Misconception that India is subsidising exporters: Prabhu
Kolkata, July 7: A Union Commerce Minister Suresh Prabhu on Saturday said there is misconception that India is providing subsidies to its exporters, noting what the government gives is to minimise the adversities they suffer in entering the global markets.
"This is a misconception that we subsidise our exports... actually we don't subsidise the exports. What we give to the exporters in India is not any subsidy or incentive to promote exports but in a way, (to) partially offset the inadequate infrastructure support that they have... the high interest cost in the system," he said.
"We are trying to minimise the adversities they suffer from. This is not actually exports subsidy but in a way it is actually reducing the burden which they suffer to enter the global markets," he said at SHEFEXIL (Shellac and Forest Products Export Promotion Council) Awards for Export Excellence in association with The Economic Times.
Rich countries are providing more subsidies to their farmers that India is giving, he said.
"We are actually in a way not at all violating or not even trying to infringe any of the global trading system," he said, adding that the country is "fully WTO compatible".
Prabhu also said that in a bid to promote exports and overall industries growth, the centre is preparing a logistic plan.
"We are working on the logistic plan in two phases. The first is how to optimise the present logistic infrastructure and integrate it. The second is to create logistic hubs so that products get launched globally to use these hubs."
He also pointed out the possibility of creating basis for logistics in critical areas overseas and citing an example of central American country like Panana which connects both north and south America, Prabhu said logistic base in such country can help India's exporters.
He said India is preparing a matrix of products and countries that can be exported. "We are actually identifying 12 champion sectors," he added.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Man arrested with Rs 2.54-crore heroin in Mumbai
Mumbai (PTI): Police have arrested a man and seized over 500 grams of heroin worth Rs 2.54 crore in the illicit market from him in Mumbai, officials said on Friday.
The police's Anti-Narcotics Cell (ANC) made the drug seizure in Santacruz in the western suburbs. The operation was conducted by the Kandivali unit of the ANC on Thursday as part of a special crackdown against drug trafficking in the area, they said.
Acting on specific inputs, an ANC team conducted a raid in Santacruz (East) and intercepted a man. During a search, the team recovered 508 grams of high-grade heroin from his possession, an official said.
The seized contraband, a highly addictive, opioid drug derived from morphine, is estimated to be worth Rs 2.54 crore in the international market, he informed.
Following the seizure, a case was registered against the man under relevant sections of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985, and he was formally placed under arrest in the early hours of Friday.
The police are currently investigating the source of the drug and trying to identify the intended recipients of the consignment, he said.
