Economy News

EEPC urges the government. reconsider iron and steel export duties – Mintpaisa

Engineering exporters have urged the government to rethink the 15% export duty imposed in May on steel products, arguing that it was the most critical factor in the contraction in shipments in recent months and that it could be a challenge to meet this year’s export targets.

The sector’s exports grew by only 1.15% in the first half of 2022-2023 to cross $55 billion, just over 43% of the $127 billion target set by the government for exports. engineering goods.

“Our exports have been on a downward trend and decreased by 10.85% in September, which is largely due to the drop in steel exports,” said Arun Kumar Garodia, Chairman of the Indian Council of Engineering Export Promotion (EEPC).

Iron and steel exports fell more than 60% in September and have contracted around 30% since April, he said, calling it a “direct result” of export duties on steel products.

“The drop in steel exports has impacted India’s potential in various key markets including Europe, North East Asia and Africa. We have requested the government to look into export duties, especially on the stainless steel segment, as these are major export products for India, mainly produced by MSMEs and whose demand interior is weak,” he said.

A slowdown in China and Europe, which account for nearly a quarter of India’s engineering exports, also hurt shipments, and 15 of the 25 key markets recorded contraction in September, the council said.

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