Policy to boost exports on anvil as trade deficit hits new high of $176 bn

Imports of raw materials and capital goods are duty-free till their final clearance

The Central Board of Indirect Taxes and Customs (CBIC) has set up a working group to look into export promotion policy, the impact of free trade agreements (FTAs) signed by India, tariff concessions vis-à-vis non-tariff barriers faced by exporters, and facilitating e-commerce exports.

“We are looking into issues faced by exporters amid intense competition in the international market. The idea is to look at our policies comprehensively from the perspective of export, manufacturing, and trade facilitation,” a CBIC official said.

The move comes as India’s trade deficit, the gap between exports and imports, reached a high of $176 billion in 2018-19. Exports