EEPC seeks cheaper export finance amid US tariff hike
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New Delhi: Engineering exports promotion body EEPC India has urged the government to reinstate the Interest Equalisation Scheme, ensure affordable export finance, and provide support to absorb part of the punitive tariff imposed by the US on engineering exports from India.
In a meeting with Reserve Bank of India (RBI) Governor Sanjay Malhotra, EEPC India chairman Pankaj Chadha highlighted the vulnerability of the engineering sector in the wake of recent US tariffs and sought assistance in reducing borrowing costs for exporters. "India's engineering exports to the USA average around $20 billion, which constitutes approximately 45 per cent of the total exports from India that are exposed to US tariffs. This underscores the vulnerability of our sector and the urgent need for government support. To mitigate this loss, the industry needs urgent government intervention in certain areas," Chadha said.
"EEPC India urges the Government to reinstate the IES, particularly for MSME, or at least for the SME manufacturing units in the engineering sector," he said.
