The government is working on a strategy that safeguards the interest of exporters and Indian citizens as countries across the globe erect tariffs said Jitin Prasada, Union Minister of State of Commerce & Industry.
Speaking at the Engineering Export Promotion Council (EEPC) India’s 54th National Awards and 4th Quality Awards ceremony, Prasada said India’s spending power comes from its 1.4 billion people giving it a strong standing while negotiating trade agreements.
“India is growing. We have a 1.4 billion 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 interest of India and in the interest of our exporters,” said Prasada.
Pointing out the $118 billion target set by the government for engineering goods export in FY25, Pankaj Chadha, Chairman, EEPC India said, “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.”
However, the imposition of safeguard duties on steel imports into India will likely make Indian exports uncompetitive globally and therefore an exemption must be granted to enterprises, mostly small and medium, exporting engineering goods.
“The EEPC has suggested that micro small and medium enterprises (MSMEs) should be supplied steel at prices on a par with the large steel manufacturers’ freight on board (FOB) export prices,” said Chadha.
“To avoid leakage of steel provided to MSMEs in the domestic market, a consumption audit should be conducted for these firms, mapping their consumption over the years and accordingly, the quantity of steel supplied to these enterprises will be capped,” added Chadha.