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The services industry was keenly waiting for a new foreign trade policy, anticipating some benefits in lieu of the Service Exports from India Scheme.
Services industry must be competitive and not seek subsidies to boost exports, Commerce and Industry Minister Piyush Goyal said on September 29.
“The focus must shift to strengthening ourselves to competing with the best in the world,” Goyal told industry at an event organised by the Services Exports Promotion Council. “If we look at global headwinds, we will have an opportunity to wedge our way.”
The government has gradually been removing all subsidies from export system as they make the country uncompetitive, holding it back, the minister said.
Services exports will rise going ahead but on their own competitive strength, Goyal said, adding that India could not keep helping uncompetitive industries.
India has again extended its foreign trade policy by six months from September end. The services industry was keenly waiting for a new policy, in anticipation of some benefits in lieu of the Service Exports from India Scheme.
Meanwhile, Goyal reiterated India’s ‘ambitious’ target for exports to rise to $2 trillion by 2030, including $1 trillion of services exports.
Services exports have the potential to grow at twice the pace of goods exports, he added.