India's Merchandise Exports To Hit $190 Billion Mark In First Half Of FY22: Commerce Minister Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal has said that merchandise exports from India could hit the $190 billion mark in the first half of financial year 2021-22, reports Financial Express.

Speaking to exporters in Mumbai, Goyal reportedly said that exports had already hit the $185 billion mark by 21 September in the ongoing fiscal year.

The minister further expressed confidence that India's exports could surpass the ambitious target of $400 billion in FY22.

He said the government is also liberalising the rules to promote exports from special economic zones (SEZs).

Goyal also said that for the benefit of the exporters he will talk to the Reserve Bank of India regarding mandatory conversion of foreign exchange

Speaking about the role played by banks in supporting the exporters, he suggested that Banks need to be liberal as regards to exchange rates. “Banks should in fact give benefit rather than penalise MSMEs,” he added.

He also urged Indian Bankers’ Association to take a more liberal approach, with regard to credit rating, penal interest and penal insurance charge, in view of difficulties faced due to COVID-19, a Ministry of Commerce release said.

Goyal also advised the exporters to form small working groups and deliberate on basic structural improvements in-order to get free from clutches of government support.

He also shared the success story of LED bulbs in the country which was a result of removing subsidy and at the same time increasing the scale and giving freedom to manufacturers.