23 SEP,2019 | MEDC
A focus on export-led growth is no longer optional if India is to achieve a $ 5 trillion economy by 2024. The Commerce Minister has rightly said that exports worth $ 1 trillion in the coming five years are doable, and that there is a huge opportunity for India in the context of the otherwise disruptive global trade wars. Unfortunately, we are not yet adequately positioned to benefit from the enormous opportunities ahead of us. Minor tinkering will not enhance the competitiveness of Indian exporters in the long run. Structural problems of red tape and credit availability need to be addressed at the earliest. In this context, the Finance Minister’s recent tax sops are a step in the right direction. Reducing tax rates will allow Indian companies to compete with lower tax jurisdictions globally. These measures reaffirm the government’s resolve to enhance India’s economic competitiveness.
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