Engineering exports are likely to reach $62 billion in 2016-17, according to EEPC India.
For the April-January period, engineering exports have touched $ 50.9 billion. The total shipment was $ 49 billion during the entire financial year of 2015-16. The monthly shipments have now been above $ 5 billion this fiscal. For January 2017, engineering exports aggregated $ 5.29 billion, showing an increase of more than 12% compared with the same month last fiscal.
The better number this time around was primarily due to the revival of demand in the U.S., said a release from EEPC.
Encouraged by a smart recovery in exports, the apex engineering export organisation, with the support from the Commerce Ministry, is working on a strategy to give a further push to these exports. The upcoming International Engineering Sourcing Show (IESS) in Chennai is part of this strategy, according to EEPC India Chairman T. S. Bhasin. “We stick to our view that Indian engineering exports are likely to see continuance of the uptrend on the back of a revival in demand for metals and other basic material,” he said.
The engineering exports witnessed positive growth for the sixth straight month in a row, though the double-digit growth began from October, 2016. A substantial rise in the exports was observed in iron and steel, electrical machinery, automobile, medical & scientific equipment, railway and transport equipment.
