In a big boost for India’s economy, the country’s export has grown by 80 percent to USD 7.04 billion during the first week of May. Imports too rose by 80.7 percent to USD 8.86 billion during May 1-7 this year, PTI reported quoting preliminary data of the Commerce Ministry.
Federation of Indian Export Organisations (FIEO) President S K Saraf said that the exports growth is encouraging and order books of exporters are healthy. “I will urge the government to look into the issues of MEIS (merchandise export from India scheme). RoDTEP (remission of duties and taxes on export products) rates should also be announced immediately to further push the shipments as the profitability of exporters are getting impacted,” he was quoted as saying by PTI.
Here are Key Takeaways:-
Exports during May 1-7 last year stood at USD 3.91 billion and USD 6.48 billion in the same week of May 2019, data showed.
Imports data during the same period recorded at USD 4.91 billion in the same period last year and USD 10.39 billion in 2019.
India’s exports in April jumped nearly three-folds to USD 30.21 billion from USD 10.17 billion in the same month last year.
Major export commodities which are recording healthy growth include gems and jewellery, jute, carpet, handicrafts, leather, electronic goods, oil meals, cashew, engineering, petroleum products, marine products and chemicals.