Country’s trade deficit is narrowing, says Piyush Goyal

New Delhi: Union Commerce and Industry Minister Piyush Goyal has said the trade deficit is reducing drastically and country’s share in the global trade is improving, because of the resilient supply chains, and perseverance and hardwork of exporters.

During the meeting with Office-bearers of various Export Promotion Councils (EPCs) to discuss the issues concerning the country’s global trade, ground level situation, and problems being faced by the exporters, the Minister said on Thursday that the country’s exports as well as imports are showing positive trends.

The exports are approaching the last year’s levels, after making a sharp dip in April this year due to pandemic, he said.

Regarding imports, the positive thing is that the Capital Goods imports have not declined, and the reduction in imports has been seen mainly in crude, gold and fertilizers.

The Minister also said,’We are trying to generate more reliable and better trade data so that nation can do better planning and frame policies accordingly’.

Mr Goyal has been holding a series of discussions with the EPCs, particularly since the lockdown.
The Minister said that 24 focus manufacturing sectors have been identified which have the potential to expand, scale-up operations, improve quality, and lead enhancement of Indian share in global trade and value chain. These sectors have capacity to do import substitution and push exports.

He said that India is being seen in the world as trusted and resilient partner in global value chain.
On the issue of recent changes in the Merchandise Export from India Scheme (MEIS), the Minister said that the capping of Rs 2 Crore will not affect 98 per cent of the exporters who claim benefit under the scheme.

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