All out support to exports to benefit from trade war: Goyal

Commerce and Industry Minister Piyush Goyal said that India’s exports will reach US$ 1 Trillion when India becomes a US$ 5 Trillion economy.

 

Speaking at a FIEO event, Goyal said India is destined to be a US$ 5 Trillion and exports have to rise to reach US$ 5 Trillion.

 

He added that Government will provide complete facilitation to exporters and manufacturers but days of subsidies are getting over.

 

Goyal assured the industry that while MEIS will be withdrawn but it will be replaced by WTO compatible RoSCTL scheme, which is already operational for apparel and made ups.

 

He urged the industry to collect the data to get rebate of all indirect taxes and cess through RoSCTL including Electricity, Coal cess and royalty paid on mining etc.

 

The Minister said that Government is reviewing all existing FTAs so as to assess their impact on exports as well as manufacturing. Moreover, further new negotiations will keep industry and consumer interest at the top of the agenda.

 

Goyal asked the industry to move up the value chain to boost exports. He assured that the concerns of the industry with regard to the cost of credit and availability of credit is being deliberated with RBI and Banks so as to address them.

 

He urged the industry to work together with Government so as to raise India’s share in global exports from less than 2% to 5%.

 

FIEO highlighted that tariff war has opened huge opportunity for deeper penetration and expansion in US and China. India can quickly add US$ 10-12 Bn to its exports, if competitiveness is maintained and capacities are created quickly to match large demands coming from these markets.