EEPC Calls for New Market Exploitation to Raise Engg Exports to $126bn

Need to penetrate new markets to raise India’s share in US$ 126 billion global metal working sector: EEPC India Chairman

India is one of the leading suppliers of metal cutting, forming and welding equipment to the world and US$ 1.5 billion worth of exports from the country validate the importance of these products in Indian engineering goods exports, said Minister of State for Commerce and Industry Mr Som Parkash noted at Metal Cutting, Forming & Welding Expo 2021.

He said that various high-frequency data point towards a shining Indian economy and the ability to meet the goal of US$ 400 billion exports this fiscal.

In his address, EEPC India Chairman Mr Mahesh Desai said that with renewed thrust of the government on defence, aerospace, railways and metro among other key sectors India's metal working sector could substantially expand locally and penetrate new export markets.

"World exports of metal cutting, forming and welding equipment is around US$ 126 billion and the contribution of India is around US$ 1.5 billion. Clearly there is huge potential to grow our share in global trade," he said.

The metal working industry consists of critical processes like metal cutting, metal forming and welding. Currently, a substantial share of India’s export of metal working items is to the US, Europe and Middle East.

Mr Desai said that the idea behind the event is to showcase capabilities of metal working and related sectors in one platform and facilitate to meet buyers from regions like – Europe, ASEAN, Africa, LAC (Latin America and the Caribbean) Region, South Asia and US.

"Our economy is on the comeback mode with 8.3% predicted GDP by World Bank, upgradation in Moodys’ ratings and 28% rise in the engineering goods exports in September 2021, making US$ 107 billion export target achievable by this fiscal end. The pace of the vaccination process and the opening up of the international border are good signals for bolstering trade and business worldwide," said the EEPC India Chairman.

In his remarks at the Expo, EEPC India Vice Chairman Mr Arun Kumar Garodia said, "Key takeaways of this exhibition are buyers and delegates from 27 countries, exclusive business-to-business meetings with buyers, theme-based webinars and lead generation from one of the largest gathering of decision-makers and trade buyers."

"Ranked among top 16 global suppliers in machine tool parts and accessories; top 22 in cutting tools; top 25 in machine tools and top 26 in welding equipment and technologies; India is the right choice to procure metal cutting, forming and welding equipment," said Mr Garodia.

Karnataka is the partner state and Visvesvaraya Trade Promotion Centre (VTPC), Government of Karnataka is supporting the participation of SME units from Karnataka in the 10-day Metal Cutting, Forming & Welding Expo 2021 on virtual platform.