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.

Audit file submission procedures require electronic, indexed files preserving integrity and an unalterable audit trail for compliance.
Requires entities under NFRA jurisdiction to submit Audit Files in an electronic format that preserves integrity, authenticity, readability and completeness, with originals retained except as permitted. Submissions must begin with a PDF index, export electronic records and metadata as an integral unit, include an unalterable audit trail recording user actions and timestamps (or disclose its absence), use lossless compression for upload via NFRA's FTP, and include a covering communication stating page count, records/folders and file size along with a description of file-management policies.

WTO-compliant incentives can support exporters as government facilitates capture of post Covid supply chain export opportunities in identified sectors.
Government policy urges exporters and Export Promotion Councils to identify sectoral strengths and pursue global market share as post Covid supply chains shift, with government facilitation via missions abroad. Support measures should be targeted, justified and WTO-compliant. Immediate export opportunities exist in agricultural and processed foods due to a strong domestic harvest and international shortages; EPCs are tasked with developing time bound, large scale export initiatives.

Sunset review timeline relaxation permits later filing before measure expiry, with further exceptional curtailment allowed.
The revised procedure relaxes the minimum advance filing period for Sunset Review investigations under the Customs Tariff Act and Anti dumping Rules, allowing domestic industry to file SSR applications closer to the expiry of an anti dumping measure where genuine difficulty is shown, and authorises the Designated Authority to further relax the timeline in exceptional circumstances.

Liquidity support measures target NBFCs and MFIs to sustain credit flows and ease market funding strains during the pandemic.
The statement announces targeted liquidity operations including further TLTROs directed to investment grade instruments of NBFCs and MFIs, special refinance facilities to All India Financial Institutions for on-lending, a reduction in the fixed rate reverse repo to encourage deployment of surplus funds into productive credit, a temporary increase in WMA limits for states, and a phased relaxation of the Liquidity Coverage Ratio for scheduled banks to support credit intermediation and market functioning during the COVID-19 disruption.

Trade contraction due to COVID 19 disrupted exports and imports, narrowing the provisional overall trade deficit.
India's foreign trade for April-March 2019-20 contracted in both merchandise and services aggregates: March 2020 merchandise exports and imports fell sharply year on year across most commodity groups due to global slowdown and COVID 19 disruptions, oil and non oil import values declined (with oil affected by a large fall in Brent prices), services showed positive growth in February 2020 but March service figures are provisional, and the combined provisional overall trade deficit for April-March 2019-20 narrowed relative to the prior year.

Extensions of compliance deadlines secure exporters by extending authorizations, enabling electronic filings and easing procedural requirements.
The Department of Commerce implemented extensions and procedural relaxations across the Foreign Trade Policy, Handbook of Procedures and sectoral regimes to alleviate COVID 19 disruptions: automatic extensions of policy and authorization validities, export obligation and import validity periods, extended filing windows for RCMC, SEIS, MEIS and RoSCTL claims, and retention of further discretionary extension options under HBP. Concurrently, electronic issuance and acceptance of certificates, acceptance of scanned/digitally signed documents, delegated interim extensions for SEZ/EOU compliances, and adjusted insurance and procurement procedures were authorised to preserve exporters' rights and enable continuity of trade operations.

Customs duty exemption on medical imports allows duty-free importation of ventilators, PPE, masks and test kits.
The Central Government granted immediate exemption from Basic Customs Duty and Health Cess on imports of ventilators, face masks and surgical masks, personal protective equipment (PPE), Covid test kits, and inputs for their manufacture; the exemption is available up to 30th September, 2020 and is effected through a related notification announced in a government press release.

Regulatory coordination urged to resolve industry logistics and export import disruptions with ministry engagement to ease operational bottlenecks.
The Commerce and Industry Minister assured industry that the Ministry is addressing logistics and export import impediments and coordinating concerns with other ministries; feedback on requests for relief has been forwarded to the Finance Ministry for consideration. The Minister urged adoption of calibrated health safety protocols to protect livelihoods without compromising public health and encouraged promotion of the Aarogya Setu app as a technological tool in pandemic response.

Export competitiveness: exporters urged to scale up quality and efficiency to seize post Covid market opportunities.
Exporters are urged to pursue export competitiveness through scale, improved quality, cost efficiency and productivity to harness post Covid opportunities. The Ministry will keep export channels open, assist in clearing urgent export orders affected by the pandemic, and work proactively to revitalize exports and identify new markets. The Government also called for scaling up pharmaceutical capacity for global needs, contributing to relief efforts, and adopting technology for public health surveillance by installing the Aarogya Setu app.

Exchange rate determination for customs duties made effective, specifying conversion rates for import and export calculations.
The Central Board prescribes official conversion rates for listed foreign currencies for customs purposes, specifying separate rates for imported and exported goods and superseding the prior notification; the annexed schedules fix unit and per hundred unit rates as the operative benchmarks for customs valuation from the stated effective date.

Extension of export realisation period enables exporters additional time; WMA limits raised and CCyB not activated.
Extension of the realisation period of export proceeds for eligible exports provides exporters additional time to realise and repatriate receipts and negotiate contracts; Way and Means Advances limits for States/UTs are temporarily increased by thirty percent to ease fiscal liquidity; activation of the countercyclical capital buffer will not be implemented for the coming year pending further review.