As the BJP swept to power with a spectacular performance for a second term, Rajiv Kumar, vice chairman of Niti Aayog, on Friday said India should regain the rate of growth of 20 percent per annum for exports in dollar terms.
Kumar said the government must not implement tit for tat tariffs model, which is not ideal for the Indian economy and centre needs to take measures to increase India's share in the global trade market
"I completely agree with the high-level committee recommendations that India should be going for the greater share in world’s markets. We are stuck at 1.68 and we need to expand that. Our exports grew by barely 1.6 percent in the last five years, we need to change that and we need to surely double our exports if not more.
Speaking about higher customs duties, he said, "We have to make the transaction in a balanced way so that the domestic industry get fair enough warning that something is about to happen."
Talking on corporate tax rates, he said, "Before I subscribe to the cutting of corporate tax, I would like to see what is happening on our indirect tax, what is happening to our tax base etc. and the overall fiscal balance."