ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices
  • GST Council meet begins today: Know agendas of Finance Minister Nirmala Sitharaman's led two-day meeting
  • Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates
  • Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages
  • Xiaomi 12S series set to launch with Leica cameras on July 4: Check key details here
Read in App
Business News » India News

Industry, exporters should not depend on subsidies; work on improving competitiveness: Piyush Goyal

Commerce and Industry Minister Piyush Goyal Thursday said that industry and exporters should not depend on government subsidies and instead focus on becoming competitive.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Industry, exporters should not depend on subsidies; work on improving competitiveness: Piyush Goyal
Piyush Goyal emphasised on the need to increase strengths of the industry as it would help in boosting manufacturing and exports. Image source: Reuters

Commerce and Industry Minister Piyush Goyal Thursday said that industry and exporters should not depend on government subsidies and instead focus on becoming competitive. "I do not think that any programme or ambitious scheme can run only on subsidies and government help. We have to move out of this continuous effort and demand ... And make our industry truly competitive and self-reliant," he said here. He was addressing members of the Board of Trade and the Council of Trade Development and Promotion. "My own experience in the last five years is that wherever we have done away with subsidies, industry and business have progressed, grown and prosper,' Goyal said.

The minister emphasised on the need to increase strengths of the industry as it would help in boosting manufacturing and exports. Accepting strengths would help in achieving the target of reaching USD 1 trillion exports in merchandise and USD 1 trillion in services in the next five years and also become an internationally integrated economy, he said. He said that industry and other stakeholders need to collectively work and use available tools to make logistics and industrial growth competitive. "I understand that there are issues where we are not as competitive as compared to other countries. Let us go to the root of those problems and sort out those issues," he added.

Seeking fresh ideas to boost the growth of Indian economy from all the participants, he said: "I know that nobody in this room has come here today just to pitch for more subsidies, more ROSL (rebate on state levies, more MEIS (an export incentive scheme). I want you to move beyond that". There is a need to integrate with the world economy and it will ultimately help the Indian industry, he said. "Let us look at the next five years as one more way, one more new trend that we observe in this country, one more effort that we make to engage with the world on equal terms and not from the position of weakness but from a position of strength. Let us leverage our competitive advantages," the minister said.

Secretaries of Departments of Commerce, Revenue, Shipping, Road Transport and Highways, Civil Aviation, Promotion of Industry and Internal Trade, Agriculture, Information Technology, Textiles and other ministries of Government of India are participating in the high-level joint meeting along with representatives of export promotion councils and representatives of industry and states. The Board of Trade advises the ministry on policy measures connected with the foreign trade policy in order to achieve the objectives of boosting trade.

The Council for Trade Development and Promotion ensures the continuous dialogue with states and UTs on measures for providing an international trade enabling environment in the states and to create a framework for making them active partners in boosting India's export. The country's exports grew by 9 per cent to USD 331 billion in 2018-19.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Piyush Goyal
Written By: PTI
Updated: Thu, Jun 06, 2019
02:02 pm
New Delhi, PTI
RELATED NEWS
Union Minister Piyush Goyal says India wants to capture world market, to become USD 30 trillion economy very soon Union Minister Piyush Goyal says India wants to capture world market, to become USD 30 trillion economy very soon
Prime Minister Narendra Modi inaugurates Vanijya Bhawan, launches NIRYAT portal Prime Minister Narendra Modi inaugurates Vanijya Bhawan, launches NIRYAT portal
India fully protected interests of farmers, fishermen at WTO meet, says Piyush Goyal India fully protected interests of farmers, fishermen at WTO meet, says Piyush Goyal
India, European Union relaunch talks for free trade agreement; Goyal says pact to help unleash significant untapped potential India, European Union relaunch talks for free trade agreement; Goyal says pact to help unleash significant untapped potential
Gone are the days, when India could be arm-twisted to accept outcomes that hurt the poor: Commerce Minister Piyush Goyal Gone are the days, when India could be arm-twisted to accept outcomes that hurt the poor: Commerce Minister Piyush Goyal

LATEST NEWS

New norms for safer tyre design to kick-in from October 1; expert picks Apollo tyres, JK Tyres for good gains

How rising crude oil prices, falling Rupee impact stock market? Anil Singhvi decodes

Crude oil prices take a breather after three-day rally

GST council clears proposal to remove tax exemptions on some items

GST Council defers rate hike on casinos; Rakesh Jhunjhunwala-backed Delta Corp share jumps 7.5% intraday

NSE Co-location Scam: Sebi fines exchange with Rs 7 cr, imposes Rs 5cr penalty on Chitra Ramkrishna

Samsung Galaxy F13 India sale begins today via Flipkart - Check price, offers, specifications and more

WhatsApp update: Soon! iOS, Android users can appeal for ban revoke - Check details

Poco F4 5G vs iQOO Neo 6 5G: Which one to buy? Check comparison - price and full specifications

SpiceJet, Visa2Fly partner to launch online visa service

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV