Financial Daily from THE HINDU group of publications
Tuesday, Jan 29, 2002
Financial Daily from THE HINDU group of publications Tuesday, Jan 29, 2002 |
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Industry & Economy
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Engineering EEPC expects last quarter surge Our Bureau
KOLKATA, Jan. 28 ENGINEERING exports during April-October 2001 dropped marginally to $ 3.35 billion from the $ 3.36 billion for the corresponding period of 1999-2000. In a statement, Mr J.S.Bhasin, Chairman of Engineering Exports Promotion Council (EEPC), blamed the drop in exports to the drastic fall in export of prime steel including ferro alloys owing to barriers imposed in the developed markets including the US and Europe. He, however, felt that a beneficial fallout of the initiatives taken by the government in October 2001, like removal of value cap and increase in all industry rate of drawback for a large number of items, would be felt on the export growth during the last three months of the current financial year. Mr Bhasin was optimistic that an upsurge in the last three months would help the engineering exports sector to maintain, if not surpass, last year's export performance of engineering goods including technical services. Going by the provisional figures for the seven-month period, it was clear that after a staggered period of downward growth, the negative trend has somewhat been arrested, as there was hardly any shortfall in dollar terms. Commenting on the recent trends in the major markets overseas, based on feedback from fellow-exporters, Mr Bhasin said with stock below the critical levels, there has been a resumption of order placement which was earlier kept in abeyance. Deferred LCs have been reactivated and a renewed interest towards procurement of products, particularly in the US, and Europe seems likely, he pointed out. He also sought continuation of the duty exemption schemes, particularly DEPB, and certain amendments as requested by the council in respect of other schemes like advance licence, duty free replenishment certificate in the new Exim Policy for 2002-2007. He suggested that the new policy should consider supply of raw materials like steel, aluminium etc at international prices by the domestic producers to the downstream users and treating such supplies as physical exports instead of deemed exports.
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