NEW DELHI: Commerce and industry minister Suresh Prabhu on Wednesday said his ministry is looking at certain measures to give a leg up to India’s exports which are facing “challenging times”, partly because of the Goods and Services Tax (GST) rollout.
“We are trying to work out what to be done to promote exports in a shortest possible time which includes issues coming up because of the GST,” Prabhu, who assumed charge as the commerce and industry minister on Monday, told reporters here.
India's export growth slowed to an eight-month low of 3.94% in July, while the trade deficit widened to $11.44 billion on account of high gold imports.
He added that the ministry is working on the support measures which can facilitate quick increase in exports both in terms of volume and value.
The commerce ministry is expected to announce incentives in the review of the foreign trade policy, which is scheduled to be released next month.
Walls of protectionism
Further, he said these are challenging times as countries are creating more and more walls around them.
“Protectionist ideas are growing. They are stronger over a period time. So we will follow our trade policy in manner that we will be able to work through these walls,” he said and added that the commerce ministry will have to play the role of economic diplomacy also.
Source: economictimes.indiatimes.com