Engineering exports cross 50 bn mark

Exports for the 11 month period of 2010-11 stood at USD 52.7 billion as against USD 29.14 billion in the last fiscal,according to the Engineering Export Promotion Council EPCH data.

In February 2011,the engineering exports grew by 75 per cent to USD 7 billion compared to USD 4 billion in the same period last fiscal.

8220;We have been getting a good number of orders from the US,Latin American and Middle East markets. We expect exports to touch USD 57 billion by the end of the current fiscal,8221; EPCH Executive Director R Maitra said.

These exports would have been still,higher if there were no financial problems in Europe.

8220;The European market is still sluggish,8221; Maitra said. Of the USD 32.5 billion engineering exports in 2009-10,the US accounted for over 30 per cent of the shipments. In its strategy to double India8217;s exports to USD 450 billion by 2014,engineering exports are set to play a major role.

Engineering export include exports of goods,transport equipment,capital goods,other machinery/equipment and light engineering products like castings,forgings and fasteners.