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Commerce and Industries Minister Piyush Goyal said that promoting exports through subsidies has not really given the desired results, but the government's RoDTEP (Remission of Duties and Taxes on Export Products) scheme is helping grow exports which is expected to reach a record $400 billion this year. While there is a thinking that the government has reduced the export subsidies, he said the reality is this year, India is going to see a ‘record performance in exports’.

Goyal said ‘we are already crossed $334 billion (one billion is equal to Rs 100 crore) of exports, which is higher than any full year ever in the past, and we are well on track to go to $400 billion export in the current year’. He noted that in August 2021, the government had announced the rates of tax refunds under the RoDTEP for 8,555 products, such as marine goods, yarn and dairy items. It has set aside Rs 12,454 crore for refunds under RoDTEP scheme for the current fiscal. 

Holding that no country in the world can survive beyond the point of time only on subsidies to promote exports, the minister said ‘India over a period of time has been promoting exports through subsidies, but that has not really given us the desired result or given us the huge impetus that one would have expected.’ He said in fact, the reality is that every nation has certain products and services which are its strength. He added that every theory in the world says the focus should be given only on those export products having competitive strength.