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Engineering exporters today said they would approach the Prime Minister’s Council on Trade and Industry seeking reintroduction of tax exemption on export income to boost competitiveness of Indian shipments in global markets.
“This (exemption) needs to be seriously considered if the government wishes Indian engineering exports to compete against Chinese manufacturers in the world market,” Aman Chadha, Chairman, EEPC said.
EEPC India (formerly Engineering Export Promotion Council) was set up in 1955 under the sponsorship of Ministry of Commerce & Industry for export promotion of engineering goods, projects and services from India.
Engineering exports declined by 7.53 per cent in the first quarter of the current fiscal despite currency depreciation as the benefit was negated by the rising cost of production due to currency volatility, he said.
He said several countries were resorting to non-trade barriers and using anti-dumping methods to make Indian exports uncompetitive.
“This is a major worry as both USA and EU are now targeting Indian engineering goods. Earlier, raw materials like stainless steel bars and wires were targeted and now finished products like threaded rods are being also investigated,” Chadha said.
He said: “We must also try to (use) counter dumping by restricting imports of these countries or at least investigating exports of their products to India.”
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