the minister also released a study domestic constraints for exports in select sectors published by the exportimport bank of india new delhi commerce and industry minister piyush goyal on saturday said quality technology and scale of production will help india take its annual exports to usd 1 trillion and not government subsidies he exhorted exporters and the industry as a whole to target usd 1 trillion worth of shipments why cant we aim for usd 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 advt at least in my six years of engagement i have not found subsidies to be the solution for indias problems i think its 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 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 usd 1 trillion the minister also released a study domestic constraints for exports in select sectors published by the exportimport bank of india according to the study an immediate refund of gst could increase the overall gdp by 2 per cent exports by 7 per cent aggregate imports by 6 per cent and overall employment by nearly 4 per cent it identifies sector specific policy initiatives that could improve operational conditions and efficiency of exporters gems and jewellery auto and autocomponents electronics textiles and clothing and pharmaceuticals sectors the study highlighted the need for direct government intervention to reduce costs at ports attractive production oriented incentives addressing procedural delays in approvals and refunds as well as custom clearances by the government expediting gst refunds and duty drawback refunds to improve the manufacturing landscape among others advt the effects of immediate refund of gst on individual sectors are much larger with exports from the six identified sectors expected to register doubledigit growth it added pti published on oct 4 2020 at 0954 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app government subsidies the exportimport bank of india