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Incentives holding exports back, need contemporary outlook: Piyush Goyal

Incentives holding exports back, need contemporary outlook: Piyush Goyal

On the exports industry, he said, "I have no doubt on this sector growing $1 trillion by 2030. Last year, the sector witnessed phenomenal export growth from around $194 billion to $254 billion. I think we should continuously and relentlessly pursue ambitious target."

Piyush Goyal said NASSCOM, the premier trade body for technology, has never asked for any incentives or support but still they are growing exponentially. (Photo: Reuters) Piyush Goyal said NASSCOM, the premier trade body for technology, has never asked for any incentives or support but still they are growing exponentially. (Photo: Reuters)

Piyush Goyal, Minister of Commerce and Industry, while speaking at 12th Annual General Meeting of Services Export Promotion Council, an apex trade body set by the Ministry of Commerce & Industry, Government of India in Delhi said that to boost exports asking for incentives is not a right a thing. He went on to add that incentives are holding exports back from India.

"Support, subsidies, and incentives have always been bone of contention, but I must say, until there was Services Incentive Export Scheme, our services export did not witness the growth as it is witnessing now, so incentives did not work out," Minister Goyal clarified.

To emphasise more on this aspect, Goyal said NASSCOM, the premier trade body for technology, has never asked for any incentives or support but still they are growing exponentially. " All they [NASSCOM] ask us is for the minimal government intervention in their working, and always urge the government for not coming up with any new law that can pose a problem for them," Piyush Goyal added.

The Union Minister also said that there is strong need for the export promotion councils to shed the traditional outlook of asking for incentives to boost exports and the need rather is to embrace contemporary and practical outlook of growing on your own with government being a facilitator.

The government has set the target for services exports to reach $300 billion in FY23, and $1 trillion by 2030.

Talking about achieving the target of $350 billion services export this year, Goyal said that this is the sector with huge capabilities and capacities.  He said, "I have no doubt on this sector growing $1 trillion by 2030. Last year, the sector witnessed phenomenal export growth from around $194 billion to $254 billion. I think we should continuously and relentlessly pursue ambitious target."

Also read: Are Export-Oriented Reforms Working? The Journey of an Export Consignment Gives the Answer

Also read: Export Promotion Councils asked for deferment of new Foreign Trade Policy by 6 months: Piyush Goyal

Published on: Sep 29, 2022, 3:43 PM IST
Posted by: Tarab Zaidi, Sep 29, 2022, 3:40 PM IST