India to achieve all-time record exports of USD 330 billion

India is projected to achieve all- time record exports of USD 330 billion in the fiscal 2018-19 with a major contribution coming from the engineering sector, said Commerce Secretary Dr Anup Wadhawan, while inaugurating  the VIIIth International Engineering Sourcing Show (IESS) in Chennai. IESS -VIII, being organised by the EEPC India with active support from the Union Commerce Ministry and the Department of Heavy Industry  is slated to be India’s largest display of engineering products and solutions with around  400 exhibitors, 500 overseas buyers and 10,000 trade visitors participating in the March 14-16 show.

The exhibition will also have dedicated B2B sessions with foreign buyers, and vendor development programmes with leading PSUs in defence, space, infrastructure and engineering. Tamil Nadu is hosting the prestigious event for the third time in a row, while  Malaysia is the Partner Country of the IESS. India-Malaysia bilateral trade aggregated to USD 14.71 billion in 2017-18, with total exports from India to Malaysia amounting to  USD 5.7 billion while its imports from Malaysia stood at around USD 9 billion.

The Malaysian delegation is led by Datuk K Talagavathi, Deputy Secretary General (Industry), Ministry of Internationalo Trade, Malaysia. She expressed her optimism in enhancing bilateral trade in the years to come. The Commerce Secretary said engineering exports account for about a quarter of India’s total exports. Given the protectionism sweeping major countries of the world and engineering being one of the segments affected by such restrictive measures, the exporting firms should look at innovative methods to enhance competitiveness and take advantage of various market access opportunities.