‘Engineering exports may cross $50 bn’

North America,Africa and Middle East countries are driving the demand for Indian goods.

India’s engineering exports are likely to cross the USD 50 billion-mark by the end of this fiscal on the back of increasing demand in markets like North America,Africa and Middle East countries.

“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 in a statement here.

Engineering exports grew by 61 per cent to USD 38.80 billion during the April-December period this fiscal from USD 24.08 billion in the same period last year.

“Exports of engineering goods from India are likely to be over USD 50 billion in the current fiscal,” Chaudhuri said.

Out of India’s total engineering exports,valued at USD 32.5 billion in 2009-10,the US and EU accounted for about 65 per cent of the shipments.

The strategy paper of the Commerce Ministry has projected that the country’s engineering exports will touch USD 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.

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To further boost the sector’s exports,the government is organising trade fairs and business meetings. The Engineering Export Promotion Council (EEPC) and the ministry has jointly organised a buyer-seller Meet at the Indian Trade Promotion Organisation here today.

Over 40 delegates from the US,Canada,ASEAN and South Asian countries participated in the meet.