Japanese Imports To Aid The Growth Of Indian Auto Spares Industry
Reports suggest that, as a part of bilateral treaty, Japan has recently offered a relief in the customs duty under which the duty has been lifted from 86% of the products. The companies profiting the most from this lift are the small manufacturing firms that produce automobile components such as machine tools, castings, auto components and forgings. This move will result in an increased share of India in the imports of Japan. Mr. Rajat Srivastava, Director for the western region of Engineering Export Promotion Council (EEPC), during the ‘Doing Business With Japan’ seminar in Ahmedabad, mentioned that the Indian companies have stupendous capacities which Japanese companies are not aware of.
From June 20th to 22nd the city of Tokyo is going to witness the Mechanical Components and Materials Technology Expo (M-Tech). EEPC is going to exhibit the smaller Indian companies and their capabilities at the India Show which is a part of aforementioned M-Tech Expo and since India is the partner in the show it is capable of sending more companies to the show in comparison to other countries. Mr. Srivastava also expressed grief over the mentality of most of the Indian companies who believe that they cannot export their products to Japan. This limited mentality has reflected in the exports figures which are restricted to just $6.135 billion out of the total Japanese import of $794.7 billion. Japan imports from China, Malaysia and Singapore stand at $183 billion, $24 billion and $16.5 billion respectively.
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