From the Desk of Director General
Dear Members,
“World Trade Organisation, in its October 2023 update, has lowered the estimated growth of the volume of the world merchandise trade to 0.8% this year (CY23), less than half the 1.7% increase forecasted in April. However, the 3.3% growth projected for 2024 remains nearly unchanged from the previous estimate. However, it has not taken into account the potential disruptive impact of the Israel-Hamas conflict started in the first week of October 2023.
As Governor RBI has brought out in his statement on 6.10.2023, domestic economy activity is exhibiting resilience on the back of domestic demand. Real GDP growth for 2023-24 is projected at 6.5 per cent.
While decline in Merchandise Exports has come down to 8.7% in H1 FY24 to 211.40 billion as compared to decline of 15.1% in Q1 on YoY basis, Services exports have increased marginally by 5.6% to 164.89 billion. As regards SEZs, exports of Goods and Services declined by 7 %, exports of Goods declined by 12 %, export of Services by 3 %.
You will be happy to know that EPCES is continuing with the initiative of bringing out monthly Trade bulletin providing detailed country-wise, commodity-wise analysis of exports and imports of goods and services related to SEZs and EOUs based on the availability of data from NDSL and DGCIS.
As regards the DESH Bill, there appears to be some positive development as it is understood that now there is a broad agreement on key issues and soon Cabinet approval might be taken for the revised DESH Bill to be placed in the winter Session of the Parliament for consideration.
EPCES has organised multiple workshops on the GST updates and Trade Finance which have been very popular. EPCES has also taken up with the Ministry of Environment and Forests regarding the difficulties being faced by the exports in Extended Producer Responsibility under Plastic Waste Management Rules.
As we enter the festive season, I extend my warmest wishes to all our members for a happy and prosperous celebration. “
DG EPCES
Alok Charturvedi