SMEs' share highest in engineering exports: Sitharaman

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Saurabh Gupta | 04 Sep, 2015
Appreciating the overall performance of Engineering Export Promotion Council of India (EEPC India) and specially small and medium enterprises (SMEs), Commerce & Industry Minister, Nirmala Sitharaman Thursday informed that SME sector contributes about 60 percent of India's engineering exports.

The minister was addressing the Diamond Jubilee celebrations of the Engineering Export Promotion Council of India (EEPC India) in New Delhi on Thursday.

In her address, Sitharaman appreciated the important role of EEPC and in particular, the performance of SME sector which contributed 60 percent of India's engineering exports.

She assured exporters that it will give top priority to developing modern infrastructure for boosting shipments to overseas markets and spurring economic growth.

"I know all of you have concerns about infrastructure growth among others. I assure you we will give maximum priority to infrastructure growth and development,"she said.

She also complemented EEPC for their successful partnership in the conduct of Hannover Fair in Germany in April, 2015. Noting that there was a need for India to move from a low value exporter to a very high value exporter, the Commerce Minister exuded confidence that after a slowdown phase in the recent past India was now entering into a recovery phase.

India's total merchandise exports expanded by 2.71 times during the last decade ending 2014-15, engineering exports saw an increase of 3.65 times during the corresponding time period. The share of engineering exports to total merchandise exports rose from 18.14 percent in fiscal 2004-05 to 22.71 percent in 2014-15.

On the same, the President of India, Pranab Mukherjee has complimented Engineering Export Promotion Council of India(EEPC India) for a glorious 60 years of its existence.

Mukherjee presented India as one of the few bright spots in an otherwise gloomy global economic scenario. He said that with moderating inflation, strong currency reserves, lower current and fiscal deficit and stable Tax policy, the prospects of Indian economy appear bright. The President emphasised that to sustain a high growth rate, massive investments in infrastructure and human resources capital of India would be required on a sustained basis.

Minister for Communications & IT, Ravi Shankar Prasad said that 2,50,000 Gram Panchayats are being connected throughout the country through an optical fibre network which will facilitate e-education, e-learning, e-commerce and e-health.

In his welcome address, EEPC India Chairman, Anupam Shah outlined the achievements of EEPC India's journey of 60 years wherein it has achieved an export figure of 70 Bn USD as compared to a modest start with 10M USD 60 years ago. Shri Shah outlined the major challenges in the export market arising out of the slowdown in the economic activity across major economies in the world.

On the occasion of Diamond Jubilee celebrations of EEPC India, a Coffee Table Book on "EEPC India: 60 Years On" was also released and the first copy was presented to the President Pranab Mukherjee.