Search Result for : Engineering Exports

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 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  India’s exports grew by 8.32% to $24 billion in May, registering an upward growth in the last eight months. However, the trade deficit also surged to $13.84 billion a 30-month high, majorly on account of higher gold imports.  The exports growth during the month is mainly propelled by strong performance from marine products (44.58%), rice (27.08%), petroleum products (24.92%), organic & inorganic chemicals (15.34%), electronic goods (8.57%), engineering goods (8.25%), RMG of all textiles (8.06%) and gems & jewellery (6%).  In May 2016, the country’s exports were $22.1 billion, according to the Ministry of Commerce data.  The cumulative value of exports for the period April-May 2017-18 was $48.6 billion witnessing a growth of 13.83% compared to $42.7 billion over the same ...

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 ...

Abin Daya It appears that India’s export performance is back on the growth track once again. After two years of decline, exports might hit a marginal positive growth figure this year. The recovery of petro exports in value terms due to the rise in crude oil prices is one of the reasons for this growth. However, the much steeper rise in imports has widened the trade deficit, though the overall figure would still be lower than last year.  Indian exports will continue to be affected by headwinds to the global economy, though recovery in the US economy might provide some respite. The strengthening rupee is another concern for exporters as it takes away vital price advantage available to them. Talking about individual ...

The Dollar Business Bureau It is expected that the next budget will include decisive fiscal measures for engineering exporters which might give a boost to the business sentiment that got hampered after the move of demonetisation. As per the suggestion given by the engineering exporters' body EEPC India to the Finance Ministry, exemptions should be given under the Income Tax with regards to the profits derived by the exporters from transfer of all kinds of incentive scripts like those under the Service Exports from India Scheme (SEIS) and Merchandise Exports from India Scheme (MEIS). The body also wants the ministry to consider a Technology Upgradation Fund Scheme for the MSMEs in the engineering sector. “Given that 40% of engineering exports come from the MSME ...

The Dollar Business Bureau India’s engineering exports to major international markets including the UAE, China, and Sri Lanka plunged by 19 percent in April this year, according to Engineering Export Promotion Council (EEPC). In April, overall engineering exports shrank by 6.74 percent to $20.5 billion due to sharp fall in shipments of petroleum and engineering products. The country’s engineering imports also plummeted by 23.1 percent to $25.41 in April this year as against $33 billion during the same month last year. According to the engineering body, India’s engineering exports to Sri Lanka have nosedived around 90 percent to 63 million in April this year as against $648 million in the same month last year. The shipments of engineering goods to ...