Kolkata, July 25 (UNI) The Engineering Export Promotion Council of India (EEPC India) on Thursday organised a stakeholder consultation to prepare a roadmap for achieving the US$300 billion export target by 2030 for engineering goods.
The strategy paper comprising action plans to achieve the exports target will be shared with the government shortly.
In his address to the stakeholders, Joint Secretary, Dept. of Commerce, Ministry of Commerce & Industry, Government of India, Vimal Anand said that the engineering sector
would play a key role in India's journey to reach total merchandise exports target of US$1 trillion by 2030.
"The growing adoption of the ‘China plus one’ strategy among developed economies is bringing Indian commodities into the global spotlight. We are experiencing increased demand from new markets like the Netherlands, Brazil, and Saudi Arabia, leading to significant export gains. Furthermore, India has been proactive in signing Free Trade Agreements (FTAs) with strategically important countries. Recent FTA deals with Mauritius, Australia, and the UAE are expected to provide a significant boost to our exporters," he said.
Chairman, EEPC India Mr Arun Kumar Garodia stated that it is imperative for the engineering exports to expand at an accelerated pace to reach the $300 billion target.
He highlighted some of the challenges faced by the industry but said that the engineering sector will continue to thrive despite those issues.
"Challenges, such as the Red Sea crisis and the Middle East conflict, along with protectionist policies like the EU Tariff Rate Quota, US Section 232, and the EU Carbon Border Adjustment Mechanism (CBAM), are complicating the landscape and adversely affecting engineering exports. However, India’s proactive stance on Free Trade Agreements (FTAs) is yielding positive results," Garodia said.
He added that forecasts of lower GDP growth in the US and the EU could have negative effects on engineering exports.
During the inaugural session Chief General Manager, India Exim Bank Vikramaditya Ugra made a presentation on 'Recent Trends in Rupee Trade Mechanism' and said that the government is simplifying the regulatory framework for rupee trade to make it more accessible for exporters.
"This simplification can lead to faster trade transaction processing, reducing delays and making compliance easier for exporters. It would enhance their efficiency and competitiveness, allowing them to focus more on core activities, potentially increasing productivity and export volumes," Ugra maintained.
Executive Director & Secretary, EEPC India Adhip Mitra said, "Given the size and diversity of the engineering sector, a single strategy or roadmap will not suffice. We must develop sub-sector-specific strategies and action plans to achieve the ambitious targets set by the Government."
He noted that the engineering sector is vast, encompassing around 3,000 products at the 8-digit level HS code.
The EEPC India organised stakeholder consultation in partnership with India Exim Bank and Deloitte.
Despite global economic difficulties, India’s engineering exports have shown an impressive ability to adapt and recover from 2021 to 2024, reaching a record high of more than US$ 112 billion in 2021-22 and experiencing a minor drop to US$ 107 billion in 2022-23. The sector bounced back to US$ 109.3 billion in 2023-24, indicating India’s strategic efforts to expand markets, dedication of the exporters, and setting a positive path towards the aspirational US$ 300 billion goal by 2030.
UNI PC KK