Chennai, Mar 14 : India was projected to achieve all- time record exports of USD 330 billion in the fiscal 2018-19 with a major contribution coming from the engineering sector, Commerce Secretary Dr Anup Wadhawan said on Thursday.
Inaugurating the 8th International Engineering Sourcing Show (IESS) here, he said engineering exports account for about a quarter of India’s total exports. 'Given the protectionism sweeping major countries of the world 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', he added.
'I refer, in particular, to the better utilization of Free Trade Agreements by Indian exporters', he said and added that data showed 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-half-years and are in the process of streamlining our processes further', Mr Wadhawan said and urged the member exporters to use the tariff preferences provided in the FTAs to enhance their market presence globally.
EEPC India Chairman Ravi Sehgal 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.
IESS-VIII, being organised by the EEPC India, with active support from the Union Commerce Ministry and the Department of Heavy Industry, was India’s largest display of engineering products and solutions with around 400 exhibitors, 500 overseas buyers and 10,000 trade visitors participating in the three-day event.
The exhibition will also have dedicated B2B sessions with foreign buyers, and vendor development programmes with leading PSUs in defence, space, infrastructure and engineering.
Tamil Nadu is hosting the prestigious event for the third time in a row, while Malaysia was the Partner Country of the IESS.
India-Malaysia bilateral trade aggregated to USD 14.71 billion in 2017-18, with total exports from India to Malaysia amounting to USD 5.7 billion, while its imports from Malaysia stood at around USD 9 billion. (UNI)