Kolkata: Indian engineering exports are expected to reach the three-digit level soon, having achieved an all-time high of $76.2 billion in the last fiscal and a 11.3 per cent hike over the first seven months during the current fiscal, an official said on Wednesday.
“Indian engineering exporters’ aspirations for reaching a three-digit level in their annual shipments could soon be a reality,” Engineering Export Promotion Council of India’s (EEPC India) Chairman Ravi Sehgal said at the 34th Eastern Regional Awards of the apex body.
West Bengal Governor Keshari Nath Tripathi and Patti Hoffman, US Consul General at Kolkata were present at the event.
Lauding the Union Commerce Ministry for formation of the Directorate General of Trade Remedies (DGTR), Sehgal said the directorate would provide trade defence not only to the domestic industry but also to exporters in dealing with increasing instances of investigations instituted against them by the importing countries.
“Dealing with non-tariff barriers” needs government support that would be made available by the DGTR, the council said.
The apex body, however, expressed concern over ambiguity on continuation of generalised system of preferences (GSP) which allows duty-free entry of 1,937 products worth $5.6 billion from India into the US, benefiting exporters of textiles, engineering, gems and jewellery and chemical products.
Sehgal also said tariff war between the US and China, possible phasing out of India’s export promotion schemes and rise of trade protectionism in developed countries are among notable challenges impeding the growth of Indian overseas shipment in future.