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Modi govt will strive to double engineering exports in 5 years

Commerce and Steel ministries of the government have assured the steel industry that they will spare no effort to ensure that Engineering Exports of the country double in the next five years and touch 200 billion US dollars by 2030.

Commerce Minister Piyush Goyal and Steel Minister Dharmendra Pradhan have jointly discussed the challenges being faced by the steel sector and the import-export trends with steel producers in New Delhi on June Eleventh. 

Ministers assure the steel industry the export to be doubled in next 5 yrs

Both the Ministers assured the steel industry that Ministries of Commerce and Steel will make all efforts to ensure that engineering goods exports double in the next 5 years and reach USD 200 billion by 2030.

This will not only boost India’s exports but will also generate jobs in the manufacturing sector especially the MSME sector. Although India is the second largest manufacturers of steel but India is also a net importer of steel.

Representatives of the steel industry and the Engineering Export Councils discussed in detail with Commerce and Steel Ministers the protectionist measures being imposed by other countries and the under-utilized capacity in steel manufacturing in India.

 Ministers discussed measures to reduce unnecessary imports and boost exports 

Both the Union Ministers discussed at length the measures that both Commerce and Industry and Steel Ministry may take, both tariff and non-tariff, to reduce unnecessary imports and boost exports.

The MSME sector steel manufacturers urged steel producers to supply raw material at concessional prices so that the MSME sector can compete in international markets.

The meeting was attended by Mr.Piyush Goyal, Mr.Dharmendra Pradhan, Mr.Faggansingh Kulaste, MoS Steel, Secretary Steel, Binoy Kumar, Secretary Commerce, Anup Wadhawan, DGFT, Alok Vardhan Chaturvedi, senior officers of Department of Commerce and Steel Ministry, Chairman SAIL, all members of Engineering  Export Promotion Councilss, Indian Steel Association, steel makers and manufacturers and other associations of the steel sector.

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