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Deepak Shetty, Managing Director and CEO of JCB India and president-designate Indian Construction Equipment Manufacturers' Association (ICEMA), said on Wednesday that a zero-duty deal between India and the US will create a level playing field for businesses in both countries. Specifically, it would address some of the uncertainties created by US tariffs and facilitate exports.
"As an industry, we will be very happy with zero duty. It will create a level playing field. We are very confident of our price points, of our machines, the quality of our machines, and we believe that if there is a zero duty, we would be very happy to sell those machines in a very competitive environment, even in a market like the US," Shetty told ANI. US tariffs on goods from India, including construction equipment, have created uncertainty and potentially made it more difficult for Indian companies to compete in the US market. A zero-duty agreement could remove these barriers. Media reports suggest that under the proposed deal, India has offered to bring duties down to zero on 60 per cent of tariff lines in the first phase of the Bilateral Trade Agreement. Talking to ANI, Shetty said he believes Indian exports to the US and other developed markets will enhance with the signings of FTAs that are currently under negotiations. "I firmly believe that when we have a Bilateral Trade Agreement with the US...there will be elements in the agreement which will again encourage more exports from India to the US and other developed markets," said Deepak Shetty. In an interview with ANI, Shetty said the FTAs, including with the UK that has been agreed upon recently, creating great opportunity for the industry. Asked about Federation of Indian Export Organisations' exports projections worth USD 1 trillion in 2025-26, Shetty assured that the construction equipment will increase its contribution to the overall Indian trade. "I can only say that our contribution to that USD 1 trillion overall number is going to increase for next year, and it will continue to increase for many years. So we will be very proud to enhance our contribution to that particular number," he supplemented. Indian businesses are aiming exports to the tune of USD 1 trillion in the current financial year 2025-26 with merchandise exports of USD 525-535 billion and services exports of USD 465 -475 billion, FIEO said on Tuesday. India's total exports have touched an all-time high of USD 824.9 billion in the financial year 2024-25. This marks a yearly growth of 6.01 per cent over USD 778.1 billion exports in 2023-24, setting a new milestone. The 2024-25 exports exceeded the initial anticipation of USD 800 billion. (ANI)
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