March has been a commendable month for EEPC India. Fresh from the success of our flagship event, the International Engineering Sourcing show (IESS) in Coimbatore, Chennai, held over 4-6 March, I am happy to report that the event received resounding praise from both our Indian participants and overseas delegates. In its 11th year, the event focused on #SmartSustainableEngineering as the theme as it marked the convergence of two of the most relevant features of the current global manufacturing trend: smart manufacturing and sustainable manufacturing. The event brought together Indian exporters and international buyers in the same podium – there were displays of 149 engineering merchandise from around 300 exhibitors which were showcased to some 10,000 hosted trade visitors and 300 overseas buyers from 48 nations.

The show received overwhelming support from various Union Government Ministries including Department of Commerce, Ministry of Commerce and Industry; Ministry of Heavy Industries; Department of Defence Production, Ministry of Defence, etc. At the same time the show also witnessed a very healthy participation from major industrial states including Karnataka, Andhra Pradesh, Telangana, Orissa, West Bengal, Himachal Pradesh, Jharkhand, etc. The exhibition was held for the sixth time in Tamil Nadu and received very good cooperation from the state government. I would like to thank all the central and state departments which have supported us through this event. I would also like to congratulate my EEPC colleagues for making this edition of IESS yet another success story for the organisation. I hope that this continues in the coming years.

Coming to the performance of the Indian engineering sector, I am pleased to mention that since the last few months we are in a steady growth path. In February 2024, India’s engineering exports reached $9.94 billion recording the highest y-o-y growth (15.9 percent) in fiscal 2023-24. The remarkable performance of the sector in the last three months made it possible for cumulative exports to also record a growth – during April-February 2023-24, India’s cumulative engineering exports stood at $98.03 billion which is 1.23 percent higher from the same period last year. Year-on-year growth was witnessed in almost all product panels including metals and machineries; however, there was a decline in exports of motor vehicles and cars. Indian engineering exports also witnessed growth in almost all major exporting destinations.

This performance has been possible despite the difficult global trade situation. As per studies, 2023 witnessed the slowest trade growth in the last 50 years outside global recession years. The continuing geopolitical tensions and lack of demand across the globe marred any recovery efforts that were made in the post-pandemic era. There is a ray of hope amidst such difficult times – as per recent World Bank predictions, global trade is expected to grow by 2.3 percent in 2024, indicating a partial recovery of demand mainly in the advanced economy. As India’s current performance stabilises, we are hopeful that with positive turn of the tide, our exporting community will be able to improve their export performance. In this journey we also continue to expect help and proper guidance from the Ministry of Commerce and Industry. In fact, we have had a recent meeting with the Minister of Commerce and Industry where he assured us of his continuing assistance. I am thankful for this.

Finally, as we emerge from the success of IESS 2024, our pursuit of bringing India’s engineering exporters face to face with their potential buyers does not stop. In the coming fiscal, EEPC India has planned more exhibitions across the globe covering several key sectors. Some of the upcoming events include Middle East Energy, Dubai, and Hannover Messe in Germany. I cordially invite all members concerned to participate in these shows.

With this we would be able to help India achieve the $1 trillion export target set by 2030.

Arun Kumar Garodia