Indian exporters of labour-intensive goods such as textiles, leather, gems and jewelery on Monday met Prime Minister Narendra Modi to seek political support as steep US tariffs begin to impact exports. The meeting comes after the United States reduced its tariffs on China, making India the country most affected by the tariffs.
While textile exporters asked the Prime Minister to push a policy to enhance the competitiveness of Indian products vis-Ã -vis their competitors – as they are forced to sustain exports to the US at a loss to retain their market share – gems and jewelery exporters sought easier interest rates to better compete in foreign markets.
To ensure a level playing field, GJEPC has asked the government to come up with a special scheme offering export credits at concessional rates, especially benefiting MSME units, said Kirit Bhansali, Chairman, Gems and Jewelery Export Promotion Council (GJEPC).
“Nearly 65% ​​of India’s studded jewelery exports come from SEZ units. GJEPC urged the government to expedite the passage of the amendment to the SEZ Act, which will allow limited domestic sales with fair adjustment of customs duties and enable optimal utilization of idle capacity during off-seasons – improving productivity, efficiency and employment stability,” Bhansali said in the meeting, according to a statement.
They said that representatives from the apparel, leather, gems, jewellery, handicrafts, engineering and seafood sectors participated in the meeting. On the government side, Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal, Cabinet Secretary T V Somanathan, and Secretaries of the Ministries of Textiles, Commerce and MSMEs attended the meeting. The meeting was also attended by heads of export promotion councils from these sectors.
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© Indian Express Private Limited
(Marks for translation)Prime Minister Modi meets with exporters
