Search Result for : Engineering Export Promotion Council Eepc

The Dollar Business Bureau Commerce Secretary Rita Teaotia said on Thursday that engineering exports from India, which have already on a healthy growth trajectory, are likely to witness a ‘new high’ in the ongoing fiscal.  Exports from the engineering sector have reached $62 billion, recording a growth of around 22% during the period April-January of 2017-18.  “We are confident that, the exports will see a new high this financial year,” Teaotia said, while speaking at the inauguration of India Engineering Sourcing Show (IESS) organised by Engineering Export Promotion Council (EEPC) of India in Chennai.  Commerce Secretary said the shipments to developed nations are increasing at a rapid pace. Exports to Europe and North America account for around 40% of the overall exports from engineering sector.  The initiatives ...

The Dollar Business Bureau The premier trade and investment promotion body for traders and SME exporters in India, Engineering Export Promotion Council (EEPC), on Monday signed a memorandum of understanding (MoU) with state-owned Punjab National Bank (PNB) to give easy access to finance to the exporters’ community. Sanjeev Sharan, Executive Director, PNB, said that up to Rs.10 crore worth of loans would be given to exporters at competitive interest rates, within 6-7 weeks after filing of the application. “Such an arrangement and other export-friendly measures were a part of the agreement,” he added. As per the agreement, PNB would extend facilities for foreign currency loans to the members of EEPC and also offer advisory support for financing projects with the help of its network of 200 ...

The Dollar Business Bureau EEPC India, the Engineering exporters' apex body, has urged the government to intervene and push for release of at least 90% of GST refunds to exporters immediately after the shipping bills are filed with the authorities. In a statement issued to the government, EEPC India Chairman T S Bhasin said, "We strongly recommend a 'war room' for exports as well as suggested by the Commerce and Industry Minister Suresh Prabhu for foreign investors.” Expressing confidence in the newly appointed minister, he said Prabhu should intervene with the finance ministry and the GST Council and get a relief in terms of release of at least 90% goods and services tax (GST) refund on submission of the shipping bills, if a ...

The Dollar Business Bureau Engineering Export Promotion Council (EEPC) of India said on Monday that after the implementation of Goods and Services Tax (GST), shipping companies are facing problems as their refunds for drawback will not be issued till end of September or October. In addition, the supply of goods from domestic tariff zones (DTZs) to export-oriented units (EOUs) are not taken as ‘deemed exports’ under the new tax regime, which resulted in denying duty free imports of inputs under the Government’s scheme of Advance Authorisation, EEPC said in a statement. Moreover, the exporters will be paying basic customs duty, Integrated GST and cesses for the goods imported that are used for supply to EOUs. The exporters are entitled for input tax credit of IGST only. The basic ...

The Dollar Business Bureau Brazil and the European Union (EU) have jointly proposed a cut in the incentives provided by developing economies to the farmers, a step that could adversely impact India, along with other emerging countries.  In a paper to the World Trade Organisation (WTO), jointly prepared by the two, it proposed a reduction in the limits on subsidies given to farmers by developing economies.  If the given proposal is approved, India would not be able to provide any subsidy apart from the minimum support price (MSP) and may have to curb the incentives for disease and pest control, infrastructure, marketing services, etc.  In addition, the proposal asks to ban exports of food stocks that are meant for public distribution in ...

The Dollar Business Bureau India’s engineering goods exports to China recorded a massive growth of 123% during the April-June quarter of the current fiscal. This increase according to, the the trade body Engineering Export Promotion Council (EEPC) of India, is due to the huge exports of non-ferrous metals to China.  India’s shipments of engineering goods to China stood at $629 million in the April-June quarter, compared to $282 million in the same quarter in the previous fiscal. The growth assumes importance as India has a huge trade deficit with its neighbour, which was $46.56 billion last year as exports from the country continued to drop whereas the bilateral trade slowed down a little by 2.1% to around $71 billion, as per the data released earlier. The Ministry ...

Sheela Mamidenna Engineering exports from India to Qatar have been impacted after sanctions were imposed on Doha by some Arab countries, said Engineering Export Promotion Council (EEPC) India on Wednesday. Bahrain, Saudi Arabia, UAE and Egypt had last week announced the suspension of all relations with Qatar over the country’s alleged support for terrorist groups and its political closeness to the Shi’ite majority nation of Iran. Qatar denies these allegations. “Inputs from our engineering exporters indicate that shipping lines operating between India and Doha are keeping the containers on hold. A few such incidents have been reported from Jebel Ali and Krishnapatnam ports,” EEPC India said. Suranjan Gupta - Addl. Executive Director, International Trade Facilitation Centre, speaking to the Dollar Business confirmed that "some ...

The Dollar Business Bureau India’s friendship with Israel has been translating into a growth in huge export numbers. In April this year, engineering exports to Israel grew six times over the same month last year, the Engineering Exports Promotion Council (EEPC) revealed today. This is significant given the fact that Prime Minister Narendra Modi will be visiting Israel on July 5 and is keen to ensure that his visit is not focussed on defence ties alone, but includes long-term economic and technological cooperation resulting in a Free Trade Agreement. According to the data released by EEPC, the shipments of engineering goods have increased to $146.42 million in the month of April alone, which is a whopping 640% more than last year’s April ...