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Engineering exporters have joined forces with Indian embassies and missions in North America, including the US and Canada, to carve out a larger share of the market and promote India as a global manufacturing hub.
The Engineering Export Promotion Council (EEPC), in collaboration with Indian missions in the US, Canada and Mexico, will hold the ‘India Sub-Contracting Expo 2021’ virtually, focussing on the three markets on February 16-21, bringing together sellers from India and buyers from the three identified countries.
Around 70 Indian SME engineering companies from the subcontracting sector have registered to showcase their quality products and about 300 overseas buyers are expected to participate, according to a release circulated by the EEPC.
“North America is our largest trade destination accounting for one-fifth of India’s engineering exports,” said EEPC India’s Chairman, Mahesh Desai, adding that within North America, the US itself accounted for 19 per cent of shipments.
Total exports
India exported $75.97 billion worth of engineering goods in 2019-20 accounting for about 25 per cent of total exports. In the on-going fiscal, due to Covid-19 disruptions, engineering exports in the April-November, 2020-21 period declined by 13.24 percent to $43.85 billion from $50.55 billion recorded in the same period last fiscal.
With a combined GDP of $24.35 trillion, North America is the richest as well as the most economically competitive region of the world generating 27 per cent of the world GDP, the EEPC stated.
At a curtain raiser event to promote the expo on Monday, speakers, includingrepresentatives from the Ministry of Commerce and officials from India’s missions in the US, Canada and Mexico, said that the pandemic had presented a “unique” opportunity to India to work with America to build resilient and reliable supply chains.
Desai said the ‘Aatmanirbhar Bharat’ initiative was the best-ever attempt to make India self-reliant and enhance the competence level of the Indian industry and suppliers in the global market. ‘Make in India 2.0’, an integral part of the initiative, would accelerate the process of scaling up India into a ‘global manufacturing hub’.
“The role of our embassies and missions would be crucial for successful implementation of these initiatives,” he said.
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