Commerce Minister highlights share of Indian Global Trade and measures undertaken to boost exports

The Minister of Commerce and Industry, Piyush Goyal, has informed the Parliament that as per the WTO data released in April 2019, for the year 2018, India’s share in global exports for merchandise was 1.7 % and in global imports was 2.6 %. For the year 2018 for service sector, India’s share in global exports was 3.5 % and imports was 3.2 %.

Government of India is proactively taking a number of steps to boost exports, which inter-alia includes the following:

1.            Merger of Council of Trade and Development and Board of Trade providing a common platform for addressing stakeholder concerns:

This common platform, comprising of representatives from Industry, Export Promotion Councils, Government of India and State Governments and representatives from banking and finance Sector is playing a critical role in addressing export related concerns, with a focus on addressing these on a priority basis.

2.            Infusion of funds for Export Support: A capital of Rs. 389 crore has been infused into Export Credit Guarantee Corporation (ECGC) on

21st June 2019. A Grant-in-aid (corpus) of Rs. 300 crore has been contributed to National Export Insurance Account (NEIA) trust on 21st June 2019, thereby, enhancing its risk taking capacity to support project exports in challenging markets.

3.            Agriculture Export Policy:

A new Agriculture Export Policy (AEP) was approved in December 2018 to increase agriculture exports from present US$ 30 Billion to US$ 60+ Billion by 2022. Outlay of Rs. 206 Crores for 2019-20 has been approved for its implementation.

4.            Boost to Gem and Jewellery exporters : resolution of various issues which inter alia includes removal of the requirement of paying IGST on

re-import of goods which were

exported earlier for exhibition purpose/consignment basis. Allowing partial discharge of bonds executed by nominated agencies/banks for import of gold to be supplied to jewellery exporters, thereby enabling nominated agencies/banks to release bank guarantee of jewellery exporters who have fulfilled their export obligation.

5.            Promoting Ease of Doing Business

a.            Common Digital Platform for Issuance of electronic Certificates of Origin (CoO) for the exporters was launched on 16.09.2019 to improve Ease of Doing Business for exporters.

b.            Special Economic Zone (Amendment) Bill, 2019

I.             SEZ (Amendment) Bill 2019 became the first legislation of the newly formed Government to be passed by the Parliament. It will enable any entity to set up a unit in SEZs, including Trusts. This would help boost investments and create new export and

job opportunities.

ii.             Better facilities for employees: SEZ units allowed to create facilities/amenities like crèche, gymnasium, cafeteria etc. for their exclusive use as a measure towards Ease of Doing Business.

(c)        There is no official study to estimate the logistics costs in India.  Some private agencies have estimated logistics costs in various countries including India.

(d)       There is no such proposal at present under consideration of the Government. A separate Division under a Special Secretary has been created in the Department of Commerce to look at integrated development of the logistics sector.