India’s engineering exports to reach USD 1 trillion

Minister of State for Commerce and Industry Hardeep Singh Puri, gave away the Engineering Export Promotion Awards (EEPC) for the year 2017-2018 in New Delhi.

Speaking on this occasion he congratulated the EEPC for reaching a record high exports of USD 76 billion in 2017-18 and USD 87 billion in 2018-19.

He hoped that by next year India’s engineering exports will reach the target of USD 1 trillion.

This year EEPC celebrates and completes 50 years of rewarding exporters and 111 winners were given national awards for 2017-18 across 8 categories in over 32 product panels.

This year, for the first time, Quality Control of India (QCI) has been invited to evaluate EEPC member companies and EEPC India-QCI Quality awards were given away to 7 winners.

Hardeep Singh Puri congratulated EEPC for completing 50 years of rewarding exporters and also complemented 111 winners who received national awards today.

He urged the engineering sector, that employs 40 lakh workers, to get abreast with global engineering standards and adopt new technology to upgrade their core efficiency and improve their competency and achieve cost competitiveness.

He exhorted the engineering industries to establish smart factories for optimum use of land, labour and capital.

The MoS further said that since fifty-five percent of EEPC members are MSMEs, they must also strategize to upgrade their technology and production profile in order to enter the global value chain.

Hardeep Singh Puri informed the gathering about all the measures taken by the Government of India and the Department of Commerce and the Directorate General of Foreign Trade (DGFT) to simplify, bring in greater transparency in the export procedures and enhanced credit and insurance to exporters.

The DGFT has put in place a fully electronic refund module and an online filing and issuance of preferential certificate of origin. A web portal of industrial schemes of different Ministries of the Government of India is also available to the engineering industries and the NIRVIK scheme has been announced to ensure enhanced loan availability for exporters.

Puri urged exporters to tap emerging markets like Africa, the CIS countries, countries of Latin America and the GCC and Mexico and thereby ensure that by 2025 India’s engineering exports will reach a target of USD 200 billion.

Chairman EEPC, Ravi Sehgal also addressed the gathering. On this occasion Additional Secretary, Department of Commerce, Bhupinder Singh Bhalla, representatives of industry and the award winners were present.