Anupriya Patel inaugurates the four day 'India-ASEAN Engineering Partnership Summit'

New Delhi: Minister of State for Commerce and Industry Anupriya Patel yesterday said that the Government has taken numerous measures to make India more attractive destination for foreign direct investment.

 

Ms. Patel added  that Prime Minster  Narendra Modi  has set a target of  400 billion dollar  of merchandise exports for  2021-2022 and also envisioned a roadmap to achieve this milestone. 

 

The Minister said this while inaugurating  the four day  “India-ASEAN Engineering Partnership Summit” organised by Engineering Exports Promotion Council  with the support from Ministry of External Affairs and Department of Commerce.

 

She said, as a part of the ‘Atmanirbhar Bharat Abhiyaan’. the Government has recently approved the Production-Linked Incentive (PLI) Scheme worth  26 billion dollar covering 13 sectors.

 

They include electronics, pharmaceuticals, solar modules, specialty steel, automobiles, and medical devices for attracting investment and enhancing India’s manufacturing



capabilities.

 

She said engineering exports constitutes one-fourth of the merchandise exports and is the largest foreign exchange earners among all export sectors.

 

Ms Patel added that the performance of engineering exports has been remarkable in the last few years.

 

She said, ASEAN, with over 15 percent share in India’s global engineering shipment, is likely to be a key region to focus with a target of around 16 billion dollar of exports for 2021-22.

 

She added, as one of the largest destinations for Indian exports, ASEAN will be an important region for India with an export target of 46 billion dollar in meeting the global export target of  400 billion dollar in financial year 2021-2022.

 

On the occasion, an E-Book on India-ASEAN trade and investment emphasizing engineering and MSME sector was also launched.

 

The book covers several important aspects of enhancing bilateral trade and investment and also provides exhaustive information on India and ten ASEAN nations.