Exports as a key driver of growth; GST a game changer: Commerce Minister

NEW DELHI: Commerce Minister Suresh Prabhu said the goods and services tax (GST) has been a game changer for India.

He said we must thank Finance Minister and the Prime Minister, and even the GST council for bringing change to the tax regime for exporters. Now, one may see an upward trend in exports, he said.

The response of the Government to the industry needs or requests have been really quick. All this shows the attitude, approach of the Government towards business and industry and their intent to make the life of tax payer easy.

However, there needs to be more time to assess export growth trends but the signs are very encouraging, said Prabhu.

Export is the biggest driver of growth and employment and so we are supporting top 10 items and identifying new items for export support, he said.

We are also identifying new destinations for Indian exports, and identifying new service sectors for export promotions, he added.

He is confident that India is poised for growth because of GST and expect exports to derive the growth.

Talking about the proposed Industrial Policy, he said they were working with top global experts on this and would identify 5-6 emerging industries under this policy.

He plans to promote exports in a significant way because it has a multiplier effect, said Prabhu.

Source:- Dailyshippingtimes.com