India’s engineering goods exports are set to cross USD 23 billion this financial year, marking a growth of nearly 15%, 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.
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% Section 232 duty that applies uniformly to India and its competitors. He added that engineering exports remain on course for 12-15% 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% year-on-year rise. Iron and steel products have been standout performers, growing 102%, 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.
