Team News Riveting
India’s overall export (merchandise plus services) has declined by 25.42 per cent during the period April-June 2020 as compared to the corresponding period of previous year.
This was the period when the country was completely under lockdown in phases due to the outbreak of Covid-19.
Union Minister of Commerce and Industry Piyush Goyal informed the Lok Sabha today that the latest merchandise exports showed a recovery, with export decline reducing to (-) 12.66 per cent in August 2020.
With the gradual opening up of the economy after the nation-wide lockdown, industrial activity has started to normalize. The quick estimate of the Index of Industrial Production (IIP), released by the Ministry of Statistics and Programme Implementation for the month of June, 2020 stands at 107.8 as compared to 53.6 and 89.5 in April, 2020 and May, 2020 respectively.
The Union Government has taken some key steps to boost exports. It included extension of the validity of Foreign Trade Policy (2015-20) by one year up March 31, 2021 and relaxations granted and time lines extended due to COVID-19.
Interest Equalization Scheme on pre and post shipment rupee export credit has been extended by one year March 31, 2021.
Package announced to support domestic industry, including through various banking and financial sector relief measures, especially for MSMEs, which constitute a major share in exports.
