Piyush Goyal sets 'broader' export targets as India hits $190BN mark ahead of schedule

India is ahead of its export target in the current fiscal year despite COVID-19 challenges and other concerning factors, said Minister for Commerce and Industry Piyush Goyal on Thursday. Further, he said that the target set with the help of the exporters is now estimated to be at least about $190 billion by the end of September 2021.

Goyal was interacting with the bankers and exporters at the Export Credit Guarantee Corporation Ltd in Mumbai. He stated that exports are at the edge of exponential growth and the central government is now working to bring a quantum leap in the quality, productivity, and efficiency of the exports to make it more 'bigger, better and broader'. 

Further extending his discussions on the role of banks in supporting the exporters, Goyal suggested banks be more liberal regarding exchange rates and give benefits instead of penalising MSMEs. Urging the Indian Bank Association for adopting a more liberal approach, he said that the credit rating, penal interest, and penal insurance charged needs more liberalisation under the view of the challenges faced due to the COVID-19 situation.

Apart from this, Goyal also spoke on several other issues related to finance and exports. He suggested measures that can be adopted by exporters for increasing exports followed by interactions with the exporters present during the event regarding their challenges and problems. 

Meanwhile, the event which was jointly organised by the Department of Commerce, Directorate General of Foreign Trade, Export Credit Guarantee Corporation of India, and the Export-Import Bank of India was held as a part of the Vanijya Saptah. 

Vanijya Saptah by the Ministry of Commerce

Earlier in the day, Union Minister Piyush Goyal also attended many other programs as a part of the Vanijya Saptah organised by the Ministry of Commerce in view of the Azadi Ka Amrit Mahotsav celebrations. As per that, he visited the Santacruz Electronics Export Processing Zone (SEEPZ) in Mumbai and further spoke about the necessary changes and makeover required at SEEPZ for transformation. 

Next, he inaugurated the Centre of Excellence in Logistics and Supply Chain Management at the National Institute of Industrial Engineering (NITIE) in Mumbai. After the inauguration, he addressed the NITIE community and spoke about the potential of industrial engineering in the country which will help transform its future. 

Meanwhile, the Vanijya Saptah is being celebrated from 20th September to 26th September as a part of the Azadi Ka Amrit Mahotsav. Around 250 programs are organised across 739 districts of the country. 

Image: PIB