India Exports is set to decline below $300 Billion in 2015-2016.
Attending three day exhibition “ India Engineering Sourcing Show (IESS) 2015” organised by Engineering Exports Promotion Council of India (EEPC India) for the exporters in India. IESS 2015 is said to be attended by over 400 exhibitors, 500 overseas buyers and 10,000 trade buyers
Ministry of Commerce & Industry – Joint Secretary “Mr. Ravi Kapoor” said in an address to the reporters that India may face a decline in exports from the country.
Joint Secretary Ravi Kapoor said value of exports may fall short of $300 Billion for the year 2015-2016. Where the country achieved $312 Billion in the fiscal 2014-2015. This prediction came out as India’s export experience decline in the exports for the 11th month in a row and achieved only a total of $154.2 Billion for the first seven months of this fiscal. The actual target for the year 2015-2016 was set at $325 Billion.
This decline is being experienced due to sluggish global demand and weak global economy. Joint Secretary also addressed the fall of crude prices as the petroleum products leads the India’s export numbers followed by engineering, Gems, Jewellery, Textiles, Pharmacy & Drugs.
Players like Xiaomi & Huawei have set up manufacturing units in India, where Foxconn is said to follow suit to set up manufacturing unit supporting “Make In India” Initiative.
Earlier CCEA approval of 3% Interest Equalisation and duty refund hikes for the imported input for the exporting product. Ravi Said that Governement is lookin to reduce issues like High Transaction Cost and etc… He also said that IP Rights of Innovators will also be protected and has decided to improve by upgrading the infrastructure using state of the art technologies.
Meanwhile EEPC India Chairman T S Bhasin addressed that IESS 2015 would be eyeing at key sectors like Industrial Supply, Electrical Machinery, Automotive Components, Innovation Technology, Retail Engineering & Engineering Products.
IESS 2015 would have help export companies in Tirupur to source new technology and products.