Consider the following statements:

I. India’s overall (merchandise plus services) exports increased from USD 52.8 billion in June 2021 to USD 64.9 billion in June 2022.

II. The overall (merchandise plus services) imports increased from USD 52.9 billion in June 2021 to USD 82.4 billion in June 2022.

III. To boost the exports Foreign Trade Policy (2015-20) was extended upto 30-09-2022.

Which statement/statements is/are incorrect?

Solution

• India’s overall (merchandise plus services) exports increased from USD 52.8 billion in June 2021 to USD 64.9 billion in June 2022.
• India’s overall (merchandise plus services) imports increased from USD 52.9 billion in June 2021 to USD 82.4 billion in June 2022.
• Government took following measures to boost exports:

Foreign Trade Policy (2015-20) extended upto 30-09-2022. Assistance provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme. Rebate of State and Central Levies and Taxes ( RoSCTL ) Scheme to promote labour oriented textile export have been implemented since 07.03.2019. Remission of Duties and Taxes on Exported Products ( RoDTEP ) scheme has been implemented since 01.01.2021.