Government Developing Strategies to Support Exporters Amidst Global Challenges: Jitin Prasada
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Synopsis
The Indian government is creating strategies to safeguard exporters' interests amidst global challenges, as stated by Union Minister Jitin Prasada. The focus is on overcoming protectionist policies and achieving ambitious export targets.
Key Takeaways
- Government plans to protect exporters' interests.
- Focus on overcoming protectionist trade policies.
- India's engineering exports surpassed $100 billion.
- Ambitious target of $118 billion set for 2024-25.
- Support for MSMEs amid rising steel prices.
New Delhi, Feb 18 (NationPress) The government is devising plans to safeguard the interests of the nation's exporters, particularly the Indian populace, in light of potential challenges that may arise, stated Union Minister of State for Commerce and Industry Jitin Prasada on Tuesday.
The minister highlighted the challenges posed by the protectionist trade measures being adopted by certain countries.
During his speech at the EEPC India's 54th National Awards, Prasada remarked: "India is on the rise. We possess a market of 1.4 billion. We are engaging in Free Trade Agreements (FTAs) on a fair basis. We not only have the numbers that were once the focus but also a population with significant spending capabilities. Therefore, we will secure the best outcomes for India and our exporters without yielding to any pressure. We will not accept anything less than what we deserve."
The EEPC India event, which celebrated the 54th National Awards and the 4th Quality Awards, recognized 106 National award recipients across 33 product categories and 14 Quality Award recipients in 4 classifications, including Maharatna BHEL, steel leaders ArcelorMittal Nippon Steel, JSW, POSCO Maharashtra, project leader Larsen & Toubro, defense manufacturer BEML, automobile companies Isuzu Motors, Toyota Kirloskar, and integrated energy solutions provider Toshiba Transmission.
EEPC India Chairman Pankaj Chadha stated: "This year, we are honoring a group of 106 awardees for their excellence in engineering exports for the fiscal year 2021-2022. The fiscal year 2021-22 marked a pivotal milestone for India, with engineering exports exceeding $100 billion for the first time, achieving an impressive $112 billion. This accomplishment showcases the resilience, adaptability, and creativity of the exporting sector."
"Looking forward, the government has established an ambitious goal of $118 billion in engineering exports for the fiscal year 2024-25, aiming for another record-breaking achievement. The exporting community is poised to meet this challenge and realize this goal, further cementing India's status as a global leader in engineering exports," he added.
Chadha also pointed out some challenges confronting the exporting sector. He urged for initiatives to lower export credit costs for MSMEs and shield them from soaring steel prices that may result from an anticipated safeguard duty ranging from 20-25 percent on steel.
Chairman of EEPC India's Northern Region, Pradeep K. Aggarwal, noted that the engineering export sector is the largest generator of foreign exchange, comprising approximately 27 percent of India's merchandise exports.
EEPC India Executive Director and Secretary, Adhip Mitra, expressed gratitude to the Indian government for initiatives announced in the Union Budget, such as the Export Promotion Mission, the Bharat Trade Net initiative (a digital infrastructure for trade), expansion of credit guarantee coverage, including Rs 20 crore term loan limits for exporting MSMEs, customs duty adjustments, and import tariff reforms designed to reduce input costs for engineering exporters.
