Despite COVID-19, India Ahead Of Exports Target : Commerce Minister

Mumbai, Sep 24 (TNA) Despite global challenges like the Covid-19 pandemic, India is ahead of its export targets, commerce minister Piyush Goyal has said. We will be at about $190 Billion by the end of September 2021, he said during an interaction with exporters and industry, in Mumbai on Thursday.

“This is for the first time India is crossing this figure in the first six months of the FY. Exports are at the cusp of exponential growth. Govt is working to bring a quantum leap in quality, productivity and efficiency, to make our export basket bigger, better and broader,” he added.

Speaking about the role played by banks in supporting the exporters, he suggested that Banks need to be liberal as regards to exchange rates. “Banks should in fact give benefit rather than penalise MSMEs,” he added. He also urged Indian Bankers’ Association to take a more liberal approach, with regard to credit rating, penal interest and penal insurance charge, in view of difficulties faced due to COVID-19.

State Bank of India, EXIM Bank, ECGC made presentations on the various measures taken to promote exports in the country. SBI, through its presentation informed about export financing given by banks and conveyed that liquidity crunch will never stand in the way of India's ability to achieve its $400 billion merchandise export target for 2021-22.

Goyal advised exporters to borrow more in foreign currency. “Why don't you start borrowing more in foreign currency? SBI has even said that if a small bank does not have foreign exchange to offer credit, SBI is willing to lend them foreign exchange,” he pointed out.