Addressing a webinar organised by the EXIM Bank on Saturday, Goyal said sectors having the potential to become globally competitive needed to be identified.
The Directorate General of Foreign Trade (DGFT), under the commerce ministry, said that "import" of these products "shall now require compulsory registration" under the SIMS.
Barring fertiliser, all seven sectors -- coal, crude oil, natural gas, refinery products, steel, cement and electricity -- recorded negative growth in July.
Goyal said India will have to plan its own measures whether it is by way of anti-dumping duty or some restrictions. "We will have to take equal and proportional measures to protect India's domestic manufacturing."
Merchandise imports contracted 28.40 percent in July to $28.47 billion from a year ago while exports fell 10.21 percent to $23.64 billion.
The domestic industry has suffered material injury due to subsidisation of the product and therefore it is necessary to recommend imposition of provisional countervailing duty on these imports, the DGTR has said in a notification.
The output of coal, crude oil, natural gas, refinery products, steel, cement and electricity declined by 15.5 percent, 6 percent, 12 percent, 8.9 percent, 33.8 percent, 6.9 percent, and 11 percent, respectively.
The move followed recommendation by the commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) for continued imposition of the duty for one more year.
The idea of reviewing the MEIS has been to use resource optimally and in a targeted way.
According to an office memorandum of the Directorate General of Foreign Trade (DGFT), the Department of Revenue in May had conveyed that it may not be feasible to exceed MEIS (merchandise export from India scheme) allocation beyond Rs 9,000 crore for 2020-21 (up to December 2020).
During April-June 2020, exports fell by 36.71 per cent to $51.32 billion, while imports shrank by 52.43 per cent to $60.44 billion.
Under new rules announced by India in April, all investments by entities based in neighbouring countries need to be approved by the Indian government, whether for new or additional funding.
Special Secretary in the logistics division of the ministry, Pawan Agarwal said a National Logistics Efficiency and Advancement Predictability and Safety Act (NLEAPS) is under consideration and this law tends to define various participants of the logistics space and create a light regulatory ecosystem.
The decline in gold imports has helped in narrowing the country's trade deficit, difference between imports and exports, to $9.91 billion during the period, against $30.7 billion a year ago.
Addressing a webinar on the occasion of International MSME Day, Gadkari, who also holds the portfolio of Road Transport and Highways, said about two months ago that India imported PPE kits from China via a special aircraft but now the country's industry and MSMEs were manufacturing lakhs of PPE kits per day.
The Directorate General of Trade Remedies (DGTR) is the investigation arm of the ministry which deals with anti-dumping duty, safeguard duty, and countervailing duty.
"KVIC plans to supply khadi face masks in countries like Dubai, USA, Mauritius and several European and Middle Eastern countries where Khadi's popularity has significantly grown over the last few years," according to an official statement.
The ministry said that after consulting the proposal with Department of Expenditure, these relief measures were decided for SEZ units on account of COVID-19 outbreak.
In a notification, the ministry's investigation arm Directorate General of Trade Remedies (DGTR) has said there is a "positive" evidence of likelihood of dumping of Sodium Citrate and injury to the domestic industry if the existing anti-dumping duty is removed.
The commerce ministry has recommended for continuation of anti-dumping duty on a Chinese chemical used in food and pharma industry with a view to guard domestic players from cheap imports.
Commerce and Industry Minister Piyush Gooyal has recently stated that in the post-COVID era, there is going to a be perceptible change in the global supply-chains
The government after approving a new scheme - remission of duties and taxes on export products (RoDTEP) - in March this year has stated that MEIS will be phased out after rolling out of this new scheme.
In December last year, the ministry's investigation arm - Directorate General of Trade Remedies (DGTR) - initiated the probe into an alleged dumping of “Mono Ethylene Glycol” originating in or exported from Kuwait, Oman, Saudi Arabia, UAE and Singapore, following a complaint by the company.
The Directorate General of Trade Remedies (DGTR) in August last year initiated a probe into an alleged jump in imports of 'Refined Bleached Deodorised Palmolein and Refined Bleached Deodorised Palm Oil' from Malaysia, following a complaint from Solvent Extractors' Association of India.
An industry source said that as China was a global supplier of goods, huge export and import opportunities have emerged due to the outbreak of this deadly disease in China and other parts of the globe.