India’s overall export has declined by 25.42 per cent during April-June in this fiscal as compared to the corresponding period of last year. The latest merchandise exports show a recovery, with export decline reducing to (-)12.66 per cent in August. With the gradual opening up of the economy after the nation-wide lockdown, industrial activity has started to normalise. The quick estimate of the Index of Industrial Production (IIP), released by the Ministry of Statistics and Programme Implementation, for June stands at 107.8 as compared to 53.6 and 89.5 in April and May respectively, said Minister of Commerce and Industry Piyush Goyal in the Lok Sabha on Wednesday.
To boost exports, the validity of Foreign Trade Policy has been extended up to March 31, 2021, and relaxations granted and timelines extended owing to Corona. Interest equalization scheme on pre and post-shipment rupee export credit has also been extended by one year. Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase FTA utilization by exporters.