Latest news with #EEPCIndia
United News of India
3 days ago
- Business
- United News of India
India's engineering goods export sector continues to show resilience: EEPC India
Kolkata, June 17 (UNI) India's engineering goods export sector continues to show resilience despite persistent global challenges, though it recorded a marginal dip in shipments during May 2025, the cumulative number stays positive, according to EEPC India. As per the official data, engineering goods exports declined 0.8 per cent year-on-year in May-25 to $9.89 billion as compared to $9.97 billion in the same month last year. Cumulatively, engineering goods exports during April-May period of FY26 stand at $19.40 billion as against $18.52 billion in the same period last year thus registering a growth of 4.7 pc, EEPC India chairman Pankaj Chadha said on Tuesday. Overall global situation, however, remains volatile. Uncertainty has only been mounting due to geopolitical tensions in the key parts of the world. The latest Israel-Iran conflict threatened to multiply the challenges for the exporting community. Apart from rise in input costs as a result of a jump in crude prices, there was heightened concern around blocking of Straits of Hormuz by Iran in case tensions further intensify. In that case, logistics costs could surge significantly, Chadha said. The doubling of tariff by the US on steel, steel products, and aluminum to 50 pc is already threatening to impact engineering shipments during the current fiscal. It is expected that once India and the US reach an agreement, the tariffs will be reduced, he added. UNI PC PRS
India Gazette
3 days ago
- Business
- India Gazette
India well positioned to regain strong export growth as global trade conditions likely to stabilize in H2 of 2025: Experts
New Delhi [India], June 17 (ANI): India's trade performance in May 2025 has shown strength and stability, despite uncertain global conditions, according to views shared by industry experts and economists. FIEO President S C Ralhan highlighted that India's total exports, including goods and services, increased by 2.8 per cent to USD 71.12 billion in May 2025, up from USD 69.20 billion in May 2024. The growth was mainly driven by services such as software, consultancy, and financial services. Even though merchandise exports dipped slightly to USD 38.73 billion, the continued service momentum helped support overall performance. 'Exporters are adapting well to a tough global environment,' said Ralhan. 'The ability to sustain export growth despite logistical disruptions, especially in the Middle East, is a testament to the sector's agility and policy support.' On the import front, merchandise imports eased to USD 60.61 billion, while overall imports (goods and services) stood at USD 77.75 billion, down from USD 78.55 billion in May 2024. He added, 'With appropriate policy interventions and global conditions expected to stabilise in the second half of 2025, India is well-positioned to regain a strong export growth trajectory'. Pankaj Chadha, Chairman of EEPC India, stated that the engineering exports sector has managed to stay steady despite continued international challenges. While there was a minor decline of 0.8 per cent in engineering goods exports in May 2025, down to USD 9.89 billion from USD 9.97 billion in the same month last year, the overall numbers remain encouraging. He said, 'Overall global situation, however, remains volatile. Uncertainty has only been mounting due to geopolitical tensions in key parts of the world. The latest Israel-Iran conflict threatens to multiply the challenges for the exporting community. Apart from a rise in input costs as a result of a jump in crude prices, there is heightened concern around the blocking of the Straits of Hormuz by Iran in case tensions further intensify. Aditi Nayar, Chief Economist at ICRA, noted that India's merchandise trade deficit reduced significantly to USD 21.9 billion in May 2025 from USD 26.4 billion in April. This is expected to help contain the current account deficit (CAD) for Q1 FY2026 to around USD 13 billion, or 1.3 per cent of GDP. She said, 'If crude oil prices average around USD 75/barrel over the remainder of this fiscal, we foresee the CAD at 1.2-1.3 per cent of GDP for FY2026. While India's exports contracted slightly in May 2025, this was entirely led by oil exports. Non-oil exports posted a YoY growth for the second consecutive month, led by electronic goods, garments, organic and inorganic chemicals, and marine products, which helped to moderate the trade deficit. Further, the YoY contraction in oil and gold imports helped to contain the merchandise trade deficit'. (ANI)
United News of India
6 days ago
- Automotive
- United News of India
Ahmedabad plane crash ;HDFC Life Simplifies Claim Submission Process for Affected Families
TOYO, MODEC inaugurate Global Capability Centre in Bengaluru 14 Jun 2025 | 7:45 AM Bengaluru, Jun 13 (UNI) Toyo Engineering Corporation (Toyo Japan) and MODEC, Inc (MODEC) on Friday announced the inauguration of their joint Global Capability Centre (GCC), TOYO MODEC OFS India Private Limited (OFS India) here, marking a key milestone in their global expansion and innovation strategy. see more.. EEPC India holds open house session on India-US bilateral trade 14 Jun 2025 | 7:31 AM New Delhi, June 13 (UNI) EEPC India, the country's apex engineering exports promotion body, on Friday held an Open House Session on the India-US Bilateral Trade Agreement (BTA) here in which participating members shared that buyers in the US are delaying orders due to policy uncertainty, making it hard for businesses to plan and grow. see more.. Ahmedabad plane crash ;HDFC Life Simplifies Claim Submission Process for Affected Families 14 Jun 2025 | 12:46 AM Mumbai, June 13 (UNI) In order to provide prompt assistance to families impacted by the recent airplane tragedy in Ahmedabad, HDFC Life has simplified its claim submission process according to a statement issued by company on Friday. see more.. Nasscom urges Karnataka to give interim relief for bike taxis 13 Jun 2025 | 9:02 PM Bengaluru, Jun 13 (UNI) The National Association of Software and Service Companies (NASSCOM) on Friday submitted a formal representation to Karnataka Transport Minister Ramalinga Reddy, seeking immediate relief and a regulatory framework for bike taxi operations in the state. see more.. Telangana: Flipkart and WE Hub host a workshop to empower women entrepreneurs through e-commerce 13 Jun 2025 | 7:18 PM Hyderabad, June 13 (UNI) Flipkart, India's homegrown e-commerce marketplace, collaborated with WE Hub, a Government of Telangana initiative, hosted a dedicated workshop to empower women entrepreneurs with the insights and tools needed to scale their business through e-commerce. see more..
United News of India
7 days ago
- Business
- United News of India
EEPC India holds open house session on India-US bilateral trade
New Delhi, June 13 (UNI) EEPC India, the country's apex engineering exports promotion body, on Friday held an Open House Session on the India-US Bilateral Trade Agreement (BTA) here in which participating members shared that buyers in the US are delaying orders due to policy uncertainty, making it hard for businesses to plan and grow. Even as India and the US are holding bilateral trade agreement (BTA) talks, the US recently doubled tariffs under Section 232 — from 25 percent to 50 pc on steel, steel products, and aluminium. Auto components face a 25 pc duty, while other items are taxed at 10 pc. Unlike countries like Canada, Mexico, and the UK, India does not enjoy tariff exemptions from the US. This puts Indian exporters at a disadvantage, especially for low-margin products that are easily replaceable and sensitive to price changes, the speakers said. EEPC India chairman Pankaj Chadha, emphasised that while the BTA may take time, India must ensure that its final agreement is on par or better than those of other US trade partners. Aakash Shah, Vice Chairman of EEPC India, pointed out that India's penetration in the US engineering market remains low. India ranks only 13th among the US's engineering trade partners, with a modest 1.8 pc share. 'These small figures might offer India an opportunity to request more favourable trade terms under the ongoing BTA discussions to support its engineering exporters,' he noted. The aluminium industry raised concerns about high power costs in India, which make production expensive. In contrast, countries like Canada and those in Europe, which use cheaper renewable energy, can offer better prices and gain market share in the US. Producers in the Middle East, such as UAE and Bahrain, are also expanding rapidly. EEPC India members appreciated the Government's support in dealing with various challenges which hit the industry from time to time. Rajesh Agrawal, Special Secretary in the Department of Commerce and India's Chief Negotiator for the BTA was the chief guest at the session. UNI PC SSP
India Today
04-06-2025
- Business
- India Today
Trump doubles metal tariffs to 50% but skips UK. What it means for India
US President Donald Trump has announced an increase in tariffs on imported steel and aluminium, raising them from 25% to 50%. This change, effective from June 4, is primarily aimed at protecting US steelmakers and the domestic manufacturing decision imposes potential challenges for trade partners, but excludes the United Kingdom from the tariff hike due to an existing trade UK's exemption follows discussions between British Trade Minister Jonathan Reynolds and US Trade Representative Jamieson Greer, resulting in an agreement to implement a tariff deal promptly. UK Prime Minister Keir Starmer and Trump further agreed to reduce tariffs on UK imports of cars and steel, while the UK would lower its own tariffs on beef and ethanol. 'We're pleased that as a result of our agreement with the US, UK steel will not be subject to these additional tariffs,' said a UK contrast, India, which exports approximately $5 billion worth of steel, aluminium, and related goods to the US annually, is expected to face Engineering Export Promotion Council of India has expressed concern over the tariff increase, cautioning that this could make Indian exports more expensive, potentially leading to a decrease in may not be the right time for such unilateral tariffs, especially when BTA talks are underway,' stated Pankaj Chadha, Chairman of EEPC India. He said that the proposed hike could jeopardise engineering exports, urging India to seek a similar waiver as the UK during ongoing bilateral trade agreement justified the tariff increase by asserting it would 'further secure the steel industry' in the US, suggesting that at 50%, foreign competitors would find it challenging to India is not a major exporter to the US, Union Minister HD Kumaraswamy acknowledged some effects, and said, 'Minor impact will be there...A minor problem is there because we are not exporting in a big way.'Kumaraswamy highlighted that consignments already en route to the US, arriving post June 4, may incur the new 50% tariff, potentially causing InMust Watch
