Chennai hosted for the second year in a row, the International Engineering Sourcing Show (IESS) between March 8 and 10, 2018 under the aegis of the EEPC India, showcasing to global leaders in technology and engineering, Indiaâ€™s highâ€“end R and D and manufacturing capabilities to become their dependable sourcing hub with a vast pool of scientific talent and resources.
The state has emerged as one of the most progressive and dependable sources for high-tech engineering exports, notably from the small and medium enterprises. EEPC India, with the active support from the Union Commerce Ministry and the Department of Heavy Industry, is organising the prestigious IESS , for the second time in succession shows how the global engineering giants have rated the state of Tamil Nadu among the leading sources for engineering exports.
The 2018 edition of IESS took place in the backdrop of a handsome growth in the countryâ€™s exports and engineering exports , in particular. The engineering exports have emerged as the largest contributor to Indiaâ€™s total exports kitty, growing by impressive 23 per cent to USD 56 billion for the April-December, 2017-18. Highly employment-oriented engineering exports alone account for over 26 per cent Indiaâ€™s total exports basket.
2018 is likely to be a turnaround year not only for the Indian economy but also the global economy which grew over 3 percent after many years in 2017. Major reforms were undertaken over the past year. The transformational Goods and Services Tax (GST), the new Indian Bankruptcy Code, major recapitalization package to strengthen the public sector banks and dissipating effects of earlier policy actions, and the export uplift from the global recovery, should allow real GDP growth to reach 6Â¾ percent for the year as a whole, rising to 7-7Â½ percent in 2018-19, thereby re-instating India as the worldâ€™s fastest growing major economy. The share of the manufacturing sector to the gross domestic product (GDP) is all set to reach 25 per cent by 2022, from 16 per cent, and to generate 100 million new jobs by 2022. Cumulative FDI in Engineering Sector increased to USD 3.36 Billion in FY 2017-18 ( upto September 2017).
This IESS was very special one to me and I am sure you all had a very meaningful interaction.
Mr. S. Gupta, Executive Director,