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GST implementation, the single biggest taxation reform: Teotia

Chennai | Updated on March 08, 2018 Published on March 08, 2018

One of the stalls at the International Engineering Sourcing Show (IESS- VII) at Chennai Trade Centre   -  K Pichumani

International Expo on engineering industry opens

The 7th edition of International Engineering Sourcing Show (IESS), a three-day exposition for engineering industry, kicked off on Thursday with a focus on increasing global footprint and share Indian engineering products.

Having made inroads in developed markets like the US and Europe, the engineering industry hopes to increase its presence in Middle East, Africa, and South East Asia, and even small countries like the Czech Republic.

EEPC India Chairman Ravi Sehgal, in a press release, said engineering exports have emerged as the largest contributor to India’s total exports kitty growing by 23 per cent to $56 billion for April-December 2017-18.

Global partners

Engineering exports account for over 26 per cent India’s total exports basket, and India is set to evolve as a hub for design, innovation and manufacturing.

Tamil Nadu is the host State while Czech Republic is Partner Country and Flander (Belgium) is Focus Region at this year’s event, which has presence of over 400 exhibitors, and will see 500 overseas buyers and 10,000 business visitors. This event is annually organised by EEPC with support of Union Commerce Ministry and the Department of Heavy Industry.

“We are very keen to get global partners to work with us to create a new and better world, and make economic development happen through partnerships. Partnership is key to showcase each other’s capabilities to bring about synergy to make a better economic model, which is a necessity,” said Union Commerce Minister Suresh Prabhu in a video message telecast at the three-day event.

Rita Teotia, Commerce Secretary, said implementation of GST was the single largest taxation reform in independent India. Launch of Make in India, liberalisation of FDI policy, focus on Ease of Doing Business and transformative initiatives like Digital India, Start-up India and Skill India are foundation of an outcome-oriented industry policy, which will enable industry a driver of growth.

Inaugurating the event, Tamil Nadu Deputy Chief Minister O Panneerselvam said the State will also host next year’s event.

Czech Republic‘s Minister for Industry and Trade, Tomas Huner said bilateral trade between India and Czech Repubilic is around $1.5 billion. He expressed his country’s desire to scale up the economic and technological cooperation with India as the two countries can group together in reaching out the global market. Sectors like pharma, automotive and engineering offer enormous potential for companies of both countries to explore more joint ventures, he said.

Published on March 08, 2018
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