A sharp rise in exports in April is giving hope that the ambitious target of $400-billion merchandise shipments can be achieved this year, Commerce and Industry Minister Piyush Goyal said on Tuesday. He also added that the Department of Commerce had 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 was a large potential for enhancing exports in several sectors, like pharmaceutical, engineering, auto-component, fisheries and agro-products. Mr Goyal was addressing a meeting of export promotion councils on Tuesday . 

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. “Performance of exports in April 2021 and 2020-21 gives hope that an ambitious target of $400 billion merchandise exports can be achieved this year,” the minister said. 

Rates for RoDTEP have not yet been announced by the Finance Ministry even as the scheme would have to be implemented from January this year. The exporters’ 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.