India Strengthening Strategies to Safeguard Exporters' Interests

19 Feb 2025 CW Team

Highlighting India’s growing economic strength, Prasada stated, “India is no longer just about numbers; we have an aspirational population with spending power. We are negotiating Free Trade Agreements (FTAs) on equal terms and will not settle for anything less than what benefits India and our exporters.”

The ceremony honoured 106 National Award winners across 33 product groups and 14 Quality Award holders in four categories. Recognised companies included Maharatna BHEL, steel giants ArcelorMittal Nippon Steel, JSW, POSCO Maharashtra, EPC leader Larsen & Toubro, defence manufacturer BEML, and automobile companies such as Isuzu Motors and Toyota Kirloskar.

EEPC India Chairman Pankaj Chadha highlighted India's engineering export milestone, noting that exports surpassed $100 billion for the first time in FY 2021-22, reaching $112 billion. The government has now set an ambitious target of $118 billion for FY 2024-25. He also urged measures to reduce export credit costs for MSMEs and address concerns over high steel prices due to a potential 20-25% safeguard duty.

Pradeep K Aggarwal, Chairman (Northern Region), EEPC India, noted that engineering exports contribute nearly 27% to India’s total merchandise exports. EEPC India’s ED and Secretary, Adhip Mitra, thanked the government for recent budgetary measures, including the Export Promotion Mission, Bharat Trade Net initiative, expansion of credit guarantees for MSMEs, and customs duty rationalisation, all of which are expected to boost engineering exports.

(PIB)

Image Source: Shutterstock

Union Minister of State for Commerce & Industry, Jitin Prasada, emphasised the government’s proactive approach in addressing potential trade challenges, particularly those arising from protectionist policies of other nations. Speaking at EEPC India's 54th National Awards and 4th Quality Awards ceremony in New Delhi, he assured that India is formulating strategies to protect the interests of exporters and citizens. Highlighting India’s growing economic strength, Prasada stated, “India is no longer just about numbers; we have an aspirational population with spending power. We are negotiating Free Trade Agreements (FTAs) on equal terms and will not settle for anything less than what benefits India and our exporters.” The ceremony honoured 106 National Award winners across 33 product groups and 14 Quality Award holders in four categories. Recognised companies included Maharatna BHEL, steel giants ArcelorMittal Nippon Steel, JSW, POSCO Maharashtra, EPC leader Larsen & Toubro, defence manufacturer BEML, and automobile companies such as Isuzu Motors and Toyota Kirloskar. EEPC India Chairman Pankaj Chadha highlighted India's engineering export milestone, noting that exports surpassed $100 billion for the first time in FY 2021-22, reaching $112 billion. The government has now set an ambitious target of $118 billion for FY 2024-25. He also urged measures to reduce export credit costs for MSMEs and address concerns over high steel prices due to a potential 20-25% safeguard duty. Pradeep K Aggarwal, Chairman (Northern Region), EEPC India, noted that engineering exports contribute nearly 27% to India’s total merchandise exports. EEPC India’s ED and Secretary, Adhip Mitra, thanked the government for recent budgetary measures, including the Export Promotion Mission, Bharat Trade Net initiative, expansion of credit guarantees for MSMEs, and customs duty rationalisation, all of which are expected to boost engineering exports. (PIB) Image Source: Shutterstock

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