Complete dependency on export subsidies will not help us grow: Commerce Minister

New Delhi, Feb 4 (KNN) Subsidies to promote exports haven’t given us desired results and no country in the world depends completely on subsidies to promote exports, Commerce Minister Piyush Goyal informed the Parliament on Friday.

He said this replying to the query raised during the question hour in the upper house pertaining to the drop in budget for export promotion schemes.

“Subsidies for export promotion has not given us what we aimed for, however the RoDTEP scheme is facilitating export growth which likely to attain USD 400 billion target this year,” he added.

He said that regardless of the reduction in export subsidies, a record performance will be marked in India this year.

We must realise that India comes under the ambit of international trade law as we live in an interconnected world where such subsidies are not even permitted under the WTO which can hold us accountable, he stated.

'Explaining the government’s approach on this matter he said, we will reimburse the taxes or duties that are notified on the product by the states and as far as the central government is concerned, usually most products are under the GST (Goods and Services Tax) and it automatically gets refunded when you export the product.

In case no other tax which is levied on any export product, which is not marketable or reversible in the form of return, that is given back to the exporters under the RoDTEP scheme, he said. (KNN Bureau)