Indian companies must explore projects in Europe, US: Piyush Goyal
ECONOMY & POLICY

Indian companies must explore projects in Europe, US: Piyush Goyal

Minister of Commerce and Industry, Piyush Goyal, said that Indian companies must explore engineering and construction projects in developed nations like the US to have a lower risk option and gives a better rating.

He added that the project also includes the export of engineering consultancy.

During an event organised by the Export-Import Bank of India (EXIM), he said that Indian firms should not necessarily focus only on projects with government funding or lines of credit from the government, which are third world, backward or less developed countries. The projects in Europe or US have much lower risk, with better pricing. It will lower the capital requirements with a high credit rating for projects in developed countries.

According to Goyal, Exim Bank can conduct a study based on the restrictions in developed countries, how can access of Indian companies in project exports be improved, and what are the government restrictions, among others. Besides, the market access problems for project exports could be addressed by the government through the free trade agreements that India is currently negotiating and gearing up.

The minister said that despite challenges for international trade from Omicron, supply chain disruptions, and geopolitical conflicts, including the Russia-Ukraine war, international trade had been complicated. However, India exported goods worth $38 billion in April this year.

Image Source

Also read: India signs a free trade pact for duty-free exports to the Emirates

Minister of Commerce and Industry, Piyush Goyal, said that Indian companies must explore engineering and construction projects in developed nations like the US to have a lower risk option and gives a better rating. He added that the project also includes the export of engineering consultancy. During an event organised by the Export-Import Bank of India (EXIM), he said that Indian firms should not necessarily focus only on projects with government funding or lines of credit from the government, which are third world, backward or less developed countries. The projects in Europe or US have much lower risk, with better pricing. It will lower the capital requirements with a high credit rating for projects in developed countries. According to Goyal, Exim Bank can conduct a study based on the restrictions in developed countries, how can access of Indian companies in project exports be improved, and what are the government restrictions, among others. Besides, the market access problems for project exports could be addressed by the government through the free trade agreements that India is currently negotiating and gearing up. The minister said that despite challenges for international trade from Omicron, supply chain disruptions, and geopolitical conflicts, including the Russia-Ukraine war, international trade had been complicated. However, India exported goods worth $38 billion in April this year. Image Source Also read: India signs a free trade pact for duty-free exports to the Emirates

Next Story
Infrastructure Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?