.
Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 1 Jan 2021. Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour-oriented textile exports has been implemented since 7 March 2019.
Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.
Districts as Export Hubs has been launched by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters/manufacturers to generate employment in the district.
Role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced.
Package announced in light of the COVID pandemic to support domestic industry through various banking and financial sector relief measures, especially for MSMEs, which constitute a major share in exports. fiinews.com
