The country's exports declined by 17.84 per cent during April-November this fiscal while imports contracted by 33.56 per cent in the same period, Commerce Secretary Anup Wadhawan said on Wednesday. He said that the trade deficit has come down.
"In 2020-21,April to November, there has been a decline of 17.84 per cent in our exports…If we exclude gems and jewellery and petroleum, then the decline is lower….In the sectors where economic activity is more meaningful in terms of value addition, there the decline is much lower," he said at the Board of Trade meeting. The secretary said that export sectors which did well during the eight months period include pharma, which grew by 15 per cent, rice (39 per cent), and iron ore (62 per cent).
Speaking at the occasion, Commerce and Industry Minister Piyush Goyal said that going forward, there is every possibility to achieve export target of a trillion-dollar by 2025. "The country is rebounding in a very rapid recovery phase. Industry has become more resilient, international global supply chains are looking up to India to provide an anchor for transparent and more open economies to engage with," he said.
Different arms of the government have been working to identify and support specific sectors where India has advantages, he said. "We have identified 24 industry sectors, which we believe, can add Rs 20 lakh crore of annual production manufacturing in India…I would like to appeal to the states to supplement the efforts of the central government," he added.
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