Commerce Ministry releases Strategy Paper on Engineering Exports
UNION Minister of Commerce and Industry Mr. Anand Sharma released the Strategy Paper on the Growth of Engineering Exports commissioned by EEPC and prepared by Ernst & Young. On this occasion, the Minister said that engineering exports from India have grown considerably in the last few years with a growth rate that has been much higher than the world average. The Strategy Paper has set a target of USD 110 Billion by 2014 for total engineering exports. The Minister said that it is a robust target and if engineering is able to maintain its share of nearly 22% in total exports, then by 2014, India's total exports should be in the range of USD 500 Billion.
A case of reverse engineering the export targets based on a single sector's expectations.
The Minister stated that the DGFT is carrying a sectoral review of the exporting scenario, wherein all aspects of the policy related problems and major hurdles are being looked into sector by sector. And he added that the amendments to the new FTP will reflect the concerns of the exporting community and initiate steps within our means to help exporters reach greater heights of glory.
We only hope that the steps would be taken in consultation with the Finance Ministry so that both Ministries speak with one voice for providing export related benefits and avoid the ugly spats that occurred in UPA-I