By achieving an all-time hike of $76.2 billion in 2017-18 and 11.3% high over the first 7 months during the present fiscal, the Indian engineering exporters aspires to reach a three digits level in their annual shipments, could be a reality soon. This was claimed by the chairman of EEPC, Mr. Ravi Sehgal at the 34th Eastern regional awards function of EEPC India which was held on Wednesday.
However, the apex body articulated its apprehensions over obscurity on the continuation of the comprehensive system of preferences (GSP) for Indian Imports to the US. The GSP programme permits duty-free entry of 1,937 products worth $5.6 billion from India into the US, advancing exporters of textiles, engineering, gems and jewelry, and chemical products. Mr. Ravi Sehgal, Chairman EEPC India gives a talk at the function and also highlighted that the tariff war between the US and China is probably phasing out of India’s export promotion schemes and an increase of trade protectionism in the urbanized countries as prominent challenges hindering the development of Indian overseas shipment in future.
Praising the Union commerce ministry for the creation of the Directorate General of Trade Remedies (DGTR), the EEPC India chairman said that the executive would deliver trade defense not only to the domestic industry but also to exporters in selling with swelling occurrences of surveys introduced against them by the importing countries. Doing big business with the non-tariff barriers needs a great government support that would be made available by the DGTR.
The regional chairman (ER), EEPC India, Mr. B D Agarwal, commended all the winners and stated about their accomplishments, which were superior, considering a deterioration in the overall engineering exports during 2015-16. As many as 47 Members were given awards for their excellent performance in engineering exports for fiscal 2015-16. NALCO, Patton, Exide, Skipper, Texmaco were few of the noteworthy winners this year from the region.