The trade deficit has also gone down from $11.67 billion in September 2019 and $6.77 billion in August 2020.
The country's imports declined 19.6 percent to $30.31 billion in September.
The paper, jointly authored by Subramanian and Pennsylvania State University professor Shoumitro Chatterjee, said India is turning inward, domestic demand is assuming primacy over export orientation and trade restrictions are increasing, reversing a three-decade trend.
In a research paper, former CEA argues that the Indian domestic market is still quite small, and is likely to remain so over the medium-term, since domestic demand will be weighed down by heavy debts across the economic horizon—in firms, households, and the government.
So popular is turning jackfruit into mock pork that the company’s initial public offering on October 9 rang in around $51.4 million, and doubled stock in intra-day trade on the debut day itself.
The US was also pulled up by India, along with countries like EU, New Zealand and others, who questioned the US on subsidies that it provides to its farmers. These countries pointed out that the total quantum of support provided by US breaches the WTO ceiling for US on agricultural products
Goyal said this is an indicator of the "rapid recovery" of the Indian economy as it surpasses pre-COVID-19 levels across parameters.
With 69 percent of semi-finished steel and 28 percent of finished steel heading there between April and August, India turned net exporter of steel to China for the first time in several years, the rating agency said.
Earlier this month, the government capped export incentives under the MEIS at Rs 2 crore per exporter on outbound shipments made during the period from September 1 to December 31, 2020
The NCP chief told the minister that the export ban will "hurt" India's image as a "reliable" supplier of the commodity in the international market.
Industrial demand for sugar, which accounts for 60 percent of the total domestic consumption, is expected to fall 8-9 percent in this sugar season (SS) due to hotels, restaurants and cafes remaining shut and people avoiding crowded places, CRISIL Research said in its report.
Defence Minister Rajnath Singh earlier this month had unveiled a major policy decision, announcing imposition of a phase-wise ban on import of 101 military platforms and weapons systems with an aim to promote the domestic defence industry.
Frozen shrimp remained the major export item in terms of quantity and value followed by frozen fish while the USA and China turned out to be the major importers of India's seafood.
He said that "good" green shoots are visible in the economy and exports have shown a "good" turnaround.
The minister added that the country "today is in a mood" to not only bring back economic activity but also become self-reliant, improve the quality and competitive pricing of products.
The idea of reviewing the MEIS has been to use resource optimally and in a targeted way.
Slowing shipments from the world's biggest rice exporter could allow rivals like Thailand and Vietnam to raise supplies in the short term, and also carries the potential to push up global prices.
New Delhi said in June it had identified thousands of exporters that had claimed tax rebates based on bogus invoices and would require them to submit receipts before issuing refunds.
Bangladesh is one of the leading export destinations for Indian spices and accounts for about 9 percent in volume terms and 5 percent in value terms of India's total spice exports.
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.
Analysts in a Reuters poll had forecast exports would fall 1.5% from a year earlier after a 3.3% drop in May.
It expects export recovery to be led by pharmaceuticals, medical and diagnostic equipment, technical textiles, agriculture and processed foods, plastics, chemicals and electronics
China’s share in our total imports was at an all-time high in 2015-16
At a CII function, Piyush Goyal said, exports until mid-June have reached nearly 88-90 percent of the level that we had in June 2019
The minister added that the country's non-oil exports, excluding POL (petroleum oil and lubricant) exports, were down only 30 percent. He said these figures provide confidence that the country is poised for a turnaround.