He also said that the flagship programme ‘Sagarmala’ along the coastal areas of the country will develop ports for faster handling of import and export cargo
Customs authorities are introducing comprehensive digitalisation of export and import transactions, and leveraging electronic tagging technology to improve export logistics, Finance Minister Piyush Goyal said on February 1.
He also said that the flagship programme ‘Sagarmala’ along the coastal areas of the country will develop ports for faster handling of import and export cargo.
The government, under the Sagarmala project, has set ambitious targets of port modernisation, port connectivity enhancement, port-linked industrialisation and coastal community development for phase-wise implementation until 2035.
“Indian customs is introducing full and comprehensive digitalisation of export/import transactions and leveraging RFID (radio-frequency identification) technology to improve export logistics,” Goyal said while presenting the Budget for 2019-20.
Improvement in logistics helps seamless movement of goods and reduce transactions cost for traders, leading to enhanced competitiveness of domestic products in the global markets.
During April-December this fiscal, exports grew by 10.18 percent to $245.44 billion.
Since 2011-12, India’s exports have been hovering at around $300 billion. During 2017-18, the shipments grew by about 10 percent to $303 billion.
Promoting exports helps a country to create jobs, boost manufacturing and earn more foreign exchange.
Further the minister said that to promote ‘Make in India’ initiative, the government has rationalised customs duties and procedures. “Our government has abolished duties on 36 capital goods. A revised system of importing duty free capital goods and inputs for manufacture and export has been introduced, along with introduction of single point of approval under section 65 of the Customs Act,” he said.