June exports have reached 80% level of last year: Piyush Goyal

June exports have reached 80% level

NEW DELHI: Commerce and industry minister Piyush Goyal on Monday said that India’s exports in the first two weeks of June have reached above 80% level of the same period last year and would be only 10-12% lower in the month compared to June 2019.

“We have reached 80-90% of the level of exports of June 2019…(I) will get the third week results by tomorrow,” Goyal said at the Confederation of Indian Industry’s 12th Horasis India Meeting.

India’s exports shrank 36.47% to $19.05 billion compared to a 60% contraction in April due to cancellation of orders

“India has evolved and made up its mind that we are only going to accept good quality products. Business and government can together work to get the consciousness of quality in the country,” Goyal said, and added that the focus of the government is on sustainable growth and not hand outs.

On the issue of foreign direct investment (FDI), he said India has opened up almost everything but there are concerns on opening overseas investment in multi-brand retail. Goyal said the mom and pop stores have ensured that demand for essentials has been met during the ongoing Covid-19 crisis.

“We have to balance security concerns with FDI and take precautions that opportunistic capital does not come in,” Goyal said.

India has already tightened its FDI norms for countries it shares land borders with after the People’s Bank of China raised its stake in Housing Development Finance Corp (HDFC) to more than 1% from about 0.8%, requiring a declaration by the Indian mortgage lender to stock exchanges.