Govt working on ways to contain surge in imports of non-essential goods | The Financial Express

Govt working on ways to contain surge in imports of non-essential goods

The commerce ministry has identified those products and have sent communications to the line ministries to work on remedial measures for cutting down those imports, the official said.

Govt working on ways to contain surge in imports of non-essential goods
Trade deficit for April-October 2022 has widened to USD 173.46 billion as against USD 94.16 billion in April-October 2021.

The government is working on ways to contain surge in imports of non-essential goods with an aim to boost the country’s exports and reduce trade deficit, an official said.

The commerce ministry has identified those products and have sent communications to the line ministries to work on remedial measures for cutting down those imports, the official said.

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According to the ministry’s data, imports during April-October this fiscal have increased to USD 436.81 billion as against USD 328.14 billion in the same period last year. Trade deficit for April-October 2022 has widened to USD 173.46 billion as against USD 94.16 billion in April-October 2021.

Another official said that it is the commerce ministry’s mandate to constantly monitor trends in imports and exports, and ascertain reasons behind those trends.

“In this regard, we reach out to various ministries, industry bodies, export promotion councils, trade experts and other relevant stakeholders to seek information related to the trends as well as for taking appropriate actions, wherever necessary,” the ministry official added.

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First published on: 07-12-2022 at 18:53 IST