Commerce and Industry Minister Suresh Prabhu has said that his ministry is working on strategic roadmap in close collaboration with the Finance Ministry and the government think-tank NITI Aayog in order to effectively resolve the problems faced by exporters to boost shipments and create job. The statement came after exporters flagged their concerns on liquidity crunch and the loss of competitiveness of India’s exports due to the Goods and Services Tax (GST).
The minister further said that the strategic roadmap includes addressing blockage of working capital, speeding up refunds of taxes paid by exporters and making incentives for exporters more attractive. He also noted that ensuring growth of exports is the priority of the commerce ministry. He added that the ministry is also holding consultations with exporters to review the foreign trade policy.
Besides, the country's exports posted a double-digit year-on-year growth of 10.29 percent after a gap of three months to $23.81 billion in August, mainly on account of sharp rise in export of petroleum products, chemicals, marine products and engineering goods.