International Engineering Sourcing Show inaugurated in the city

Atmanirbhar Bharat boosts domestic manufacturing with production incentives, logistics improvements, and export goals, as discussed at IESS.

Atmanirbhar Bharat along with production linked incentive schemes across various industrial sectors of automobiles, textiles, pharmaceuticals and electronics and engineering products, have empowered the domestic manufacturers to compete globally, said Vimal Anand, Joint Secretary, Department of Commerce

He was addressing the delegates after inaugurating the International Engineering Sourcing show (IESS) organised by Engineering Export Promotion Council of India (EEPC), at the Chennai Trade Centre on Wednesday. Mr. Anand pointed out the PM Gati Shakti and the National Logistics Policy in logistics infrastructure has helped pave the way for reducing the turnaround time of container vessels from 43.44 hours in 2014 to 22.57 hours in 2023 helping in reducing the logistics cost significantly for the businessmen. This is also reflected in the World Bank Logistics performance index where India is ranked 38th in 2023 against the 54th rank it held in 2014. He also said the Ministry of Commerce has prepared a roadmap for the country to achieve $2 trillion in exports by unveiling the Foreign Trade Policy 2023.

Another important development which the Central Government was wholeheartedly attempting was the internationalisation of the rupee through the new Foreign Trade Agreements (FTAs) for trade settlement especially as the country imports 85% of the crude oil. The directives of the Reserve Bank of India along with the Ministry of Commerce extending all export benefits have made rupee transactions easier with rupee trade already going on with Russia and United Arab Emirates and negotiations being carried out for trade settlements in local currencies with other countries, he added. 

Atul Anand, Principal Secretary, Medium, Small and Micro enterprises department, said the State is the second highest contributor with 9% to the GDP in the country and has the largest educated workforce. He cited various issues of the industrial exporters in the country facing Carbon Border Adjustment Mechanism (CBAM) in European countries said that he had full faith in the innovative technology ability of the MSME sector to overcome the issues. He also highlighted the FaMe TN, an initiative of the State government, to support entrepreneurs in all ways and the State taking efforts to achieve the target of becoming a $1 trillion economy against the country setting a target to achieve $5 trillion economy. 

Pankaj Chadha, Chairman of EEPC India, said the theme of this year’s IESS exhibition was Smart Sustainable engineering. 

Aakash Shah, Vice Chairman of EEPC India, also participated.