Government says subsidies won't help boost exports; need to focus on quality, scale to meet $1 trillion goal

Updated : October 03, 2020 03:13 PM IST

He exhorted exporters and the industry as a whole to target $1 trillion worth of shipments.

He said there is a need to identify areas where sensible policies can help take exports to $1 trillion.

Union commerce and industry minister Piyush Goyal on Saturday said quality, technology, and scale of production will help India take its annual exports to $1 trillion and not government subsidies.

He exhorted exporters and the industry as a whole to target $1 trillion worth of shipments. "Why can't we aim for $1 trillion of exports from India. We certainly can. I see no reason, (why) we cannot. For that we need to be clear on actionable items (and) subsidies are never going to get us there, I am very very clear about that," he said.

"At least in my six years of engagement, I have not found subsidies to be the solution for India's problems. I think it's quality, technology, growth, scale; and sometimes for a short period, you may need to give a little thrust or support. But if they are looking at literally running a long term engagement with the world on subsidy, it is not going to work," he said. The minister was speaking at a webinar on strategies for alleviating policy constraints for exports in select sectors.

He said there is a need to identify areas where sensible policies can help take exports to $1 trillion.

Published : October 03, 2020 03:13 PM IST

Government says subsidies won't help boost exports; need to focus on quality, scale to meet $1 trillion goal

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