CHENNAI: Indian exports is likely to record $330 billion during the current financial year despite trade facing hurdles of trade protectionism across the globe, according to Union Commerce secretary Anup Wadhawan.

Addressing global CEOs and trade partners at the International Engineering Sourcing Show (IESS) here, he said this could be an all-time record going past the figure of $314 billion in 2013-14.

He lamented that Indian exporters are capitalising on free trade in a big way and the government is working in this regard. The Union government is considering the need to formulate policies due to the increase in prices of raw materials like that of steel.

Meanwhile, exporters said the withdrawal of the preferential trade status granted to India under the Generalized System of Preferences (GSP) by the United States has hit the medium, small and micro enterprises.

Engineering Export Promotion Council (EEPC) India chairman Ravi Sehgal and EEPC executive director Suranjan Gupta later addressing a press conference said the MSME sector has been hit,  but certain products are unique which even China cannot import to United States. They said the pressure is on Indian exporters to reduce prices as the US feels that the trade is not in the favour of the United States.

Sehgal said the government should introduce price control mechanism and come out with a steel policy or metal policy. He said if such a policy is introduced, even engineering products exports is likely to shoot up to $100 million.

Malaysia Automotive Robotics and IoT Institute chief executive officer Madani Sahari highlighted the Memorandum of Understanding signed with EEPC for a period of three years. Under the MoU, companies in automotive and information technology will be identified and they will form technical agreements and joint ventures to boost trade.

Published On : 15-03-2019

Source : The New Indian Express