The path chosen by India in the early nineties in liberalizing and integrating its economy in the global context is yielding significant results with the Indian economy growing at a healthy pace. In the new millennium, our country is charting out a path towards higher economic development and prosperity. The economic downturn in Europe and modest recovery of US, the Indian Economy showed the signs of slowdown with GDP growth rate of 6.5% for the year 2011-12.

India, with its large skilled workforce, growing domestic market, raw material availability and emergence of a mature supply base offers certain unique strengths and potential, which is being recognized on a global scale. Outsourcing of manufacturing and services activities especially in the knowledge-based industries and manufacturing sector to India has become an essential business strategy for the developed countries.

In this fast-changing global scenario, the Government of India, recognizing foreign trade as one of the main catalysts for stimulating the economy and has set a target of US$ 500 billion by 2013-14. During the year 2011-12, Exports posted growth rate of 21 % to US$ 303.7 billion over the previous year surpassing Government’s target of US$ 300 billion. Business and industry, merchants and manufacturing exporters are working as partners with the Government to accelerate India’s foreign trade.

Integration with the global economy, while throwing a number of challenges, is providing immense opportunities for Indian companies to map out the entire world.

In this background, PEC is very optimistic about technology and engineering-led growth in exports besides trading in industrial raw materials, agro commodities, bullion, etc. The Indian market is large and expanding. Today, technology is providing immense opportunity to the medium and small scale sectors to export to developing nations by giving them products, which have value for money as compared to more expensive options from the developed nations.

The Corporation, with its experience of over 41 years in international trade and a strong established base of associates to provide the technology and products, is well-equipped to cater to the demands of foreign clients. It is our humble endeavour to add more value everyday for mutual benefit.

During the financial year ended in March 2012, the Corporation achieved all time high turnover of 11,026 crore (US$ 2.20 billion) and achieved profit before tax of 119 crore ( 80 crore after tax). The spirit of team-work and dedication has contributed immensely towards this path-breaking effort. The segmentation of our business has been:-

	Agro commodities		3139 crore
	Industrial raw materials		6462 crore
	Engineering and manufactured goods		221 crore
	Bullion		971 crore
	Others		233 crore

The Corporation is grateful to its clients, customers and associates for giving it opportunities to grow. We are also thankful to our bankers and stakeholders who have posed confidence in the company.