EEPC expects significant jump in engineering exports in current fiscal year
Having achieved an all-time high of $76.2 billion in 2017-18, and a 11.3% hike over the first 7 months during the current fiscal, Indian engineering exporters' aspirations for reaching a three digit level in their annual shipments, could soon be a reality, said EEPC India Chairman Mr Ravi Sehgal at the 34th Eastern regional awards function of EEPC India held recently.
Lauding the Union Commerce Ministry for formation of the Directorate General of Trade Remedies (DGTR), the EEPC India Chairman said the Directorate would provide trade defence not only to the domestic industry but also to exporters in dealing with increasing instances of investigations instituted against them by the importing Countries. "Dealing with non-tariff barriers " needs Government support that would be made available by the DGTR.
The apex body however expressed concerns over ambiguity on continuation of generalised system of preferences (GSP) for Indian Imports to the US. The GSP programme allows duty-free entry of 1,937 products worth $5.6 billion from India into the US, benefitting exporters of textiles, engineering, gems and jewellery and chemical products. Mr Ravi Sehgal, Chairman EEPC India addressing the function also highlighted – Tariff war between the US and China; possible phasing out of India’s export promotion schemes and rise of trade protectionism in the developed Countries as notable challenges impeding the growth of Indian overseas shipment in future.
Mr B D Agarwal, Regional Chairman (ER), EEPC India congratulated all the winners, stating their achievements were special considering a decline in overall engineering exports during 2015-16. As many as 47 Members were given awards for their stellar performance in engineering exports for the fiscal 2015-16. NALCO, Patton, Exide, Skipper, Texmaco were few of the notable winners this year from the region.
Source :- Dailyshippingtimes.com