NEW DELHI: Commerce and Industry Minister Suresh Prabhu has made a case for treating support measures to promote exports as investment and not subsidies, arguing that outbound shipments contribute in a big way to boosting growth.
The Minister emphasised that exports can benefit the economy in a much shorter term than any other economic activity.
“We feel very strongly that export should be considered as an investment and should not be considered as subsidy that we provide to exports. Because the large growth in exports benefits economy as a whole in a significant way,” Prabhu said in an interview.
Exports have both domestic and global benefits, he said, adding that on the external front, the outbound shipments create an economic footprint globally, which has its own geo- political advantages.
“Export means somebody is importing, so we become part of the supply chain. The exporter also creates a constituency in that country… So, we have a huge benefit by doing that,” he added.
Citing the example of China, he said the country has created several allies by becoming the largest exporter in the world. (AGENCIES)
Follow our WhatsApp channel
