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India's Exports Must Contribute USD One Trillion To Economy Says Commerce & Industry Minister Piyush Goyal

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The Commerce & Industry Minister, Piyush Goyal has stated that in order to achieve the target of USD 5 trillion economy India's exports will have to contribute at least USD one trillion. Piyush Goyal 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 like cess paid on coal, electricity and royalty paid on mines.

All this adds up to the cost of the export product per unit basis, he added. Commerce and Industry Minister said that the Ministry is working on making India's export products competitive and simplifying rules and regulations for easy availability of export credit. Commerce and Industry Minister urged the EXIM community to flag issues regarding availability of land, labour, common effluent treatment plants, cluster development and logistics support required in ports, airports and customs to the Ministry so that it is able to iron 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 01 2019. 14:54 IST