“Spurt in Capital Goods imports augers well for India’s manufacturing sector” – Commerce Secretary.
“4th India Engineering Sourcing Show opens in Mumbai”
Union Commerce Secretary Shri Rajeev Kher delivering inaugural address at “4th India Engineering Sourcing Show” organized by EEPC & Ministry of Commerce and Industry in Mumbai on December 16, 2014.
Union Commerce Secretary Rajeev Kher today said the spurt in capital goods import in recent months is a good sign indicating revival of the manufacturing sector in the country.
He was speaking at the inauguration of the 4th India Engineering Sourcing Show in Mumbai, organized by the EEPC India in association with the Ministry of Commerce & Industry, Government of India. Capital good imports had registered a whopping 49% increase during November 2014.
Union Commerce Secretary Shri Rajeev Kher briefing media after inauguration of “4th India Engineering Sourcing Show” in Mumbai on December 16 , 2014.
Mr Kher said the Make In India initiative announced by the Government and the follow up policy measures are set to create a conducive atmosphere for growth of the manufacturing sector. “Over the last 10 years we have significantly moved ahead in export of value added products” he said. As such, India’s engineering exports today range from iron and steel products to aero-space products. “We have to pick up the winners and reward them” he added.
The Secretary said the opening up of defence production, railways and construction sector promises huge investment opportunities in India. He also said the renewable energy sector, with a thrust on solar power also holds immense potential. He listed electronics and medical devices as other two promising sectors for investment.
Union Commerce Secretary Shri Rajeev Kher visiting the water purify project at “4th India Engineering Sourcing Show” in Mumbai on December 16 , 2014.
Mr Kher said the Foreign Trade Policy, which is under preparation, will recognize and incentivise engineering products. “Suffice it to say that technology driven, skill driven sectors will receive greater impetus” he said. Mr Kher assured that the new policy will adequately address the slow down concerns of exporters and fully guard the interests of the MSME sectors.
Mr Kher termed engineering as the flagship sector of exports, as it accounts for one-fifth of all exports from India. He said the engineering exports are expected to touch US $ 70 billion during the current fiscal, up from US $ 61 billion last year.
Calling for a need to build a sustainable architecture for manufacturing economy, the Secretary also highlighted the need to reorient our export strategy in view of stagnation in the traditional markets of European Union, Japan etc. He said vigorous marketing push needs to be given to explore new markets in Africa, Latin America and Central Asia.
Union Commerce Secretary Shri Rajeev Kher visiting the stalls at “4th India Engineering Sourcing Show” in Mumbai on December 16 , 2014.
Poland is the partner country at the 4th India Engineering Sourcing Show. 26 companies from Poland are participating in the Expo. Poland holds expertise in mining and mining equipment, manufacture of medical devises, construction etc, while it can gain from India’s ITeS and BPO sectors.
Besides Poland, more than 300 international and Indian engineering companies, including big players like BHEL, MMTC, Mazagon Dock, Finolex, Bajaj etc are participating in the three day Expo. Global majors like Fiat, Home Depot and SECO of Spain are aiming to explore sourcing opportunities for their businesses in India.
EEPC Chairman Anupam Shah said US $ 500 million worth business is expected to be generated during the 4th edition of IESS.
PIB Mum | MD.