Expressing optimism over exports growth, Commerce and Industry Minister Piyush Goyal has said that a sharp rise in exports in April is giving a hope that the ambitious target of $400 billion merchandise shipments can be achieved this year. He also said that the Department of Commerce has taken up several issues of exporters with the Ministry of Finance for their early resolution, like RoDTEP (remission of duties and taxes on export products), MEIS (merchandise export from India scheme), and inverted duty structure.
The minister added that there is a large potential for enhancing exports in several sectors like pharmaceuticals, engineering, auto-component, fisheries and agro-products. India's merchandise exports in April jumped by 197 per cent to $30.21 billion as against $10.17 billion in April 2020 and $26.04 billion in April 2019. Regarding certain issues being raised by exporters, Goyal said that they should approach the Covid helpdesk of the department for resolving the problems emanating due to Covid-related measures.
Rates for RoDTEP have not yet been announced by the finance ministry even as the scheme would have to be implemented from January. Exporting community has time and again urged the government regarding the rates as it would help them in factoring in those rates while negotiating prices of goods with international buyers. The reimbursement of taxes such as duty on power charges, VAT on fuel in transportation, farm sector, captive power generation, mandi tax, stamp duty and central excise duty on fuel used in transportation would make Indian products competitive in the global markets.