Riding on the back of strong demand in the Western, African and Middle East markets and the diversification of exports to new emerging markets, India's engineering exports are likely to cross the $50 billion-mark by the end of this fiscal.
“India is a major exporter of light and heavy engineering goods and has a well-developed and diversified industrial machinery and capital base,” Commerce and Industry Ministry Joint Secretary Sumanta Chaudhuri said here on Friday.
Engineering exports grew by 61 per cent to $38.80 billion during the April-December period this fiscal from $24.08 billion in the same period in the previous year.
“Exports of engineering goods from India are likely to be over $50 billion in the current fiscal,” Mr. Chaudhuri said. Out of total engineering exports, valued at $32.5 billion in 2009-10, the U.S. and the EU accounted for about 65 per cent of shipments. The strategy paper of the Commerce Ministry has projected that the country's engineering exports will touch $108 billion by 2013-14.
In the engineering segment, India mainly exports industrial machinery, electric machinery and equipment, auto and auto components and ships, boats and floating structures.
To further boost the sector's exports, the government is organising trade fairs and business meetings.
The Engineering Export Promotion Council (EEPC) and the Commerce Ministry have jointly organised a buyer-seller meet at the India Trade Promotion Organisation here. Over 40 delegates from the U.S., Canada, ASEAN and South Asian countries are participating in the meet.