News: 'India can attract 25% of global engg process outsourcing'

(BL 14/02/2007) New Delhi - As the International Engineering and Technology Fair kicked off on Tuesday, the Union Minister of Commerce and Industry, Kamal Nath, said that country had the potential to attract 25 per cent of the $ 70 billion global engineering process outsourcing industry.

Infrastructure needs

He said that the need for infrastructure in the domestic market was pegged at $ 330 billion and hence had a great potential in achieving the growth target of 15 per cent in manufacturing.

"We are targeting a growth rate of 25 per cent from the current share of 17 per cent of the share of manufacturing sector to the country's GDP. At present the exports in this sector stand at $ 24 million and may cross $ 30 million," said Nath.

Japanese FDI

He also highlighted that FDI from Japan to India had been growing at 60 per cent for the last two years. "Japanese business is excited about the Delhi-Mumbai industrial corridor, a mega industrial zone that will attract investments and promote trade," said Toshiaki Kitamura, Vice-Minister for International Affairs, Ministry of Economy, Trade and Industry, Government of Japan.

New wave

"Re-engagement of Japan and India had commenced with the visit of the Prime Minister to Japan in December," said R. Seshasayee, President, CII - that has organised the fair jointly with Japan as the partner country.