Engineering exports to exceed $62 bn: Minister

The government will exceed the engineering exports target of $62 billion in the current fiscal, Union Minister E M S Natchiappan said today.

     

"Engineering exports target $62 billion is there, but I am confident, we feel that there would be an upswing, I feel it will be go above $62 billion," Minister of State for Commerce & Industry E M S Natchiappan said on the sidelines of India Engineering Sourcing Show (IESS) here.

 

India's engineering exports in 2012-13 aggregated to $56.7 billion. Engineering exports include transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.

     

The overall engineering shipments between April and November rose to $38.85 billion from $36.53 billion during the same period last year.

 

The US and Europe account for over 60% of India's total engineering exports. These two markets have shown improvement of late.

    

Natchiappan inaugurated the three-day show, organised by engineering exporters' body EEPC India with support from the Commerce & Industry Ministry.

     

"An estimated $500 million business is in the offing with leading multinationals willing to source from India. The strengthening of the US dollar vis-a-vis the Indian Rupee has made sourcing from India more cost effective and major global players are ramping up procurement plans from India," EEPC India Chairman Anupam Shah said.

     

Companies participating in the exhibition include Japanese giant Kubota, European auto component sourcing firm Inverto, American engines maker Cummins, Water major Pentair, ABB Process Automation Division from Switzerland, Claas from Germany and Danfoss from Denmark.

     

Natchiappan said the government has earmarked an annual outlay of Rs 300 crore for promoting Brand India through different schemes like the Market Access Initiative.

 

A new logo of Indian Engineering Brand was also unveiled at the IESS, a high-tech exhibition with participation from 1000 delegates and 500 exhibitors.