The Commerce Ministry has said that engineering exports in 2010-11 are likely to be over $50 billion. This projection was made by Mr Sumanta Chaudhuri, Joint Secretary in the Department of Commerce.

Mr Chaudhuri was speaking at a Buyer-Seller Meet at Indian Trade Promotion Organisation organised by the Commerce Department and the Engineering Export Promotion Council (India). The event, which is an initiative to provide a platform to engineering companies for mutual interaction, saw participation of over 40 delegates from the US, Canada, CIS, ASEAN and South Asian countries.

During April 2010-January 2011 period, engineering exports had recorded a 70 per cent growth to cross $45 billion. The Commerce Ministry's recently released strategy paper on exports projects a more than doubling of engineering exports from $51.5 billion in 2010-11 (estimated) to $108 billion in 2013-14.

To achieve this target, the paper proposed a Rs 500-crore Technology Upgradation Fund Scheme for the MSME engineering industry and suggested that credit in the form of term loans at low interest rates may be provided to the sector.

Interest subsidy

It also sought continuation of the interest subsidy scheme on Rupee Export Credit till 2013-14.

Mr Chaudhuri said, “India is a major exporter of light and heavy engineering goods and has a well developed and diversified industrial machinery and capital base.”

Engineering sector has emerged as the most important export sector, contributing to around 25 per cent of the country's total shipments.

Mr S.C. Ralhan, Regional Chairman-EEPC India, Northern Region, said engineering exports are in a state of flux currently. The next edition of the India Show to be coordinated by EEPC would be held at Toronto, Canada from October 17-20.

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