Bangalore, Sep 10 (ANI): Union Commerce and Industry Minister Anand Sharma on Friday asked the engineering exporters to fully utilise its capabilities and to widen its market base to achieve the desired growth rate.
"Indian engineering products reach to almost 200 countries but many of these items are low value added products. We must therefore, move up the value chain and be able to command a price that reflects the inherent strengths of our products," said Sharma, while addressing the Engineering Export Promotion Council (EEPC), National Awards for Export Excellence for 2008-09, here today.
"Creating an enabling environment, lowering transaction costs and upgrading port infrastructure remain the corner stone of a successful export promotion strategy and we will do everything possible to give our exporters the competitive edge," he added, highlighting the Government's commitment to help the exporters in all possible ways.
Delivering his speech, Sharma observed that the role of Engineering Industry in meeting the challenges ahead has been extremely important.
"The engineering sector's export witnessed considerable decline in the last fiscal year and the Government responded to the need of the engineering industry with a series of measures. In the amendments to the Foreign Trade Policy, announced recently, the Government has continued and strengthened the measures that were initiated last year," said Sharma.
Anand Sharma further said that the global recession has adversely affected the economic destinies of countries worldwide.
"In that sense, the year 2009-10 was an extremely critical period when the global economic slowdown was at its peak. This affected India's exports as well as imports, which declined by 3.58 percent and 5.56 percent respectively. However, due to series of steps undertaken by Government to support the exporting community, the declining trend of exports has been arrested to a large extent," said Sharma.
"Exports, which were steadily declining since October 2008 turned the corner in October 2009. It posted an average positive growth of 19.6 percent between October 2009 and March 2010. In the first quarter of 2010-11, exports have grown by 32 percent compared to the first quarter of the last fiscal year," he added.
Sharma also appreciated the efforts of Engineering Export Promotion Council (EEPC) India for dedicating itself to the cause of engineering exporters since its inception in 1955.
On the occasion, Sharma presented awards to 107 companies who were honoured with specially made trophies and certificates for their excellent export performance.
The list of award winners included many names like Hyundai Motor, Larsen and Toubro, Tata Motors, Tata Steel, NALCO, BHEL, MMTC, IRCON International, HMT International, Ashok Leyland, etc. (ANI)