Thursday, September 07, 2006 17:23 IST (PIB)
Ministry of Commerce & Industry
ENGINEERING PROCESS OUTSOURCING TO BE KEY ELEMENT IN INDIA’S EXPORT STRATEGY
INDIA’S OVERALL EXPORTS MAY EXCEED $ 126 BILLION – KAMAL NATH ADDRESSES COMMERCE CONSULTATIVE COMMITTEE
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Engineering Process Outsourcing (EPO) services from India will be a key element of the country’s engineering export strategy, and the development of the EPO sector will have a far-reaching impact on India’s engineering industry as a whole. This was stated by Shri Kamal Nath, Minister of Commerce and Industry, at the meeting of the Parliamentary Consultative Committee of the Ministry of Commerce and Industry here last evening. ” The EPO market in India has the potential to exceed US $ 40 billion by 2020, which will catapult India’s market share in this category to 30 % from the current 12 %. And to tap the EPO market all the important stakeholders, including government, service providers and trade bodies will need to boost investments in infrastructure and improve marketing efforts”, he said. Engineering goods exports from India have crossed US $ 5 billion in the first quarter of the current financial year, showing a growth of 20 %. But it has the potential to grow at a rate of 30 % annually, the minister indicated citing a recent strategy paper prepared for the Engineering Export Promotion Council (EEPC) by A.F.Ferguson.