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Engineering sector prospects appear bright: Prez
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SME Times News Bureau | 04 Sep, 2015
The engineering sector of India is transforming to a new level, with shifting of global manufacturing bases to the country, leading to new opportunities and dynamics, President Pranab Mukherjee said on Thursday.
"A key driver behind the rise in our engineering exports has been the shifting of global manufacturing bases to countries such as India that offer relatively low-cost human resource coupled with high quality engineering aptitude," Mukherjee said at the inauguration of diamond jubilee celebrations of the Engineering Export Promotion Council (EEPC) in New Delhi.
"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," he added.
The President said that 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.
Engineering is the leading segment of Indian industry and overseas shipments from this sector account for over twenty-two percent of India’s total merchandise exports.
The engineering sector accounts for 25 percent of India's total factories in the organized sector and contributes around 35 percent of total output in the country, being the highest foreign exchange earner.
"The prospects for the Indian engineering sector appear bright," the President said adding that India with its moderating inflation rates, lower current account and fiscal deficits, strong foreign currency reserves, stable tax policies and an expected growth rate of 8- 8.5 % in the current fiscal appears as one of the few bright spots in the global economy.
In order to, however, consistently achieve high growth rates over the next two decades, India would require unprecedented investments in infrastructure, human and social capital. Infrastructure development for India is, thus, both an imperative and a key concern.
"The growth prospects for the engineering sector in the light of stepping up of investments in infrastructure and physical capital are, accordingly, immense," he said.
He also commended the EEPC for taking initiatives to promote new and emerging sectors such as defence, medical devices and renewable energy and skill development.
Mukherjee said the exports from India has crossed $70 billion in the last fiscal, which he described as "testimony to the service EEPC has been rendering to the nation".
Communications and IT Minister Ravi Shankar Prasad, Commerce and Industry Minister Nirmala Sitharaman and EEPC India chairman Anupam Shah were among those present on the occasion.
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