Financial Daily from THE HINDU group of publications
Sunday, Jan 16, 2005
Financial Daily from THE HINDU group of publications Sunday, Jan 16, 2005 |
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Industry & Economy
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Engineering Engineering exporters urged to recognise new challenges Our Bureau
Kolkata , Jan. 15 THE Union Minister of Commerce and Industry, Mr Kamal Nath, has urged engineering exporters to recognise the new challenge of carrying Indian products to new shores and new markets. Speaking at the All India Awards Presentation ceremony of the Engineering Export Promotion Council (EEPC) here recently, the Minister said 50 years of the council's existence (EEPC is now in its 50th year) was a time to reflect and understand the changing paradigms, when the entire global trade spectrum has changed. Suggesting an "out of box" thinking to stay ahead of competition, he said this was the time to integrate manufacturing facilities for staying ahead in the global marketplace. Suggesting a higher target for engineering exports at $13 billion, in the face of an expected average export growth rate of 16 per cent or so, the Minister said the engineering sector, by its very nature, demands innovation and creativity. The biggest challenge before the engineering sector today was the need to unleash the skills and talents for integration with the product, like say automobile components. Earlier, in his welcome address, Mr Rakesh Shah, Chairman of EEPC said the council was now in the process of preparing a medium-term Strategy Paper (A.F. Ferguson & Co has been given the job), which will define the role of EEPC, the Government and the exporting community with the objective of achieving the targets set. Pointing out to the Minister that EEPC was confident of over-achieving the set target of $ 12.75 billion of engineering exports for 2004-05, Mr Shah said "in the same breath, I am constrained to say that you have turned a Nelson's Eye to some of the long standing grievances of the engineering industry." He called for assistance in the form of grant for quality and technology upgradation and market promotion to offset the 7-8 per cent disability factor now faced by the sector. Mr Shah also sought an announcement without any further delay that the existing DEPB entitlement will continue for six months even after the new (alternate) scheme is announced, which will help exporters to continue long-term contracting.
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