Tuesday, May 11, 2021
Home BUSINESS Economy Exports improving, down 10-12% in June, says Goyal

Exports improving, down 10-12% in June, says Goyal

India’s exports are showing signs of improvement as the contraction in outbound shipments in June so far has come down to about 10-12% compared with 60% in April, Commerce and Industry Minister Piyush Goyal said on Monday.

Declining for the third straight month, India’s exports dipped 36.47% in May to $19.05 billion. “Currently, we are about 10-12% down in June. So, in a sense, we have reached up to 88-90% of the level of exports we had in June 2019 in the current month in the first two weeks. I am awaiting data for third week (of June),” Mr. Goyal said at a CII function.

The Minister said the focus was on sustainable growth and not on giving ‘handout’ for exports.

He said subsidies were never good for businesses and wouldn’t help domestic exporters in engaging with the world from a position of strength and power.

When asked about foreign direct investment (FDI), he said almost all sectors are open for overseas investors, but that the Ministry was open to other ideas.

On foreign direct investment, he said, “We have some constraints in multi-brand retail because we have a large part of Indians dependent on small mom-and-pop stores,” he said, adding that these shops have kept essential supplies available and played a key role during the ongoing coronavirus pandemic.

“In insurance, our expectations from insurance companies was much more and deeper, sadly we feel let down. So there are a few sectors where we would like all of you tell us,” he added.

The Minister said that the government has to balance security concerns and opening up of the economy.

“FDI is welcome, but we certainly have to take precautions that we do not get the wrong type of capital which is opportunistic and which is not really good for the nation,” Mr. Goyal said.

The Minister also said that the government was giving special focus to high quality standard products.

“I think a lot of people have not appreciated that our government is giving priority to high quality standards….(But) India has finally evolved and has made up its mind that we are going to only accept good quality products,” he added.

He emphasised the need to bring back the quality culture in the country.

Even if a domestic quality product is a bit costlier than an imported one, it is sensible to buy the Indian item, he said, adding that in the long run people could have to pay a “terrible price” if they did not buy quality Indian goods.

On reforms by States, he said 15-17 States had executed ‘game-changing’ labour reforms recently and a lot of it would come to the public domain in the next few days. On cash transfers to citizens suggested by many as a short-term measure, he said, “People should understand that India has to use this crisis to prepare ourselves for a sustainable future.”

Citing an example, he said if a business was facing tough times, it can start improving its productivity, look at wasteful expenditure, start tightening the belt and do the same things in a better way.

You have reached your limit for free articles this month.

To get full access, please subscribe.

Already have an account ? Sign in

Show Less Plan

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Faster pages

Move smoothly between articles as our pages load instantly.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.


A one-stop-shop for seeing the latest updates, and managing your preferences.

Personalised recommendations

A select list of articles that match your interests and tastes.


We brief you on the latest and most important developments, three times a day.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

Source link


Please enter your comment!
Please enter your name here

Most Popular

Indian Staffing Market will be the largest market in the world, today the industry is an over 6 billion dollar industry, says Mr Sultan...

Mumbai: According to Mr Sultan Khan, Founder & Director of EaseConnect HR Services Pvt. Ltd. Indian Staffing Market will be the largest market in...

HSE Interview Questions & Answers

What is Safety? The condition of being protected from or unlikely to cause danger, risk, or injury is Called Safety. What is the accident? It is an...

Putham Pudhu Kaalai trailer: Five Tamil filmmakers bring five stories of love in the time of Covid-19

The trailer of Amazon Prime’s upcoming Tamil film Putham Pudhu Kaalai was unveiled on Monday by filmmaker Mani Ratnam and composer A.R Rahman. Tamil...