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India sets "aspirational" target for engineering exports at USD 200 bn by 2025

Press Trust of India  |  Chennai 

can achieve a three-fold "aspirational" increase in its engineering exports to reach USD billion by 2025, if concerted efforts are made by the government and industry to develop a conducive ecosystem, and ensuring inputs at competitive prices, according to an EEPC India-strategy paper.

said the and EEPC would "quickly examine the road-map suggested by the strategy paper and make all possible efforts to achieve the identified potential". He was addressing exporters at the IESS here.

"On the basis of discussions with Ministry of Commerce, government of India, and leadership of EEPC India, the aspirational target of Indian engineering exports is set as USD billion by 2025, which is almost a threefold increase from 2017-18 exports," the paper released at the International Engineering Sourcing Show (IESS) suggested.

Wadhawan said the EEPC India-study highlights the opportunities to unleash the country's export potential and achieve the "aspirational" target.

India's engineering exports, which contribute 25 per cent to the overall merchandise shipments, are projected to touch about USD 80-82 billion in the current financial year ending March 31, said

According to him, the USD billion target can be met if "we get our act together" in ensuring that the basic raw material -- -- is made available at reasonable prices.

The strategy paper has identified areas where government and industry interventions are required. These include various aspects such as product-market optimisation, eco-system development, promotion and branding, and competitive procurement of inputs.

It said besides internal interventions, the export performance would also depend on several external factors such as investment by industry, global macroeconomic scenario, competing nations' performance, trade policies, and approach towards protectionism.

The paper noted that in the global exports market, is not a 'leader' in any product category and continues to be a 'follower' nation.

According to the strategy paper, the of India's engineering export portfolio has not changed significantly over the decade, and it still exports low - and

However, across product categories and emergence of digital technologies in are expected to significantly change the engineering exports landscape.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 15 2019. 13:20 IST