---Advertisement---But the Council extended a welcome to the cautious approach of the Reserve Bank of India which kept the Repo Rate unchanged at 5.5 per cent. EEPC Chairman, Pankaj Chadha said that a cautious approach was the need of the hour given the prevailing macroeconomic conditions. The engineering goods sector has already started feeling the pinch of the tariffs, and said on a month-on-month basis, India’s engineering exports declined by around 5% in August. Which is why, Chadha said, the engineering exports sector, especially MSMEs need a cushion to withstand the new challenges. The chamber representing largely the MSMEs, the PHDCCI, lauded the slew of steps aimed at increasing ease of doing business and making the banking sector more efficient.