28 Dec 2020, 09:01 AM IST
The year 2020 has been extremely challenging with the world coming to a standstill and exports taking a nosedive. It seemed this damage would take a long time to repair but things have started looking up and export of agricultural products and pharmaceuticals have recorded significant growth. Here’s a list of what India exported during the pandemic.
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In October India removed the restriction on the export of N-95/FFP2 masks. The Directorate General of Foreign Trade (DGFT) had in August allowed their exports but with a restriction. The industry had been pushing for free exports of masks as it feared business going to India’s competitors like Pakistan, Bangladesh, and Indonesia. India fixed a monthly export quota of 4 crore units per month for 2/3 ply surgical masks and 20 lakh units per month for medical goggles for issuing export licenses to eligible applicants.
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Agricultural exports rose 23% to Rs 25,553 crore in March-June in 2020 despite the disruption caused by the pandemic. India exported dairy products worth Rs 554 crore to more than 110 countries so far, according to a report by the Agricultural and Processed Food Exports Development Authority (APEDA) and the most popular product this year has been ghee!
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Data from the Department of Commerce reveals that petroleum products, drug formulations, precious and semi-precious stones, iron and steel and electrical machinery and equipment have been the top five categories for export in the April – October period. In the handicraft sector, carpets saw an increase in sale. Top buying countries include USA, China, UAE, Hong Kong and Singapore. (Text: Neha Dewan)
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In an effort to help small and medium businesses multinationals like Walmart also stepped in by announcing its exports of goods from India to $10 billion each year by 2027. The expansion in sourcing will include helping develop hundreds of new suppliers in categories such as food, pharmaceuticals, consumables, health & wellness, and general merchandise, along with apparel, homeware and other key Indian export categories. To accelerate its India exports, Walmart will strengthen development of the supply chain ecosystem in India, both by boosting existing exporters and by expanding the nation’s pool of export-ready businesses.
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As markets keep opening and export becomes easier the Gem and Jewellery Export Promotion Council of India (GJEPC) expects to reach around Rs 1.6 lakh crore in this financial year. According to experts, exports have slowly been improving as during September, the total shipment was down 26.45 per cent compared to the same month last year, while in October it narrowed to 19 per cent and in November the decline was recorded at just 3.88 per cent. Several measures by the government, including the extension of time limit for export credit available on the gold loan, on interest subvention, extension of moratorium on interest and EMI payments, the real classification of MSME, among others have helped the industry get back on its feet.
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