Piyush Goyal attends the Digital Summit on Exports organized by CII through video conference

On May 28, 2020 Union Minister for Commerce & Industry and Railways, Piyush Goyal participated in the Digital Summit on Exports organized by the Confederation of Indian Industry(CII) through a Video Conference. The institutional partner for the summit is Export-Import(EXIM) Bank.

Statements made by Piyush Goyal & experts in relation to exports

Major Highlights

i.Exports are likely to improve in May, with the contraction expected to be 30-35%, after outbound shipments crashed by a record 60% in April. 70% of exports are in raw materials & their remaining trade is affected by price shocks and supply volatility. These items command only 30%  of global product demand. 

ii.Exports fell 60.28% in April and 34.5% in March. The fall can be narrowed 8- 10% by June 2020.

iii.The 28 of the 30 major product groups experienced the highest-ever double-digit contraction of up to 99 % in April. Even large quantities of petroleum products are unable to push value-wise exports as international prices were at low

iv.Knock-on effects of historically low exports in April may reduce short outbound trade in FY21 as the March-June period is crucial in the export cycle for many sectors such as apparels and engineering goods.

v.Once the current crisis ends, restating the domestic consumption will anchor industrial growth and exports.

Note- In addition, the hospitality and tourism sectors have asked the National Association of Software and Service Companies(NASSCOM) to craft a strategy for USD 500 billion worth of Information Technology services exports in the next five years. 

Key Points

i.3 important ways to increase India’s exports-  reviving manufacturing, diversifying the exports basket, and finding newer and more accepting markets.

ii.The government is already promoting electronics production and the manufacturing of Active Pharmaceutical Ingredients(API).

iii.India should be seen as a trusted partner and reliable friend in the world market,  especially when global supply chains are undergoing a restructuring.

About CII:
It has completed 125 years & has also launched the Taskforce on Enhancing Exports through integration into the Global Value Chains (GVCs). 
Corporate Office– New Delhi, India
President– Vikram Shreekant(S.) Kirloskar
Director General– Chandrajit Banerjee

About EXIM:
Head Office– Mumbai, Maharashtra
Managing Director(MD) & Chief Executive Officer(CEO)– David Rasquinha

About NASSCOM:

Headquarters: Noida, Uttar Pradesh
Chairman– UB Pravin Rao
President– Debjani Ghosh 

Constituency:
Piyush Goyal– Rajya Sabha (Maharashtra)