NITI Aayog VC stresses on review of import tariffs to aid MSME exporters

Mumbai, Aug 1 (KNN) To support micro, small and medium enterprises (MSME) exporters it is essential to reassess tax on import, said Suman Bery, NITI Aayog Vice Chairperson.

He said that to reduce India’s dependency on imports it is tempting to impose tariff on imports to reduce the trade deficit.

However, a tax on imports is a tax on exports which needs to be reconsidered for the welfare of MSME exporters, added Bery.

The NITI Aayog VC was speaking at an event last week about a release of a study on ‘India’s Export Competitiveness’ by MVIRDC World Trade Center (WTC) in Mumbai.

“Instead of worrying imports consequence on the trade deficit, India should consider imports as an essential strategy to boost export competitiveness,” he said.

Bery asserted that India should refrain rigidity in the distinction between merchandise exports and services exports.

“As a lot of service component is embodied in merchandise exports as well,” he said.  (KNN Bureau)