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India to achieve USD 330 bn record exports this fiscal, says Com Secretary at IESS in Chennai

India to achieve USD 330 bn record exports this fiscal, says Com Secretary at IESS in Chennai

India Blooms News Service | @indiablooms | 14 Mar 2019, 10:30 pm

Chennai, Mar 14 (IBNS): 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, said Commerce Secretary Anup Wadhawan, while inaugurating the VIIIth International Engineering Sourcing Show (IESS) in Chennai on Thursday.

"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," Wadhawan said, addressing global CEOs and trading partners at the IESS-VIII, the annual flagship event of the EEPC India.   

The Commerce Secretary said the engineering exports have grown significantly in recent years, notwithstanding major global challenges. From the 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 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 Suresh Prabhu in his video conference message. 

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 event for the third time in a row, with Malaysia as the Partner.

IESS -VIII, being organised by the EEPC India with support from the Union Commerce Ministry and the Department of Heavy Industry,  has emerged as at platform for the 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.

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

  MSME Secretary in Tamil Nadu Government D P Yadav 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.

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.

India to achieve USD 330 bn record exports this fiscal, says Com Secretary at IESS in Chennai

India Blooms News Service
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