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Exports rising despite global headwinds: Nirmala

Press Trust of India  |  New Delhi 

India's have been increasing despite global headwinds and efforts are being made to neutralise any impact on them due to implementation of GST, Commerce and Industry Minister said. She also said that the will come out with amendments to the foreign trade policy to align it with the Goods and Services (GST), which is scheduled to be rolled out from July 1. Since September last year, are consistently going up and "I can see this as a clear indicator that our exporters are performing against all odds and showing their capacity to withstand any headwinds and the global situation," she told PTI in an interview. "I do not think that global situation has improved drastically.

Even if there are green shoots that people are seeing and saying that there are prospects that world trade might improve, it is yet to be significantly felt by others," she added. The minister said even in this type of environment, domestic exporters are doing good. She also expressed hope that the country would achieve the the 900 billion target of for goods and services by 2020. Talking about the ongoing review of the foreign trade policy (FTP), Sitharaman said the ministry is covering all aspects in this review, which was commenced in January. "We shall not wait till September. It should happen parallely (with GST) so that do not suffer on account of any doubts which have not been explained," she said. Over concerns being expressed by exporters body Federation of Indian Export Organisations (FIEO) on impact of on exports, the minister said she has asked the commerce secretary and the duty drawback committee in the finance ministry to represent the case of exporters to the Council. "We are trying to see how best other alternatives of dealing with revenue concerns as regards to can be handled without making it cumbersome for exporters," she said. As there is no provision of ab-initio exemption in the GST, exporters would have to pay the duties and then seek the refund. Exporters have raised certain concerns over refund of duties and according to FIEO, a certain portion of working capital would be blocked in the process with the for about three months. The five-year FTP (2015-20) provides a framework for boosting of goods and services besides creation of employment and increasing value addition. In 2016-17, while India's merchandise shipments aggregated at USD 275 billion, services grew by 3.4 per cent to USD 160.68 billion.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 17 2017. 15:48 IST