Nov 26: Union Minister of State for Finance, Dr Bhagwat Karad today expressed confidence that with businesses expanding after a lull phase of the Covid 19 pandemic, exports from India are moving towards a new milestone. Speaking at the ‘Banking Conclave for Exports’ jointly organized by Federation of Indian Export Organizations and Union Bank of India in Mumbai, Dr. Karad said “our economy is rebounding, business is expanding and this is the right time to talk about increasing exports” He further added that the export oriented policies of Government have created the right eco-system for export led growth.
Dr. Karad informed that merchandise exports in the first 8 months of 2021-22 have touched US$ 233 billion registering 54% growth over the previous year. This export growth has been led by sectors like engineering goods, gems & jewellery, electronics, chemicals and pharmaceuticals etc. He reminded the exporters that Prime Minister has called upon the exporters to become the engine of growth of India’s economy. PM Modi has set a US$400 billion target for merchandise exports during the current fiscal.
Speaking about the Government initiatives, the Minister said, the Production Linked Incentive Scheme announced by the Government is having a positive impact in boosting manufacturing and promoting exports. The PLI schemes covers 13 key sectors with high potential for growth.
Dr.Bhagwat further stated that the Emergency Credit Line Guarantee Scheme (ECLGS) has proved to be important for different industries. “Due to demand from industrialists, the Government has extended the ₹4.5 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) till March 31, 2022, to help businesses cope with the pandemic’s adverse effects. Rs 2.9 lakh crore of this fund has been sanctioned by different banks” he added .
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