New Delhi, Jun 4 (KNN) Within days of Prime Minister Narendra Modi taking office, over 100 engineering exporters with support from the Commerce Ministry are showcasing their technological capabilities at Poland’s prestigious ITM Poznan fair. This shows the intention of the new Indian government to boost the country’s manufacturing through enhanced global integration.
“India’s new government is now busy devising a fresh strategy to boost the country’s global engagement helping the Indian products move up the value chain in the global supply line,” said Chairman of the EEPC India, Anupam Shah.
EEPC India is the organiser of the three-day India Show at ITM Poznan which began in Poland yesterday.
Addressing the global media at the event Shah said the new Indian government has committed itself to further boosting the manufacturing sector, especially the SMEs, by engaging actively with the international players and forge technological relations.
Offering her comments, India’s Ambassador to Poland and Lithuania, Monika Kapil Mohta said the new government has already started working on a strategy to revive the country’s manufacturing capabilities and is committed to remove procedural bottlenecks for foreign investors.
“Our manufacturing sector is around 16 per cent of GDP which we want to take to 25 per cent by 2022,” she said. “It is here that Poland and India can mutually benefit in the days ahead.”
EEPC Chairman said a bigger trillion dollar opportunity exists in building India’s infrastructure like electricity, roads and bridges, telecom, railways, irrigation, renewable energy, oil and gas pipelines, airports, ports, water supply and sanitation to just name a few.
A large number of companies in the Indian delegation, accompanied by senior Commerce Ministry officials, comprised SMEs.
Poland is also India's largest trading partner in central Europe and is considered an attractive investment destination by the Indian private sector.
Some of India’s well-known companies like Videocon, Escorts, Strides, Reliance Industries, Ranbaxy, VSNL Teleglobe, Essel Propack, Tata Consultancy Services (TCS), HCL4 Technologies, Infosys and Wipro, Jindal Stainless, Tata Motors, Berger Paints, and Uflex have set up bases here.
Equally, Polish companies that operate in India include TZMO, manufacturing hygiene sanitary products, Can-Pack Poland in manufacturing metal packaging and TORUN (group PGNiG) doing oil extraction/ exploration services.
To boost bilateral trade and investment between the two countries, India and Poland are already focusing on areas like mining, agri-processing and IT.
New prospects are also opening up in many other fields like crude oil and gas exploitation, maritime economy, pharmaceuticals and medical devices, paper industry, food processing machines and plants, machine tools and aircraft among others.
Poland-India bilateral trade touched USD 1674.10 million in 2012-13, up from USD 808.42 in 2009-10. There has been 70 per cent growth in India’s Engineering Exports to Poland in last four years from USD 109.6 million in 2009 -10 to USD 187.24 million in 2012-13. The product list comprises of Transport equipment, machinery and Instruments, manufactures of metals, primary and semi-finished Iron and Steel, machine.
The Balance of Trade, however, has been in favour of Poland with respect to engineering products as there has been 117 per cent growth in India’s imports of engineering products from Poland in last four years from USD 179.3 million in 2009-10 to USD 389.77 million.
India has mainly imported Iron and Steel, transport equipment, machinery. In fact, Poland has a comparative advantage in mining machinery, which could be of much use for the Indian mining industry.