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National News

Aug 01, 2019

Indian needs exports of 1 trillion to become 5 trillion dollar economy: Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said India’s exports will have to contribute at least one trillion dollars to achieve the target of 5 trillion dollar economy.

Mr Goyal was speaking at an interactive session yesterday organized by the Ministry in New Delhi on emerging opportunities to enlarge India’s exports to US and China.

Mr Goyal said, the Ministry is working on making India’s export products competitive and simplifying rules and regulations for easy availability of export credit. 

He urged manufacturers and exporters to come forward with data and details which directly and indirectly add to the cost of the products that are being exported such as cess paid on coal, electricity and royalty paid on mines. He said, all this adds up to the cost of the export product per unit basis.

The Minister urged the export and import community to flag issues regarding availability of land, labour and logistics support required in ports, airports and customs to the Ministry. 

He said, it will help the Ministry in ironing out the issues impeding India’s exports and facilitate the exporters to take maximum benefit from the tariff escalation between the US and China.

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