Business EconomyPosted at: Sep 8 2025 9:14PM


Goyal confers EEPC India's National Awards for Excellence in Engineering Exports

New Delhi, Sep 8 (UNI) union Commerce and Industry Minister Piyush Goyal today conferred EEPC India's National Awards for Excellence in Engineering Exports and congratulated all 106 awardees for their remarkable performance during the financial year 2023-24.
Recognizing companies for their commitment to stringent quality standards, EEPC India also honoured them with 10 Quality Awards.
Minister of State for Commerce & Industry and Electronics & Information Technology, Jitin Prasada, and union Commerce Secretary Sunil Barthwal graced EEPC India's 56th National
Awards ceremony with their presence.
Speaking on the occasion, Pankaj Chadha, chairman, EEPC India, urged the government to consider interest equalization schemes for MSMEs in order to reduce the interest burden for them.
Chadha said that the interest paid by the MSMEs currently hovers around 9% or above, making the cost of capital high and rendering them less competitive in the global market.
He also proposed to ignore the US exposure of companies while reviewing their ratings by agencies.
"I request that, at least for this year, US exposure is not taken for rating consideration. Because if the US exposure is taken for rating consideration, then most of the companies will get a downgrade, not an upgrade. So, as a one-time exercise, the US exposure should not be taken," he said.
With the US raising tariffs going up to 50 pc for engineering goods exported from India, Chadha suggested to derisk the key market by signing free trade agreement with Latin American countries like Chile, Peru, and Mexico.
"We need to have some advantage over our competitors. The only way we can have a better advantage with government support is to have an FTA with Chile, Peru, and Mexico. If we can get duty-free access to them, we can derisk a substantial part of the US exports to South America and possibly West and North Africa," he said.
On the punitive tariff imposed by the US, Chadha said that India's competitors face nearly 30% lower duties and therefore the government may consider extending support to exporters.
"The delta between duties faced by our competitor nations is 30 per cent and we need the Government to bridge this gap by giving 15pc either by way of focus market scrip or by
getting exchange conversion at the REER rate of exchange," he said.
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