Updated:
January 29, 2021 18:01 IST
Implementation of initiatives taken by the government such as rolling out of tax refund plan RoDTEP and production linked incentive scheme would help support exports going forward.
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Implementation of initiatives taken by the government such as rolling out of tax refund plan RoDTEP and production linked incentive scheme would help support exports going forward.
The country’s exports are expected to contract by 5.8 % and imports by 11.3 % during the second half of the current financial year, though implementation of several measures by the government would help support exports going forward, according to the Economic Survey 2021.
Economic Survey 2021 | Exports may dip 5.8%, imports by 11.3% in second half of 2020-21
With gradual recovery of economic activities, the survey said that imports and exports have picked up. PTI
Trade (Image: Reuters)
The country s exports are expected to contract by 5.8 percent and imports by 11.3 percent during the second half of the current financial year, though implementation of several measures by the government would help support exports going forward, according to the Economic Survey 2021.
With gradual recovery of economic activities, the survey said that imports and exports have picked up.
During the first half of 2020-21 (April-September), exports dipped by 21.31 percent to $125.25 billion while imports declined by 40 percent to $148.69 billion.
View: India must policy-push itself away from a protectionist mindset and compete globally
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View: India must policy-push itself away from a protectionist mindset and compete globallyBy Hema Ramakrishnan, ET CONTRIBUTORS
Last Updated: Jan 09, 2021, 08:14 AM IST
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Synopsis
Protection raises inefficiency, increases input costs for user industries, hurts manufacturing exports and prompts retaliation by trading partners.
Agencies
India must open up global trade and investment to join global supply chains, raise its ability to make goods that it had not produced before, and realise its potential to be an economic powerhouse.
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Corporate India has lobbied Finance Minister Nirmala Sitharaman for competitive tariffs when she announces the Union budget on February 1. That marks a welcome change from India Inc’s usual clamour to shield domestic producers. It seems to have realised that the best way to become part of trade networks is to move away from a protectioni