New Delhi, Apr 11 (KNN) The Associated Chambers of Commerce and Industry wants Commerce Ministry to include valves under the Focus Product Scheme of the Export Import Policy.

“Indian valve industry comprising a wide variety of valves-both commodity valves as well as high-tech niche valves holds huge potential to meet the requirements of USD 50 billion worth global valve market, thus an incentive like Focus Product Scheme is imperative to give a fillip to valve exports from India,” said ASSOCHAM in a communication to the commerce secretary SR Rao.

Valves play a critical role in vital sectors like oil and gas, power, steel and other metals, cement, water, food, pharmaceutical and other process industries.

The annual output of the Indian valve industry is currently estimated at about Rs 6,000-8,000 crore with exports worth over Rs 1,000 crore.

Advocating the inclusion of valves in the Focus Product Scheme, ASSOCHAM further said, “Valves inclusion’ in the scheme is also appropriate considering that castings which are the main raw material for valves along with certain pipes on which it is installed are both covered under the scheme.”

Besides, valves for bicycles are already covered under Focus Product Scheme making it appropriate for other industrial valves being brought under the scheme.

“While the import intensity of valves is quite low, the net foreign exchange value addition as a proportion of the final export value of the valve is very high and therefore inclusion of valves under the focus product scheme would help enhance the competitiveness of Indian valve exporters who are facing stiff competition from China,” added ASSOCHAM.  (KNN)