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India's engineering goods exports are set to cross USD 23 billion this financial year, marking a growth of nearly 15 per cent, Engineering Export Promotion Council (EEPC) Chairman Pankaj Chadha said on Wednesday, even as industry stakeholders have flagged concerns over the US tariff bill that seeks to target countries buying Russian oil.
Speaking with ANI, Chadha said the sector's resilience stems from a level playing field on tariffs. "As long as my duty is the same as other nations, I see no reason why my business should go down," he said, citing the 50 per cent Section 232 duty that applies uniformly to India and its competitors. He added that engineering exports remain on course for 12-15 per cent growth this year. According to Chadha, engineering exports stood at USD 20 billion last year, with USD 6.9 billion achieved in the first four months. This year, the figure has already touched USD 7.7 billion in the same period a 12 per cent year-on-year rise. Iron and steel products have been standout performers, growing 102 per cent, largely because these Section 232 items face duties equal to those imposed on competing nations. On the long-pending India-US Bilateral Trade Agreement (BTA), Chadha maintained that India should not sign unless it secures a competitive advantage over rival exporting nations. "There is some element of sacrifice from our side," he said, adding that India must be "adequately compensated" to justify any concessions. Chadha identified the proposed Lindsey Graham tariff bill passed by the US Senate and now pending in the House of Representatives as the most pressing concern raised during a meeting with government officials. If cleared by the House, the legislation would empower the US President to impose tariffs of up to 100 per cent on India, China, and three other nations purchasing Russian oil. Chadha warned this could put Indian exporters in a "disadvantageous position," potentially forcing a reassessment of duty structures. Commerce Ministry held a key stakeholder meeting with exporters and industry associations on September 1 to review India-US trade performance. Reacting to India's Q1 GDP growth of 7.8 per cent, Chadha said the engineering sector was outperforming the broader economy, currently growing at 18 per cent. He noted that exporters across the board reported healthy order books, calling the export numbers a direct reflection of the momentum in India's engineering manufacturing base. (ANI)
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