Indian export of engineering goods looking up this year

KOLKATA: Export of engineering goods from India has registered nearly 14 per cent growth till December last during the last fi scal after experiencing a severe downturn for nearly three years because of ‘volatility’ in the overseas markets. This was announced by Nupam Shah, senior vicechairman of the Engineering Export Promotion Council (EEPC) during the Annual Award Presentation Ceremony here on Thursday. Altogether 45 leading engineering exporters of the country were felicitated by the Council for their ‘unmatched performance’ during last year. Stating that 2009-10 was ‘indeed a tough year’ for the Indian exporters, Shah said since then the volume of engineering exports to Europe, the USA and rest of the world was down by about 12 per cent from 182.5 billion USD the previous year. “Though we have been able to make some recovery during the early next year, the total volume has substantially come down once again before the year end following the Eurozone crisis, “ Shah said adding, however, during the fi rst nine months of the last fi scal the volume of engineering goods from India looked up again and registered a substantial growth of 13.8 per cent till December last. Referring to the performance of Eastern Region, comprising West Bengal, Bihar, Orissa, Jharkhand and seven Northeastern states and Sikkim as ‘laudable’, Shah said all of them together accounted for nearly 18 per cent of the country’s total engineering exports last year. In this connection, Shah echoing similar sentiments of EEPC Eastern Regional Chairman A K Garodia expressed concern at some of the economic measures of the new government in West Bengal like the imposition of the clause of non-refund of Value Added Tax (VAT) to the exporting community. “This overdue VAT refund amount from the Commercial Tax offi ces has resulted in a severe fi nancial crunch to most of the exporters, “ Shah pointed out and sought immediate redressal from the state authorities. He also criticised the state government for reintroducing the Entry Tax of one per cent during the current fi scal and described it as ‘inadequate and obsolete fi scal instrument to garner revenue’. Earlier, speaking on the occasion, Ambassador of Czech Republic in India Miloslav Stasek highlighted the growing bilateral relation between India and his country not only in trade and business, but also in socio-cultural fronts. In this connection the Ambassador referred to his government decision to hold the ‘India Show’ in hiscountry in September this year where the EEPC would put up its own pavillion with many Indian exporters at Brno to forge the tie further. EEPC was also planning to participate in another major Expo in Japan in June this year, Mr Shah stated while talking to newspersons on the sidelines of the programme later. A total of 43 leading exporters like Patton International Limited, NALCO, Indian Ferro Alloys Limited and Asle India Limited were conferred with top prizes in their respective categories. West Bengal Commerce and Industries Minister Partha Chatterjee, who was to preside over the function, however, could not come due to pressing engagements elsewhere.