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Goyal asks industry to flag countries placing non-tariff barriers, promises retaliatory action

NEW DLEHI: Union minister Piyush Goyal on Friday asked the industry to flag the countries that are placing non-tariff barriers on Indian exports and promised to take retaliatory actions against those countries. Speaking at the 92nd Annual Convention of FICCI, the Commerce and Industry Minister also said India needs to get more competitive, and stressed on addressing the problems of the entire value chain, be it inverted duties, dumping, or unfair subsidies.

“Our government does not believe in solving issues individually for a company. We believe in doing a root cause analysis, we believe in understanding where the problems are and we believe in finding a sustainable solution that can outlive an individual’s problem,” Goyal said.

The minister said “a responsible government, a listening government” can impact business, can make a change and assured the corporate leaders present at the event that his office and he himself was available 24×7 to address the industries’ concerns.

He further said the stakeholders need to tell the government, which country is using any trade remedial measures or non-tariff barriers which impact their exports to that country.

“Our government is willing to stand by you and look at retaliatory actions and impose similar trade remedial measures,” Goyal said.

India’s exports contracted for the fourth month in a row in November, dipping 0.34 per cent to USD 25.98 billion, mainly on account of poor shipments of petroleum, gems & jewellery and leather products.

He also pointed out that the industry and the government need to work together to rejuvenate that entrepreneurial spirit and find solutions to certain problems which are real.

“As much as we engage with each other, we will be able to come to solutions and devise innovative solutions,” he said.

The minister also said India is the best place to invest in.

“It’s the place, where you get both, a competitive edge and get a huge domestic market aspiring for a better quality of life,” he said.

Referring to the NIRVIK (Niryat Rin Vikas Yojna) scheme, Goyal said it has been designed in such a way that every exporter will get dollar financing or foreign exchange financing and those who want to take money in rupee terms will positively get financing in the domestic currency.

Source: Economic Times