Exports are reviving with government support: Sanjay Budhia, Chairman, CII national committee on EXIM
He said the new export promotion scheme of RoDTEP can be a game changer for exports as it promises to compensate for cost disadvantages faced by exporters and manufacturers
Kolkata: Merchandise exports in January 2021 are estimated to have risen 5.37% compared to that in the correspondent period last year and this performance is attributable to the measures taken by the commerce and industry ministry to restrict the impact of the COVID 19 pandemic on exports, according to Sanjay Budhia, chairman, CII National Committee on EXIM.
He also said that engineering exports alone rose by 18.7%.
Budhia based his observations on preliminary data released by ministry of commerce and industry.
Exports that have done well in January 2021 include agri products, electronic goods, engineering goods, pharma, ores and minerals.
With countries moving out of lockdowns and vaccination programmes progressing, uncertainties in the global markets are dipping and this is driving up demand, pointed out Budhia. The increased demand for goods is also leading to a firming up of global commodity prices.
He said the new export promotion scheme of RoDTEP can be a game changer for exports as it promises to compensate for cost disadvantages faced by exporters and manufacturers.
The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme was announced by the Centre in September 2019 to boost exports by allowing reimbursement of taxes and duties.
The rates to be announced shortly would help bring in certainty on policy so that exporters can plan their strategies for global markets, said Budhia.
He also hoped that measures announced in the Union budget 2021-22 for port infrastructure, industrial parks, and ease of doing business would further boost engineering and other exports as global conditions stabilise.
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