India's merchandise exports to cross USD 300 bn; Govt to seek relaxation for gold imports
Updated: Mar 05, 2014 11:51:16am
New Delhi, March 5 (KNN) India’s overall exports will be higher than last year’s, while the merchandise exports would exceed last year’s USD 300 billion, Commerce and Industry Minister Anand Sharma has said.
While addressing a press conference here yesterday, Sharma said, “Exports will be definitely higher than last year’s. The trade deficit will be brought down substantially.”
Presenting the 2014-15 interim Budget earlier this month, Finance Minister P Chidambaram had said that this financial year, exports would stand at USD 326 billion.
On the issue of gold imports, Sharma said that the commerce ministry would soon take up the matter with the finance ministry and seek relaxation of the 80:20 rule imposed by the Reserve Bank of India.
"We have to ensure adequate availability of gold for the gems and jewellery industry, which is a very important sector for our exports," Sharma said.
According to this rule, import of gold isn’t allowed unless 20 per cent of the previous imports are exported. The norm had left many confused, leading to imports being held up at customs.
Further, Commerce Minister also said that the commerce department would push for the withdrawal of five per cent duty on the export of iron ore pellets. “Value-added exports must be encouraged,” he said. The duty was imposed on January 27. (KNN/SD)
While addressing a press conference here yesterday, Sharma said, “Exports will be definitely higher than last year’s. The trade deficit will be brought down substantially.”
Presenting the 2014-15 interim Budget earlier this month, Finance Minister P Chidambaram had said that this financial year, exports would stand at USD 326 billion.
On the issue of gold imports, Sharma said that the commerce ministry would soon take up the matter with the finance ministry and seek relaxation of the 80:20 rule imposed by the Reserve Bank of India.
"We have to ensure adequate availability of gold for the gems and jewellery industry, which is a very important sector for our exports," Sharma said.
According to this rule, import of gold isn’t allowed unless 20 per cent of the previous imports are exported. The norm had left many confused, leading to imports being held up at customs.
Further, Commerce Minister also said that the commerce department would push for the withdrawal of five per cent duty on the export of iron ore pellets. “Value-added exports must be encouraged,” he said. The duty was imposed on January 27. (KNN/SD)
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