Commerce and Industry Minister Anand Sharma will soon release three strategy papers aimed at increasing exports of labour intensive engineering goods that have been hit hard by the global slump in demand.
The papers of Engineering Export Promotion Council (EEPC), the apex body of engineering goods exporters, would recommend policy measures for growth of the sector, both in the domestic and international markets.
The study would also help EEPC with theoretical framework to carry out promotional strategies for the next five years, the exporters body said.
"(The papers) would also help us in recommending to the government various policy measures that are required to promote engineering exports," EEPC Chairman Aman Chadha said adding that the studies would be released shortly.
As per the council, engineering exports are likely to dip by about 20 per cent in the current fiscal. In 2008-09, the exports stood at $38 billion. Since April 2009, the exports are in the negative zone.
Engineering exports account for about 20 per cent of the country's overall merchandise exports. The US and European markets contribute over 40 per cent revenue in this segment.
The study on the engineering industry and exports in China in comparison with the Indian industry is being carried out by prestigious Indian Institute of Foreign Trade, while the remaining papers are being prepared by Ernst & Young.
Several sectors like fibre and plantation have started showing growth in exports, but engineering goods shipments continue to falter, Sharma recently said.
Source : Business Standard