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Exports of engineering goods register 20% rise
By agencies
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Friday, 11 August 2006, 19:30 IST
NEW DELHI: Exports of engineering goods have emerged as the largest contributor to IndiaÂ’s total merchandise exports, as it touched a high of $5.5 billion in the first quarter of the current financial year, registering a 20 percent growth.
Speaking at the All India Awards Function for Outstanding Export Performance organized by the Engineering Export Promotion Council (EEPC) in Chennai, Commerce and Industry Minister, Kamal Nath said, “The spurt in engineering outsourcing can be gauged from the fact that a number of giant automotive and aerospace companies such as Ford Motor Company, General Motors, Boeing and Airbus have some of their engineering done by Indian technology companies.”
He also called for rapid development of Engineering Process Outsourcing (EPO) services from India, as it is expected to have a sweeping impact on the Indian engineering industry as a whole.
The minister remarked that the EPO market in India had the potential to exceed $40 billion by 2020, which would shoot IndiaÂ’s market share in the same category to 30 percent from the current 12 percent.
Important stake holders, including the government, academic institutions, service providers and trade bodies will need to augment investments in infrastructure and enhance marketing efforts to tap the EPO market, he added.
The Minister also lauded the EEPC for pioneering a study on EPO services, which involves assigning of engineering-related work to other companies, availing low labor cost, quality talented tool etc which was copiously present in India.