Annual EPO market likely to touch $30 bn

02 Jun '07

3 min read

He further pointed out that the Annual Supplement 2007 to the Foreign Trade Policy had addressed the issue of Service Tax component that gets factored into exports price.

He urged the engineering exporters to use the Focus Market Scheme to their utmost advantage in promoting exports of Indian engineering products to these markets, as the potential growth for India's engineering exports in focus markets especially the CIS was huge.

In this context, he mentioned that government had given export thrust to newer markets by expanding the list of Focus Market Scheme to include 16 new countries including the CIS and stressed that it was important to concentrate on developing markets in these countries.

While congratulating the engineering exporters (for the year 2005-06), Shri Kamal Nath assured that all issues raised by Chairman Shri Rakesh Shah would be looked into and his Ministry would extend all possible help to resolve them.

“In the last three years, our Government has consciously endeavored to carry out policies designed to make our products globally competitive."

Indian exports, including, engineering exports are likely to face increased non-tariff barriers, considering that average tariffs for industrial products in all countries is headed southwards.

"This process has already begun for engineering products and is likely to gain greater momentum as India's share in world exports increases in the coming years.Thus, the Doha Round of Trade Negotiations under the auspices of the WTO is a good opportunity for India and other developing countries to leverage such issues”, the Minister said.

Press Information Bureau Government of India

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