'India's share in global engineering exports declining'

The country's share in global engineering exports is declining and domestic companies need to adopt modern technologies to reverse the trend, a senior Commerce Ministry official said today.
"Share of engineering exports in India's total exports is 20 per cent at present. But the share of the country's engineering exports in the world is falling at a marginal pace," Joint Secretary in the Commerce Ministry Ravi Capoor said here.
He said that as per an internal study done by the ministry, the share of domestic engineering exports in the world pie was declining at a marginal pace over the last 15 years.

"This is a serious cause for worry. Unless the Indian companies embrace higher technological means, the companies will be out of business by 2030," Capoor said at an EEPC interaction.
Companies should collaborate with the numerous Indian laboratories to adopt newer technologies so that the technological gap with other countries like China can be bridged, he added.
Criticising the Indian companies, he said their model of reverse engineering will not work for long.
"They import a new product from outside and then break it down. Then they do reverse engineering and come out with some new products. This model will not work for long," Capoor said.

Since many companies are not in a financial position to fund their own R&D, they can take advantage of government- funded laboratories to develop advanced products, he said.