New Delhi, September 6, 2017
The government will look at ways to promote exports in the ``shortest possible time’’ by mitigating GST regime challenges faced by exporters and by providing support that could facilitate increase in both value and volume of outbound shipments, Commerce & Industry Minister Suresh Prabhu has said.
“India’s export to GDP ratio has to go up in order to increase capacity utilisation of existing manufacturing units. Exports have great ability to generate economic activity by its own steam. We have to work out what can be done to promote exports in the shortest possible time,” Prabhu said in his first press conference after taking up charge as the Commerce & Industry Minister on Monday.
The Minister said that he was aware of the issues that have come up for exporters in the GST regime and would work to mitigate them. “There are certain challenges that the export sector is facing because of GST implementation. We are taking up these with the concerned authorities,” Prabhu said.
The Commerce Department has also been asked by the Minister to prepare a agriculture export policy. “Agriculture is the most important part of livelihood as well as employment. The paradox is that when production goes up, prices fall. “For incomes to go up, you have to find markets for exports quickly as domestic market is not large enough to absorb increased production,” Prabhu added.
[The Hindu Business Line]