India Development News & Foreign Investment Opportunities

Exports: A record $325-$330bn, says Commerce Secretary

Use FTAs, says Wadhawan

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Use FTAs, says Wadhawan

 

IESS 2019.

 

India is projected to achieve a record US$325-330 billion exports in 2018-19, with engineering sector being the major contributor amidst global challenges such as protectionist measures some countries, Commerce Secretary Anup Wadhawan said on 14 Mar 2019 in Chennai.

“This year has been particularly good for us. We are likely to touch an all-time record and go past our earlier peak,” he said of the US$314 billion in 2013-14.

Inaugurating the VIII International Engineering Souring Show, he noted that engineering exports have grown significantly in recent years amidst global challenges.

Conducive government policies have propelled the engineering sector exports though India has faced several challenges such as protectionist measures by some countries since the 2008-09 global financial crisis.

The show was organized by Engineer Export Promotion Council (EEPC) India.

EEPC India Chairman Ravi Sehgal expects US$80-82 billion engineering exports in 2018-19.

“We could have done US$85 billion if we had basic raw material of steel at affordable prices,” the Economic Times quoted Sehgal as saying. fiinews.com

Wadhawan advised India exporters to use Free Trade Agreements with ASEAN and other countries to boost exports.

“The data shmows that Indian exporters have not been very good users of FTA preferential benefits that India has negotiated with partner countries, he said, urging exorters to enhance their market presence globally by using tariff preferences under the FTAs. fiinews.com

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