Government Initiative on Export-Import Data Mechanism
The government has initiated a strategic move by setting up a committee aimed at establishing a consistent mechanism for publishing export-import data. This development follows a significant downward revision of the gold and silver imports data for the period of April-November FY25.
Background and Issue
- A technical glitch was identified in the data transmission from the Special Economic Zone (SEZ) portal to the Indian Customs Electronic Gateway (Icegate).
- This glitch led to calculation errors, affecting the accuracy of trade data.
Formation of the Committee
- The committee includes stakeholders from the Directorate General of Commercial Intelligence and Statistics (DGCIS), DG Systems (CBIC), and special economic zones.
- The goal is to create a robust mechanism for publishing consistent trade data.
Role of DGCIS
- DGCIS is tasked with collecting, compiling, and disseminating India’s trade statistics and commercial information.
Data Revision
- An "unusual surge" in imports of precious metals prompted a reconciliation exercise by DGCIS and DG (Systems), CBIC.
- The revision showed an overestimation of approximately $11.7 billion in gold imports for April-November.
