Financial Daily from THE HINDU group of publications
Friday, Dec 17, 2004
Financial Daily from THE HINDU group of publications Friday, Dec 17, 2004 |
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Industry & Economy
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Engineering Engineering export promotion body raises target this fiscal Our Bureau
Kolkata , Dec. 16 THE Engineering Export Promotion Council (EEPC), encouraged by the buoyant trend witnessed in engineering exports during the October-November period, has revised upwards its export target for 2004-05, from the earlier $12 billion to $12.75 billion. Talking to Business Line here today, Mr Rakesh Shah, Chairman of the council, said the export target was discussed at the recent meeting all export promotion councils and commodity boards had with the Union Commerce Minister, Mr Kamal Nath, in New Delhi. He said EEPC, having exceeded expectations in terms of growth, was confident of doing even better, and had readily accepted the Minister's suggestion to increase the target. As per the council's own internal calculations, $12.75 billion was easily achievable, it is pointed out. Mr Shah said that the engineering sector has already clocked a 38 per cent growth in dollar terms for the April-August 2004 period, far surpassing the general growth of overall exports, which was around 24 per cent as in November 2004. According to him , the share of the engineering sector in the overall export target of the country now stood at 17 per cent, which was also 1 per cent higher than last in view of the target revision. Mr Shah sounded optimistic that with adequate infrastructure support, engineering exports could not only double its performance during the next five years, but also surpass the same in line with the government's expectations of achieving a 1.5 per cent share of global trade during this year. He said a steady growth in engineering exports have been maintained during the last five years.
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