High-tech product manufacturers from sectors like aerospace engineering are shifting their focus towards India from China due to the increasing cost of production in the neighbouring country, EEPC said on Tuesday.
"Costs of manufacturing (in China) are no longer cheap the way they used to be, with their banking under stress and the pressure on the government to cut rebates.
"Chinese firms are no longer the top contenders for the global outsourcing. This gives the Indian engineering sector an opportunity," EEPC India Chairman Anupam Shah said in a statement.
Engineering Export Promotion Council (EEPC) said be it an aerospace engineering firm in Germany or an instrumentation giant in Canada, world leaders in high-tech manufacturing are shifting focus to outsourcing their critical supplies to India.
It said that to cash-in on this sentiment, the council is organising a mega event in Mumbai in January next year to showcase India's manufacturing prowess in high-tech items.
"The India Engineering Sourcing Show, with projected participation of the world's top 300 buyers is billed as an international platform for clinching multi-million dollar deals," it said.
The four-day show will start from January 22.
The External Affairs Ministry is also being roped in for seeking larger participation through Indian missions in countries like Italy, Poland and Mexico.
The engineering sector has emerged as the largest contributor to India's total merchandise exports followed by gems and jewellery, textiles and chemicals.
The shipments are expected to reach USD 63 billion in the current fiscal, it added. The US and Europe together account for over 60 per cent of India's total engineering exports.