India’s exports surge 80% to $7 billion during May 1-7

NEW DELHI : Persevering with a constructive development, India’s exports grew by 80 per cent to $7.04 billion through the first week of this month, in keeping with preliminary knowledge of the commerce ministry. Exports throughout Could 1-7 final 12 months stood at $3.91 billion and $6.48 billion in the identical week of Could 2019, knowledge confirmed.
Imports too rose by 80.7 per cent to $8.86 billion throughout Could 1-7, 2021 as towards $4.91 billion in the identical interval final 12 months and $10.39 billion in 2019.

India’s exports in April jumped almost three-folds to $30.21 billion from $10.17 billion in the identical month final 12 months.

Main export commodities that are recording wholesome development embody gems and jewelry, jute, carpet, handicrafts, leather-based, digital items, oil meals, cashew, engineering, petroleum merchandise, marine merchandise and chemical substances.

Federation of Indian Export Organisations (FIEO) President S Okay Saraf stated that the exports development is encouraging and order books of exporters are wholesome.

“I’ll urge the federal government to look into the problems of MEIS (merchandise export from India scheme). RoDTEP (remission of duties and taxes on export merchandise) charges ought to allso be introduced instantly to additional push the shipments as profitability of exporters are getting impacted,” he stated.

Source : News Matters