Export - Current Affairs Questions and Answers

ANSWER: Merchandise Exports India Scheme

Explanation:
Government has eased norms for availing export benefits under MEIS. Exporters have been relieved from submitting certificate of goods to avail benefits under the MEIS aimed at ease of doing business.

• This scheme covers 5012 lines or products and 2787 lines are required for submission of proof of landing as reward is not there for all markets
• Therefore, landing certificate will not be required for all markets under MEIS
• Move is aimed at improving ease of doing business.

ANSWER: 321

Explanation:
The total merchandise export has been valued at USD 321 billion as against USD 314 billion in the year before this, as per an UNCTAD report. Report indicated that international service exports constituted 21% of the total global exports valued at slightly more than USD 5 trillion in 2014. This was a growth of around 5% over the previous year. Total global exports for 2014 stood at USD 24 trillion which is up by 1.2 percent as against the previous year. According to the Handbook of Statistics published by UNCTAD, service exports from developed and developing economies expanded at 5.2 and 4.8 percent respectively in 2014.

ANSWER: Both of the above

Explanation:
India’s total exports of the IT, ITeS and BPO services grew by 14.8% to USD 82 billion/INR 5.01 lakh crore in the year 2014-2015, as per RBI data. RBI also said in the Survey on Computer Software and IT enabled Services Exports: 2014-2015 that exports of computer services grew 72% and 28% for computer services and ITeS/BPO roughly. Public limited companies constitute 55.6% and as per RBI survey, US and Canada will persist in being major destinations, accounting for 60% of total software services export in 2014-2015.

ANSWER: 23

Explanation:
As many as 23 key sectors of export declined in August on account of demand downturn and falling global prices. 23 of 30 sectors monitored by Commerce Ministry were in negative zone in March. FIEO sought immediate intervention of government to stop the slide. India's exports declined 20.66 percent in August to USD 21.26 billion, increasing the trade deficit to USD 12.47 billion. Two top sectors engineering and petrol products contracted by 29 and 47.88 percent while textile exports shrank by 7.32 percent to USD 1.28 billion in August 2015. These 3 sectors constituted 47% of the total exports of the country in the previous fiscal. 11 of 13 key agricultural products fell into negative zone too. Exports of rice, spices and tobacco fell 26.32 percent to USD 443 million, 8.7 percent to USD 209 million and 15.25 percent to USD 62 million and negative growth was observed in cereals (43.94 percent), cashew (7.75 percent), oil meals (19.5 percent), carpet (22 percent), leather (12.78 percent), iron ore (34.28 percent) and chemicals (5 percent). This pushed down overall merchandise export and India aims for USD 900 billion exports in 2202 and 3.5% share in world’s total exports. Previous 4 years have seen exports hovering at USD 300 billion.

ANSWER: Dinesh Kumar

Explanation:
Mr. Kumar, representing M/s Orient Art &Crafts, New Delhi, is a leading exporter of handicrafts from India. He has been associated with the handicrafts sector for more than four decades. Mr. Kumar runs retail business of handicrafts products and has manufacturing units as well. He has served in various capacities as member of the Committee of Administration, President - Trade Fairs, and Vice-Chairman - EPCH. Mr. Kumar is also one of the Directors of India Exposition Mart Ltd., Greater Noida.