Financial Daily from THE HINDU group of publications
Tuesday, Aug 03, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 03, 2004 |
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Industry & Economy
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Industry Associations India should tap Chinese machine tools industry: CII Our Bureau
New Delhi , Aug 2 IN the backdrop of increasing exports of Indian machinery to China, the Confederation of Indian Industry (CII) has said that there is a tremendous potential for exports as well as technological collaboration between India and China. According to a CII study, during January-May 2004, Indian machinery exports to China registered a 178 per cent increase touching $51.32 million as compared to $ 18.49 million in the corresponding period of the previous year. "India's exports have increased in absolute terms in every successive month this year, rising from $6 million in January 2004 to $15 million in May 2004," noted the CII. While China imports large number of machinery products to meet its growing domestic demand and to complement its production, India's share in Chinese imports of engineering goods has been consistently going up. In 2002-03, the value of exports increased by 80 per cent to touch $76.82 million as compared to $42.29 million in 2001-02. The CII study also notes that the auto component sector offers an excellent opportunity to Indian companies for export to China. Continuous high growth of the industry is expected to produce 5.1 million-5.3 million vehicles, including the 2.5 million-2.6 million cars this year, predicts the CII study. China has the world's largest machine tool market with $5.7 billion worth of annual consumption. However, the study points out that Indian machine tool industry is yet to tap this market. The CII suggests that a market research study be conducted on the price, pattern, tariffs and source of the imported products by China to identify a "niche" of products in which India has both quality and price advantages for export to China.
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