New Delhi, Jan 17 (Bureau) The growth of the engineering goods sector is critical for the economy considering it is the most laboUr-intensive after agriculture and contributes around one-fourth of India’s total merchandise exports, EEPC India chairman Arun Kumar Garodia said on Tuesday. Addressing member-exporters to mark the 36th & 37th Eastern Regional Award ceremony of EEPC India, Garodia said that the global geopolitical and economic scenario looks somewhat cloudy at present driven by the Russia-Ukraine war and economic instability in North-East Asia and Europe.
He, however, hoped that global trade would see some recovery on the back of easing commodity prices. “EEPC India is proud to play an instrumental role in helping engineering exports to reach an all-time high of USD 112.10 billion in the last completed fiscal,” Garodia said. He noted that EEPC India is working with the government in turning each district of India into an export hub. “Seventy five districts have been selected in the first phase for this purpose and EEPC has been preparing notes on potential engineering products of these districts through its Regional Offices,” EEPC India Chairman informed as he congratulated the winners for their outstanding export performance for the year 2017-18 and 2018-19. West Bengal Minister-in-Charge, Department of Industry, Commerce and Enterprises Sashi Panja said the state was focusing on iron and steel industries, which have huge potential to lead the engineering sector.
She said EEPC India is handholding the Indian engineering exporters to reach overseas. EEPC India regional director B. D. Agarwal said global trade that started losing momentum in the second half of 2022 and there are apprehensions that the scenario would worsen in 2023 due to a slowdown in major global economies and crisis in North-East Asia led by economic uncertainty following the outbreak of COVID. “We hope that the geopolitical turmoil in the CIS region will subside soon and the fear of pandemic will also fade away to give the world economy a new lead in the coming years. India’s merchandise trade is expected to grow further with the recent conclusion of the India-UAE FTA and India-Australia Economic Cooperation and Trade Agreement (ECTA) which provide preferential market access to several products in these countries. We are hopeful that more such FTAs will be signed in times ahead to facilitate trade,” said Agarwal.