Subsidies Won’t Help Boost Exports, Says Commerce Minister Piyush Goyal
Container ships sit docked next to gantry cranes at a port in Andhra Pradesh, India. (Photographer: Dhiraj Singh/Bloomberg)

Subsidies Won’t Help Boost Exports, Says Commerce Minister Piyush Goyal


Commerce and Industry Minister Piyush Goyal on Saturday said quality, technology and scale of production will help India take its annual exports to $1 trillion and not government subsidies.

He exhorted exporters and the industry as a whole to target $1 trillion worth of shipments.

"Why can't we aim for $1 trillion exports from India. We certainly can. I see no reason, (why) we cannot. For that we need to be clear on actionable items (and) subsidies are never going to get us there, I am very very clear about that," he said.

"At least in my six years of engagement, I have not found subsidies to be the solution for India's problems. I think it's quality, technology, growth, scale; and sometimes for a short period you may need to give a little thrust or support. But if they are looking at literally running a long term engagement with the world on subsidy, it is not going to work," he said.

Also read: Exports Rise 5.27% In September, Trade Deficit Narrows To $2.91 Billion

The minister was speaking at a webinar on strategies for alleviating policy constraints for exports in select sectors.

He said there is a need to identify areas where sensible policies can help take exports to $1 trillion.

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