Engineering exports to cross $70 bn in FY 15: EEPC

In the last fiscal, the total exports of engineering products from India was $62 bn

Engineering Export Promotion Council India (EEPC-INDIA), the largest export promotion council in the country, is hopeful that engineering exports will cross the $70 billion in 2014-15.

"In the last fiscal, the total exports of engineering products from India was $62 billion. We are expecting this to cross $70 billion by the end of this financial year based on the export trend witnessed so far," Arun Kumar Garodia, regional chairman, EEPC-INDIA told media persons on the sidelines of an export awareness seminar organised here.

In April-July, the total export of engineering products from the country was $24 billion, which was 23.5 per cent higher than the figure achieved in the corresponding period of the previous fiscal, he added. The promotion council is betting big on the announcement of new policies by the Union government to cross $70 billion mark.

"The Centre is bringing out new policies that will give boost to the exports of engineering products," he said.

With nearly 13,000 members, of whom 60 per cent belong to the micro, small and medium scale sector, EEPC is the single window point both for exporters and importers and also foreign investors in the engineering sector.

Speaking on the occasion, Jogendra Behera, state MSME minister, said, "The small and medium enterprises have played a seminal role in the industrial and export performance of the state."

Engineering chemical and allied product sector goods, worth Rs 856 crore, have been exported during 2013-14 from the state. To ramp up the exports, the state cabinet has recently approved Odisha Export Policy-2014.

"The policy will benefit the state by increasing the export turnover from Rs 12,246 crore in 2012-13 to Rs 38,714 crore over a span of 10 years at a growth rate of 10 per cent per annum," the minister added.

EEPC today urged the state government to participate in its flagship show, India Engineering Sourcing Show. The focus sectors for the upcoming IESS, scheduled to be held in December at Mumbai, are industry supply, retail engineering, metal and shop floor, among others.