Export competitiveness: industry-led manufacturing revival and market diversification to boost global integration and quality exports.
Calls for enhanced export competitiveness stress industry-led growth through reviving manufacturing, diversifying export baskets, and exploring new markets; opportunities cited include auto components, furniture, electronics, pharma APIs, agri exports, and IT services. Aatma Nirbhar Bharat is framed as self-reliance plus global engagement, with the government offering partnership and support. A Task Force on Global Value Chain integration and priorities-trade logistics, quality standards compliance, seamless value chains, and leveraging free trade agreements-are identified as key mechanisms to operationalise export expansion.

Moratorium on term loan instalments extended, permitting deferment conversion and asset classification standstill to ease liquidity pressures.
Lending institutions may extend a moratorium on term loan instalments and defer interest on working capital facilities for an additional period, permit conversion of accumulated interest into a funded interest term loan repayable by the end of the financial year, recalibrate drawing power and reassess working capital cycles; such COVID 19 specific concessions will not trigger asset classification downgrades, supervisory default reporting, or adverse credit information reporting, and the moratorium/deferment period will be excluded from NPA ageing and certain resolution timeline calculations.

Policy repo rate cut and accommodative stance to ease financial conditions and support growth recovery.
The MPC reduced the policy repo rate and maintained an accommodative stance to support growth amid COVID 19, citing acute downside risks to GDP and a highly uncertain inflation outlook. Complementary measures include rollover of a refinance facility to SIDBI, extended compliance time under the voluntary retention route for FPIs, extensions for export credit tenors and import payment periods for specified shipments, a liquidity line to EXIM Bank, extension of loan moratoria and working capital reliefs with permitted conversion of accumulated interest into a funded interest term loan repayable within the current financial year, a temporary rise in banks' group exposure limit, and relaxed withdrawal norms for states' Consolidated Sinking Funds.

Interest rate cut and extended loan moratorium expand lending flexibility and permit conversion of accrued interest into term loans.
RBI cut the policy repo rate and reduced the reverse repo rate while maintaining an accommodative monetary stance; extended by three months the permission for banks to grant a three-month moratorium on monthly instalments and on working-capital interest, allowing interest accrued during the moratorium to be converted into a term loan; raised permissible bank group exposure to corporates to 30% of group net worth; and forecast a likely GDP contraction with an uncertain inflation outlook.

Exchange rate determination for customs prescribes conversion rates for specified currencies for imports and exports.
The board, under section 14 of the Customs Act, prescribes statutory conversion rates for specified foreign currencies for customs purposes, effective 22nd May, 2020, superseding the earlier notification. Distinct rates for imported and exported goods are set out in two schedules: Schedule I lists rates per one unit of currency and Schedule II lists rates per 100 units, with separate columns indicating the rate applicable for imports and for exports.

Amendments to Essential Commodities Act enable deregulation and improved price realisation for farmers, with targeted stock limit safeguards.
A package of measures establishes a large Agri Infrastructure Fund to finance farm gate and aggregation projects, a scheme to formalise Micro Food Enterprises for technical upgradation and market access, a fisheries development programme under PMMSY covering production, infrastructure and insurance, a National Animal Disease Control vaccination programme, an Animal Husbandry Infrastructure Development Fund to spur private investment in processing and feed infrastructure, promotion of herbal cultivation and beekeeping schemes, and expansion of Operation Greens to all fruits and vegetables with transport and storage subsidies, paired with regulatory reforms including amendments to the Essential Commodities Act and a Central law for barrier free inter state trade and e trading.

Export contraction and import decline amid Covid 19, with services surplus partly offsetting merchandise deficit.
India's merchandise exports and imports contracted sharply in April 2020 due to Covid-19-related global slowdowns, with most commodity groups recording steep year on year declines while only Iron Ore and Drugs & Pharmaceuticals grew modestly; oil and non oil imports also fell markedly influenced by lower global crude prices. Services figures for April 2020 are provisional estimates pending RBI revision, and the services surplus partly offset the narrowed merchandise deficit, leaving an estimated small overall surplus for April 2020.

Access to essential medicines: calls for TRIPS flexibilities and cross border supply of diagnostics and healthcare personnel.
Call to ensure access to essential medicines, diagnostics, treatments and vaccines by enabling TRIPS flexibilities and facilitating cross border provision of diagnostic and protective equipment and healthcare professionals; caution that export restrictions can worsen access and urging elimination of Agreement on Agriculture asymmetries and establishment of permanent, adequate and accessible disciplines on public stockholding for food security; recommendation to avoid binding digital trade rules for developing countries and to provide visa accommodations and capacity building.

Promotion of trade and investment as recovery strategy; missions urged to identify opportunities and attract reliable investment.
Missions are instructed to prioritise commercial diplomacy by identifying export and investment opportunities, submitting innovative proposals to improve exports, and generating business leads. They must network with companies, assess adoptable technologies, promote tourism and exports, and work with Invest India and relevant departments to enable single window facilitation for setting up manufacturing units. Missions should become leaner, adopt modern technology, operate proactively, and focus on sectors such as pharmaceuticals, agriculture and African markets, sharing responsibility with home ministries to capture post COVID opportunities.