Engineering show to bag orders worth over Rs 3200 cr
Updated: Jan 22, 2014 02:42:49pm
Mumbai, Jan 22 (KNN) With the rising dollar attracting engineering buyers to the country, the India Engineering Sourcing Show (IESS) which opened here today is likely to help exporters bag business orders worth over Rs 3200 crore.
“An estimated USD 500 million business is in the offing with leading multinationals willing to source from India. The strengthening of the USD vis-à-vis the Indian Rupee has made sourcing from India more cost effective and major global players are ramping up procurement plans from India,” Chairman of the EEPC India, Anupam Shah said.
The third edition of IESS is being organized by the EEPC India (formerly Engineering Export Promotion Council) with the support from the Commerce and Industry Ministry.
Minister of State for Industry, E M S Natchiappan inaugurated the event which has attracted a large contingent of senior management from manufacturing giants from Germany, US and Africa.
The Japanese giant Kubota, European auto component sourcing company Inverto, American engines maker, Cummins, Water major Pentair, the ABB Process Automation Division from Switzerland, Claas from Germany and Danfoss from Denmark have all converged at the IESS.
According to Natchiappan, to promote the Brand India worldwide among the engineering industry, the IESS will now be held in different parts of the country every year in January.
“The government of India has earmarked an annual outlay of Rs 300 crore for promoting Brand India through different schemes like the Market Access Initiatives. A new logo of Indian Engineering Brand was also unveiled at the high-tech exhibition with 1000 delegates and 500 exhibitors,” he said.
India’s engineering exports in 2012-13 aggregated to USD 56 billion. With all out push and improvement in the major markets of the US and Europe, the shipments this year may well go above USD 62 billion.
Interest in the Indian manufacturing capabilities has grown, as evident from the business enquiries which have been increasing at the three-day IESS according to Shah. The figure may grow even further, he said. The strong dollar is likely to make imports from India cost effective for global buyers.
One of the highlights of the event is a large contingent of the COMESA, the largest economic bloc of eastern and southern Africa which has an annual import bill of USD 32 billion.
Further, Africa is being seen as the new engine of growth for the world economy. Trade and industry ministers from several key African countries like Uganda, Congo and Zambia are here inviting investment from the Indian entrepreneurs, particularly in tapping the rich natural resources of Africa, said an EEPC release.
Later at a press conference, Natchiappan said India has granted the Most Favoured Nation (MFN) status to Pakistan and the Indian business persons now expect reciprocity from the neighbouring country.
A lot of trade with Pakistan is through a third country like UAE and both New Delhi and Islamabad want the direct trade to grow, he said. (KNN/ES)
“An estimated USD 500 million business is in the offing with leading multinationals willing to source from India. The strengthening of the USD vis-à-vis the Indian Rupee has made sourcing from India more cost effective and major global players are ramping up procurement plans from India,” Chairman of the EEPC India, Anupam Shah said.
The third edition of IESS is being organized by the EEPC India (formerly Engineering Export Promotion Council) with the support from the Commerce and Industry Ministry.
Minister of State for Industry, E M S Natchiappan inaugurated the event which has attracted a large contingent of senior management from manufacturing giants from Germany, US and Africa.
The Japanese giant Kubota, European auto component sourcing company Inverto, American engines maker, Cummins, Water major Pentair, the ABB Process Automation Division from Switzerland, Claas from Germany and Danfoss from Denmark have all converged at the IESS.
According to Natchiappan, to promote the Brand India worldwide among the engineering industry, the IESS will now be held in different parts of the country every year in January.
“The government of India has earmarked an annual outlay of Rs 300 crore for promoting Brand India through different schemes like the Market Access Initiatives. A new logo of Indian Engineering Brand was also unveiled at the high-tech exhibition with 1000 delegates and 500 exhibitors,” he said.
India’s engineering exports in 2012-13 aggregated to USD 56 billion. With all out push and improvement in the major markets of the US and Europe, the shipments this year may well go above USD 62 billion.
Interest in the Indian manufacturing capabilities has grown, as evident from the business enquiries which have been increasing at the three-day IESS according to Shah. The figure may grow even further, he said. The strong dollar is likely to make imports from India cost effective for global buyers.
One of the highlights of the event is a large contingent of the COMESA, the largest economic bloc of eastern and southern Africa which has an annual import bill of USD 32 billion.
Further, Africa is being seen as the new engine of growth for the world economy. Trade and industry ministers from several key African countries like Uganda, Congo and Zambia are here inviting investment from the Indian entrepreneurs, particularly in tapping the rich natural resources of Africa, said an EEPC release.
Later at a press conference, Natchiappan said India has granted the Most Favoured Nation (MFN) status to Pakistan and the Indian business persons now expect reciprocity from the neighbouring country.
A lot of trade with Pakistan is through a third country like UAE and both New Delhi and Islamabad want the direct trade to grow, he said. (KNN/ES)
Loading...
