India’s overall export (merchandise plus services) declined by 25.42% during period April-June 2020 as compared to the corresponding period of previous year, Union Minister of Commerce and Industry Piyush Goyal in a written reply in the Lok Sabha said on Wednesday.
"The latest merchandise exports show a recovery, with export decline reducing to (-)12.66% in August,2020. With the gradual opening up of the economy after the nation-wide lockdown, industrial activity has started to normalize. The quick estimate of the Index of Industrial Production (IIP), released by the Ministry of Statistics and Programme Implementation for the month of June, 2020 stands at 107.8 as compared to 53.6 and 89.5 in April, 2020 and May, 2020 respectively," said an official release.
He informed that the government has taken several key steps to boost exports. Validity of Foreign Trade Policy (2015-20) has extended by one year i.e. upto 31-3-2021 and relaxations granted and time lines extended due to COVID-19.
Interest Equalization Scheme on pre and post shipment rupee export credit has been extended by one year i.e. upto 31-3-2021.