India can achieve three-fold aspirational increase in engineering exports by 2025: Report
Chennai, Mar 15 (KNN) India can achieve a three-fold aspirational increase in its engineering exports by 2025 if concerted efforts are made by Government and industry, according to EEPC India-Deloitte strategy paper.
Releasing the paper during ongoing International Engineering Sourcing Show (IESS), Commerce Secretary Anup Wadhawan said the Department of Commerce and EEPC would quickly examine the road-map suggested by the strategy paper and make all possible efforts to achieve the identified potential.
Engineering exports, which contribute 25 per cent of India's total export basket are projected at USD 80-82 billion in the current financial year ending March 31, according to Ravi Sehgal, Chairman of EEPC India.
Sehgal said the USD 200 billion target can be achieved if ‘we get our act together’ in ensuring that the basic raw material steel is made available at affordable prices.
The strategy paper has identified areas such as product-market optimization, eco-system development, promotion and branding, and competitive procurement of inputs for the ambitious goal.
However, export performance would also depend on several external factors like investment by industry, global macroeconomic scenario, competing nation's performance, trade policies, and approach towards protectionism.
The paper said India is not a 'leader' in any product category and continues to be a 'follower' nation. The technology intensity of India's engineering export portfolio has not changed significantly over the decade, and it still exports low- and medium-technology intensive engineering goods.
However, technology trends across product categories and emergence of digital technologies in manufacturing are expected to significantly change the engineering exports landscape, it added.
It said “Conducive ecosystem, branding and ensuring inputs at competitive prices would be the key factors for achieving the target.”