‘Export policy will assist exporters, reduce tax burden’

States should adopt a multimodal approach and ensure logistics did not become a burden on exporters, said Union Finance Minister Nirmala Sitharaman at the inauguration function of the third campus of the Indian Institute of Foreign Trade in Kakinada. She said the PM Gati Shakti was a beautiful protocol with which a synergy could be brought in. The minister referred to ‘One District-One Product’ and ‘Vocal for Local’, initiatives, aimed at promoting local products and creating their export markets. She said the Commerce Ministry was working on getting an export policy that would help the exporters by giving them incentives and promoting many things. There’s a repetitive and very relevant line that the Commerce Minister refers to We can’t be exporting taxes.’ We also should identify ways in which those taxes whether Centre, State or local that are on these products should be removed so that we don’t burden their exporters, the Finance Minister said. With better roads and ports, the logistics element is being addressed. State governments should also spend some time to see that logistics doesn’t become a burden on exporters, Sitharaman added.