India's Engineering Exports To Touch $50 Billion This Fiscal News.

Engineering exports from the country is expected to reach $50 billion in the current financial year (April-March 2010-11), a senior commerce ministry official said today.

"Exports of engineering goods from India are likely to be over $50 billion in the current fiscal," Sumanta Chaudhuri, joint secretary in the ministry of commerce and Industry, said.

Delivering the keynote address at a buyer-seller meet at India Trade Promotion Organisation (IPTO) in New Delhi, he said, India is a major exporter of light and heavy engineering goods and has a well developed and diversified industrial machinery and capital base.

The buyer-seller meet was jointly organised by the Engineering Export Promotion Council (EEPC) India with the ministry of commerce and industry.

Over 40 delegates from the US, Canada, CIS, Asean and South Asian countries are participating in the buyer-seller meet. This is the second in the series of buyer-seller meetings organised by EEPC this year.

Engineering sector is the most important sector in India's global exports.

The event was organised in conjunction with India-Asean Business Fair and Business Conclave coordinated by FICCI, and is an initiative to provide a platform to engineering companies for mutual interaction.

"India is, in fact, one of the countries which produces the highest numbers of engineers in the world, SC Ralhan, regional chairman - EEPC India, Northern Region, said in his address.

"Asia as a continent is going to play a very important role in shaping the destiny of world trade," he said, adding, "the world should look at Asian markets afresh."

The export of engineering goods are in a state of flux at present, he said, adding that exports of engineering goods during April-January 2011 has grown 70 per cent year-on-year during the period.

The next edition of the `India Show' to be coordinated by EEPC will be held at Toronto, Canada from 17 to 20 October 2011.

Source : domain-b.com