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Indian engineering exports to cross $ 70 bn mark in 2017-18
Interviews- Apr 26,18
Engineering exports from India seems to be on a healthy growth trajectory, with exports growing by impressive 23% to $ 56 billion for the April-December 2017-18. Spearheading the country’s engineering exports effort is EEPC India - the premier trade and investment promotion organisation.
Engineering exports from India seems to be on a healthy growth trajectory, with exports growing by impressive 23% to $ 56 billion for the April-December 2017-18. Spearheading the country’s engineering exports effort is EEPC India - the premier trade and investment promotion organisation. EEPC India facilitates sourcing from India and boosts the SMEs to raise their standard at par with the international best practices. In conversation with Rakesh Rao, Ravi Sehgal, Chairman, EEPC India, explains potential of engineering sector to the country’s economic growth and steps taken the organisation to boost exports.
How has been the performance of engineering exports in 2017?
Year 2017 has been a good year for Indian engineering with Indian engineering exports likely to cross the $ 70 billion mark in the fiscal year 2017-18. This will be the highest exports in absolute terms in the post-independence period.
How optimistic are you about engineering exports in 2018? What is the reason for this optimism?
So far as the fiscal year 2018-19 is concerned, at the moment the world engineering demand in products supplied by India remains robust. However, there are protectionist trends emerging in major countries of the world and a lot would depend on how these trends play out in the near future.
There is an increase in protectionism in the top economies. Are you worried about it? What steps are been taken by EEPC to handle this situation?
Certainly I am, as the economic history of the early years of 20th century do point to the disaster that one can expect if protectionism takes hold in major countries. We just hope that bad history of a century back does not repeat itself. We are trying our best to remain competitive and are attempting to sensitise our Government and our partner country Governments that protectionism does not have a great past or a future when it comes to uplifting the lives of the people.
With US raising tariff on aluminium and steel, do you see tariff war to begin across the world?
Well, one has to read the recent statements emanating out of EU, China and Japan, to name a few countries and its quite evident that such a possibility exists if accommodation fails completely.
Has the government been able to remove the GST glitches? Has the issue of cash flow been solved?
The Government has started the GST camps in filed formations to solve the export refund problems and we hope that this problems comes down considerably. The cash flow problem remains as the amount stuck up is rather large.
How important is European market for Indian engineering exports?
The European market accounts for 20% of India’s total engineering exports and is also gateway to many other regions including the Americas. Thus, this is an important segment of our market.
What are EEPC India’s plans for Hannover Messe?
We have been twice the Partner Country in Hannover. Once in 2006 and another in 2015. It is our Mecca when it comes to participating in this show. Apart from our members, there is a strong participation from the Department of Heavy Industries and also one of the States of India. We, therefore, hope to make our presence felt in Hannover 2018.
Any message for visitors/exhibitors at Hannover Messe 2018
That Indian engineering is now becoming a brand and India remains an open economy with whom the globe can do business.
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