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Engineering sector accounts for 12% GDP
India Blooms News Service
New Delhi, Mar 9 (IBNS) The engineering sector is the largest segment of the overall Indian industrial sector. The engineering industry accounts for 12 per cent of India’s GDP. In the year 2005-06, the total net value added by the Engineering Industry in India was US $ 25 billion, said Arvind Mehta, Joint Secretary, Ministry of Commerce & Industry.
Engineering goods enjoy 30.5 per cent weight in the Index of Industrial Production; 29.9 per cent share of total investment; and 62.8 per cent share in foreign collaborations. The important groups within the engineering industry include machinery & instruments, primary and semi-finished iron & steel, steel bars & rods, non-ferrous metals, electronic goods and project exports.
EEPC INDIA (formerly Engineering Export Promotion Council), apex body of engineering exporters kicked off a series of 22 Buyer – Seller Meets (BSMs) across seven locations (New Delhi, Kolkata, Chennai, Mumbai, Bangalore, Ludhiana and Ahmedabad) from 8th to 12th March 2010.
In the first BSM of the series, nearly 100 Indian companies in the engineering sector had direct business talks with their counterparts from USA, Canada, Europe and CIS countries. 30 buyers from USA, Canada, Turkey, France, Slovenia, Spain, Bulgaria, Spain, Armenia and Ukraine etc. attended the first BSM in New Delhi.
Arvind Mehta, Joint Secretary, Ministry of Commerce & Industry, at the inaugural function here, complimented EEPC’s efforts in bringing the buyers to India and said that the efforts would specifically benefit the MSME sector.
Mehta said that this kind of series is a wonderful format of getting Buyers and Sellers together. He further pointed out that the current global economic scenario is still a cause of concern.
S C Ralhan, Northern Region Chairman, EEPC, said that the BSMs have been organized in such a fashion that manufacturing abilities of India is highlighted in the best possible manner, and all industrial centres get a focus.
He also emphasised that the BSMs will particularly help SMEs who otherwise have limited means to explore overseas markets and participate in various international exhibitions.
“Today, engineering exports constitute the single largest commodity in India’s merchandise exports comprising a fifth of India’s total exports,” he added.
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