The Hindu Business Line : Push strategy proposals on time-bound basis: EEPC

ACCORDING to the Engineering Export Promotion Council (EEPC), the medium-term export strategy unveiled by the Commerce Ministry, if implemented under a time-bound programme, would definitely be instrumental in creating a surge in engineering exports. Mr J.S. Bhasin, Chairman of the council, in a statement issued here today, said this would help achieve the target set by the council of $10 billion by 2005-06.

He said the macro policy proposals in the strategy paper for price competitiveness by maintaining an appropriate exchange rate of the rupee, product code harmonisation at eight digit levels and suitable rebate for direct and indirect taxes would have to be implemented on a priority basis. Export credit and transaction cost associated with exports, he pointed out, could be controlled effectively on a short-term basis.

Commenting on the items identified for an increased thrust, particularly in the engineering sector, based upon the export potential in the thrust markets and the country's export capability, he said this may lead to a fusion of common and specific products items targeted for identified destinations. This, he felt, would enable institutions such as EEPC to focus their activities in a comprehensive manner. The council had already initiated action programmes similar to those taken for the Focus-LAC programme for the African region.

Mr Bhasin was optimistic that the strategies attributed to the electrical as well as transport sectors under the product group engineering would form the basis of future action plan of the council. He pointed out that the council has already identified these two sectors for increased promotional thrust with activities carried out under the market access initiative (MAI) plan.

The new mid-term strategy, he said, would help push exports of sophisticated items within the product group engineering, to compensate for the loss in exports of prime iron and steel, aluminium and such items. The council has planned to consolidate engineering exports on a long-term basis through high value-added items.

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