You are here: Home » Economy & Policy » News
Business Standard

Anand Sharma sees exports crossing $300-bn mark

He, however, refused to comment whether it will be meet the government's set target of $325 billion in this fiscal

BS Reporter  |  New Delhi 

Anand Sharma

Commerce and Industry Minister Anand Sharma on Tuesday said this financial year, India’s merchandise exports would exceed last year’s $300 billion. He, however, refused to comment on whether these would meet the government’s target of $325 billion.

At a press conference here, Sharma said, “Exports will be definitely higher than last year’s. The trade deficit will be brought down substantially.”

Last year, during the annual review of the Foreign Trade Policy 2009-2014, the government had set an export target of $325 billion. While presenting the 2014-15 interim Budget earlier this month, Finance Minister P Chidambaram had said this financial year, exports would stand at $326 billion.

On gold imports, Sharma said soon, the commerce ministry would take up the matter with the finance ministry and seek relaxation of the 80:20 rule imposed by the Reserve Bank of India. Under the rule, import of gold isn’t allowed unless 20 per cent of the previous imports are exported. The norm had left many confused, leading to imports being held up at customs.

Sharma also said the commerce department would push for the withdrawal of five per cent duty on the export of iron ore pellets. “Value-added exports must be encouraged,” he said, terming the duty as a “disincentive”. The duty was imposed on January 27.

Commerce Secretary Rajeev Kher said the ministry was in talks with the revenue department on the matter. “We have clearly drawn to their (finance ministry) notice that this is a big disincentive to an initiative we took a couple of years ago; we consciously want to evolve the (exports) sector because these (iron ore pellets) are value-added products,” Kher said.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, March 05 2014. 00:49 IST
RECOMMENDED FOR YOU
.