Govt formulating plans to protect exporters amid global challenges: Jitin Prasada
New Delhi, Feb 18 (IANS) The government is formulating strategies to ensure that the interests of the country’s exporters, and especially the Indian citizens, are protected in the face of challenges that might arise ahead, Union Minister of State for Commerce and Industry Jitin Prasada said on Tuesday.
The minister was referring to the possible challenges arising from protectionist trade policies that some countries are adopting.
In his address at EEPC India’s 54th National Awards, Prasada said: “India is growing. We have a 1.4 billion strong market. We are navigating FTAs on an equal footing. We not only have the numbers which people used to talk about. We have an aspirational spending power population. So, we will get the best in the interests of India and in the interests of our exporters. We will not buckle under any pressure anymore. We will not settle for anything less.”
The EEPC India’s joint ceremony of the 54th National Awards and 4th Quality Awards today saw 106 National award winners across 33 product groups and 14 Quality Award holders across 4 categories today including Maharatna- BHEL, steel giants like ArcelorMittal Nippon Steel, JSW, POSCO Maharashtra, EPC project leader Larsen & Toubro, defence equipment maker BEML, automobile makers Isuzu Motors, Toyota Kirloskar, and integrated energy solution provider Toshiba Transmission.
EEPC India Chairman Pankaj Chadha said: “This year we are rewarding a team of 106 winners for their engineering export brilliance for the financial year 2021-2022. The fiscal year 2021-22 marked a significant milestone for India, with engineering exports surpassing $100 billion for the first time, reaching an impressive $$112 billion. This achievement reflects the resilience, adaptability, and innovation of the exporting community.”
“Looking ahead, the government has set an ambitious target of $118 billion in engineering exports for the fiscal year 2024-25, aiming for yet another record-breaking performance. The exporting community will rise to the occasion and make this target a reality, further solidifying India’s position as a global leader in engineering exports,” he added.
Chadha also highlighted some of the challenges being faced by the exporting community. He called for measures to reduce the cost of export credit for MSMEs and protect them from high steel prices which could result from impending safeguard duty in the range of 20-25 per cent on steel.
EEPC India’s Chairman, Northern Region, Pradeep K. Aggarwal stated that the engineering export sector is the largest foreign exchange earner with around 27 per cent share in India’s merchandise exports.
EEPC India ED and Secretary, Adhip Mitra thanked the government of India for announcements made in the Union Budget such as the Export Promotion Mission, The Bharat Trade Net initiative, a digital public infrastructure for trade, expansion of credit guarantee cover, including Rs 20 crore term loan limits for exporting MSMEs, Customs duty rationalisation and import tariff reforms which will help lower input costs for engineering exporters.
–IANS
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