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“Braving Global Head Winds, India To Achieve USD 330 Bn Record Exports This Fiscal,” Says Commerce Secretary

Chennai:

Port Wings News Network:

Notwithstanding global challenges like protectionist measures by some countries, India is projected to achieve all- time record exports of USD 330 billion in fiscal 2018-19 with a major contribution coming from the engineering sector, Commerce Secretary Mr Anup Wadhawan has said.

While addressing global CEOs and trading partners at the inauguration of International Engineering Sourcing Show (IESS-VIII), the annual flagship event of the EEPC India, in Chennai on 14 March 2019, Mr  Wadhawan said, “This year has been particularly good for us. We are likely to touch an all-time record and go past our earlier peak which was in 2013-14 at USD 314 billion and we hope to reach about USD 325-330 billion this year.”

The Commerce Secretary said the  engineering exports have grown significantly in recent years, notwithstanding major global challenges. From  global financial crisis of 2008-2009 onwards, India’s exporters have faced several challenges including  several recent  unilateral protectionist efforts by various countries,. However,  conducive government policies have propelled the engineering sector exports.

According to EEPC India Chairman Mr Ravi Sehgal, engineering exports in the financial year 2018-19 are expected to be between USD 80-82 billion. “We could have done USD 85 billion if we had basic raw material of steel at affordable prices. ”

In his address, the Commerce Secretary assured the engineering exporters of looking into how best the government can help for easy and affordable availability of steel. A similar assurance also came from the Commerce and Industry Minister Mr Suresh Prabhu in his video conference message.

Mr Wadhawan said given the protectionism  in    major countries and  engineering being one of the segments affected by such restrictive measures, ”the exporting firms should look at innovative methods to enhance competitiveness and take advantage of various market access opportunities.”

Tamil Nadu is hosting this prestigious event for the third time in a row, with Malaysia as the Partner. IESS -VIII, being organised by the EEPC India with active support from the Union Commerce Ministry and the Department of Heavy Industry,  has emerged as  India’s largest platform for  display of engineering products and solutions with around  400 exhibitors, 500 overseas buyers and 10,000 trade visitors participating in the March 14-16 show. The exhibition will also have dedicated B2B sessions with foreign buyers, and vendor development programmes with leading PSUs in defence, space, infrastructure and engineering.

Tamil Nadu is hosting the prestigious event for the third time in a row, while  Malaysia is  the Partner Country of the IESS.  India-Malaysia bilateral trade aggregated to USD 14.71 billion  in 2017-18, with total exports from India to Malaysia amounting to  USD 5.7 billion while its imports from Malaysia stood at around USD 9 billion.

Mr Wadhawan also exhorted exporters to better utilise the existing Free Trade Agreements to boost exports in ASEAN and other countries with similar arrangement.

“The data shows that Indian exporters have not been very good users of FTA preferential benefits that India has negotiated with partner countries. We have carried out a large number of trade facilitation measures in the last four and half years  and are in the process of streamlining our processes further. I, therefore, urge our member exporters to use the tariff preferences provided in the FTAs to enhance their market presence globally,” said Mr Wadhawan.

Mr D P Yadav, MSME Secretary in Tamil Nadu Government, said the state, hosting the IESS for the third time, would like to make the prestigious event a permanent feature in Chennai. He said the state has the best of trained manpower and skill and infrastructure for manufacturing.

Ms Datuk K Talagavath, Dy Director General in the Malaysian Ministry of Investment and Trade , said Malaysia would engage more actively with India in highly automated sectors like robotics, automobile, artificial intelligence. An MoU has been signed between Malaysia Automotive Robotics and IOT Institute and the EEPC India for exploring mutual possibilities in the two countries in the related sectors.

EEPC India Chairman said  IESS has a  novelty of bringing Technology to Ayurveda through the new concept of AyurTech. India is known for its strength in Ayurveda and  with technology interventions, Indian Ayurveda will be able to reach new milestones and global destinations, he said.

Likewise,  Indian Design Council has also set up a Design Pavilion at IESS and its jury will be meeting to select the I-Mark for industrial products. Indeed, ergonomics of products is becoming a critical feature of industrial goods along with technical specifications and quality.

The broad theme is Smart Engineering with four pillars: “Subcontracting”; “Industrial & Electrical Machinery”, “Future Factory” and “Innovation and Technology”. The engineering talent that will be at display  spans nearly 1800 tariff lines at 8 digit and is a microcosm of India’s and global capability in hard core metal and metal based engineering. The over 300 Indian exhibitors participating here are a healthy sample of India’s engineering sector which accounts for around 12% of India’s GDP, 30% of India’s total factories in the organized sector and 29% of total employment in the organized sector.

Uttar Pradesh,  Uttarakhand, Madhya Pradesh and Jharkhand are participating with their companies to showcase their capabilities, talk about their investment opportunities to global players The MSME sector, which is the bedrock of the engineering value change and sourcing, will benefit immensely from this show and develop contacts internally as well as globally.

 

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