Commerce and Industry Minister Kamal Nath on Tuesday said India could aim to garner 25 per cent of the emerging $70-billion engineering process outsourcing (EPO) business in next few years. It has the advantage of a young and skilled workforce to avail of the opportunity EPO offers, he stated.
Inaugurating the 17th International Engineering and Technology Fair (IETF) in New Delhi, the minister urged the foreign companies to invest in India. "There are infrastructure bottlenecks, but you must look at it as an opportunity. Infrastructure sector requires an investment of $330 billion," he observed.
HT Media Ltd is the media partner for the 17th IETF.
Indian manufacturing sector must grow at the rate of 15 per cent per year to achieve the target of 25 per cent share of the GDP from its current level of 17 per cent. The engineering goods sector has expanded and diversified and is now the fastest-growing sector of industry.
Speaking on the occasion, Japan’s minister of international affairs, ministry of economy, trade and industry, Toshiaki Kitamura, said his country was delighted to be the partner country for the second time at IETF. Stating that Indo-Japan relations had never been better or closer, he said foreign direct investment (FDI) from Japan to India has 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, the minister pointed out. India and Japan share a common vision for regional economic cooperation and are participating together in the 16-member Asian community.
Japan External Trade Organisation (JETRO) chairman Osamu Watanabe said the organisation was keen to take part in India’s development and has started a business support centre in New Delhi to facilitate Japanese investments.
Toyota has showcased its revolutionary hybrid technology with the Prius, the world’s first mass produced gasoline/electric hybrid vehicle at the fair. The Prius, launched in 1997, has achieved new levels of environmental and power performance compatibility based on the concept of hybrid synergy drive.
Rival Japanese automobile manufacturer Honda Motor Company has also displayed its latest technological innovations in producing environment-friendly fuels and advanced mobility.