'Global high-tech product makers' focus shift to India'

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SME Times News Bureau | 06 Nov, 2013
World leaders in high-tech manufacturing, whether it is an aero-space engineering firm in Germany or an instrumentation giant in Canada, are shifting focus to outsourcing their critical supplies to India in the wake of increasing cost of factory production in China and increasing capabilities of Indian vendors to deliver international quality products, engineering exporters' body EEPC India said Tuesday.

"Costs of manufacturing is no more cheap the way it used to be with their banking under stress and the pressure on the government to cut rebates, the Chinese firms are no more the top contenders for the global outsourcing. This gives Indian engineering sector an opportunity," EEPC India Chairman, Anupam Shah said.

Aiming to build on this sentiment and turn around in exports , the EEPC India and the Commerce Ministry are making all-out efforts to woo global buyers goods by organising a mega event in Mumbai in January, 2014, show-casing India's manufacturing prowess in a range of high-tech items from world class automobiles to aircraft spare-parts .

Among the largest two sectors, India's engineering exports are projected to be USD 63 billion in the current fiscal.

The India Engineering Sourcing Show, with projected participation of world’s top 300 buyers is billed as an international platform for clinching multi-million dollar deals on the spot in the four-day IESS beginning January 22,2014.

The External Affairs Ministry is also being roped in for seeking larger participation through Indian missions in countries like Bangladesh, Kuwait, Bulgaria, Sri Lanka, Mynamar, Austria, Italy, Poland ,Iran, Iraq, Afghanistan, Colombia, Mexico. Growing economies of Africa are also the potential business partners.

In their bids to convey very strong message to the global market that India can deliver top-of-line defence equipment, several PSUs in the defence sector will also aggressively seek buying orders. Similar is the case with the Railways firms like RITES.

The buyers' list includes companies from Germany which can place their manufacturing orders for aero-space engineering on Indian manufacturers while those from Canada can outsource their requirements of precision instrumentation jobs to manufacturers in India.

Global agri implement firm Kubota and world leader in power and automation technologies ABB have indicated their intentions to source from India, engineering goods worth millions of dollars.

With tentative signs of recovery in some of the key European economies like the UK and early positive signals in the USA, the Indian engineering exporters are expecting a marked improvement in the business contracts in the coming edition of IESS, than in the past. Countries from Middle East, ASEAN, SAARC, CIS and Latin America have also confirmed participation.

While products from a wide range of engineering industries would be showcased to global buyers, the focus of the IESS, 2014 would be on automobile component and systems, industrial and electrical machinery, subcontracting, technology research and development.

Sparing no efforts to attract the maximum number of buyers and sellers from across the world, the EEPC India (formerly Engineering Export Promotion Council) has been organising a large number of road-shows in India and abroad. The road shows , selling the IESS, have already been held in Vietnam, Bulgaria and Bangladesh.

A number of collateral events, including seminars, workshops would be organised in collaboration with the well-known like Council for Scientific and Industrial Research and S P Jain Management Institute. Mumbai are the partners in the IESS latest edition.