India’s engineering exports surpassed the export target and hit all time high US$ 76.2 billion during 2017-18, recording 16.81 percent year-on-year growth.
https://www.eepcindia.org/exports-highlights-2017-18.aspx
Engineering Export Promotion Council Set up in 1955
The organization started its journey as the Engineering Export Promotion Council with only 40 exporters at a time when India’s engineering exports were all of 10 million US dollars. It has today become the largest organization of its kind with over 13,000 members out of whom 60% are SMEs. Engineering exports from India have, in the meantime, crossed US$70 billion in the last fiscal (March 2015) which is a testimony to the service that EEPC has been rendering to the nation.
The share of engineering exports to total merchandise exports rose from 18.14% in fiscal 2004-05 to 22.71% in 2014-15.
In terms of products, iron & steel products had the highest share in engineering exports at 23%, followed by ‘Auto and Auto Components’ and ‘Industrial Machinery’ with a share of 18.2% and 16.2% respectively during the last fiscal.
. The nature of Indian engineering exports has been changing over time as India is fast moving from exporting low-value goods to developing countries to exporting high-value goods to developed countries. Fresh opportunities such as outsourcing of engineering goods and services, better and improved product design, product differentiation, and maintenance and designing of manufacturing systems are providing new growth avenues in this sector.
The growth prospects for the engineering sector in the light of stepping up of investments in infrastructure and physical capital are, accordingly, immense.
The manufacturing sector contributes 18 percent to India’s GDP. This sector, it is estimated, has the potential of creating 90 million domestic jobs by 2025 and of contributing 25% to India’s GDP. The ‘Make in India’ initiative of the Government aims to transform India into a global manufacturing hub. The objective of this policy is to attract investments from across the globe and get multi-nationals to produce their products in India by using India’s talented and low cost human resource base. Success of this initiative will facilitate further development and strengthening of the Indian engineering sector as a consequence.
It is a matter of satisfaction, therefore, that EEPC has taken many initiatives to promote new and emerging sectors such as Defense, Medical Devices and Renewable Energy and is stressing on Skill Development to ensure that the engineering sector is geared up for the future.
The ‘India Engineering Exhibition’ (INDEE) which is EEPC India’s own brand is one of the largest engineering expositions in the world. To encourage building global partnerships with India, EEPC India also organizes the India Engineering Sourcing Show (IESS), the largest display of engineering products and services every year.
http://pib.nic.in/newsite/mbErel.aspx?relid=126610
Links
https://www.ibef.org/industry/science-and-technology.aspx
https://www.firstpost.com/tech/news-analysis/technological-innovations-in-various-sectors-in-india-are-changing-lives-4398551.html
https://economictimes.indiatimes.com/news/economy/indicators/indias-engineering-exports-up-20-per-cent-despite-us-china-trade-war-eepc/articleshow/64887944.cms
https://economictimes.indiatimes.com/news/economy/indicators/indias-engineering-exports-hit-an-all-time-high-of-76-billion/articleshow/63976632.cms
https://www.thehindubusinessline.com/opinion/india-needs-to-get-its-tech-act-together/article24574523.ece
https://www.ibef.org/blogs/indian-edge-engineering-excellence
https://www.eepcindia.org/info-bulletin/current-issue.aspx?id=none
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