11 hours ago
- Business
- United News of India
EEPC India suggests 3-year moratorium for MSMEs from EU's carbon tax
Kolkata, June 22 (UNI) Engineering Exports Promotion Council of India ( EEPC India) has suggested the Centre for a three-year moratorium for Indian MSMEs from the carbon tax proposed by the European Union (EU) under Carbon Border Adjustment Mechanism (CBAM), which would come into force in January 2026.
Talking about the ongoing free trade agreement with the European Union (EU), EEPC India chairman Praksh Chadha underlined the need for a three-year delay for country's MSME sector from the carbon tax proposed by the EU under Carbon Border Adjustment Mechanism (CBAM), which would come into force in January 2026.
EEPC India is the trade and investment promotion organization for the engineering sector sponsored by the Ministry of Commerce & Industry. Set up in 1955, EEPC India now has a membership base of over 12,000 out of whom 60 PC are SMEs.
Under the Ministry of Commerce and Industry EEPC India, an umbrella organisation for trade and investment promotion, has about 12000 members, of which 60 percent are SMEs.
Chadha was speaking in an award giving ceremony organised by EEPC India in Mumbai on Saturday evening where they conferred the National Awards for Excellence in Engineering
Exports to 111 entrepreneurs across the country.
He highlighted that the EU's extension of safeguard duty on certain steel products has also been hurting the local industry and requested the Centre to find a solution to it while finalising the trade deal with the EU. He urged the Ministry of Commerce and Industry to take up the interest of the Indian engineering industry while negotiating trade deals with the US and Mexico.
The EEPC chairman called for bold reforms and deepening integration with global value chains.
In order to improve Maharashtra as a manufacturing destination, Chadha urged the state government to make the land acquisition process easier.
"Plan passing is also an issue, and a one-stop window could be provided. Also, Maharashtra is the only place where there is the Mathadi Act. We have gone into the age of mechanisation. I think most steel is being handled mechanically. No manual labour is used. Mathadi Act has lost its significance and hence should be repealed," Chadha pointed out.
Earlier Maharastra Minister of Information Technology & Cultural Affairs Ashish Minal Babaji Shelar conferred EEPC India National Awards for Excellence in Engineering Exports to 111 awardees.
EEPC India National Awards are presented annually to celebrate the engineering goods exporters' resilience, creativity, and ambition.
JSW Steel, John Deere India, Cummins Technologies India, Larsen & Toubro, BEML, Thermax, and Apar Industries are among the winners in different categories of EEPC India National Awards for the financial year 2022-23.
In FY 2022–23, India's engineering exports stood at $107 billion, contributing nearly 24 percent to the country's total merchandise exports.
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