Govt to make efforts to push engineering exports to $200 bn by 2030

The Commerce and Steel Ministries Tuesday assured engineering exporters of making all the efforts to ensure the sector's outbound shipments reach USD 200 billion by 2030.

The issues being faced by engineering sector were discussed in detail during a meeting which was attended by Steel Minister Dharmendra Pradhan, Commerce and Industry Minister Piyush Goyal, senior officials of both the ministries, top steel makers and representatives of engineering export sector.

"...Ministries of Commerce and Industry and Steel will make all efforts to ensure that engineering goods exports double in the next five years and reach USD 200 billion by 2030," the Commerce Ministry said in a statement.

The challenges being faced by the steel sector and import-export trends were also discussed in the meeting.

The protectionist measures being imposed by other countries and the under-utilised capacity in steel manufacturing in India were also discussed in the meeting.

Both the ministers discussed at length the measures that both "may take to reduce unnecessary imports and boost exports," it said.

Engineering exporters are seeking supply of steel at concessional prices so that MSME sector can compete in international markets.

The meeting was attended by Steel Secretary Binoy Kumar, DGFT Alok Vardhan Chaturvedi, senior officers of both the ministries, SAIL Chairman Anil Kumar Chaudhary, members of Indian Steel Association, steel makers including JSW Steel Chairman and Managing Director Sajjan Jindal.

The country's engineering exports rose by 6.36 per cent to USD 83.7 billion in 2018-19 from USD 78.7 billion in 2017-18.