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Engineering exports up 20% in September |
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India's engineering exports grew by over 20 percent year-on-year to USD 6.48 billion in September on account of high demand particularly in South Asia and Middle East nations.
In September last year, these exports were at USD 5.38 billion, according to the Commerce Ministry data. According to engineering exporters' body EEPC India, in the current fiscal, three countries in South Asia are in the top 25 destinations of India's engineering exports.
India's engineering exports to Iran, Turkey and Jordan too have witnessed a healthy growth, EEPC India has said. The sector contributes about 25 percent in the country's total outbound shipments.
It helped push India's exports, which rose by 2.73 percent to USD 28.9 billion in September. The country's total engineering exports for April- September this fiscal aggregated to about USD 35 billion.
Engineering exports include transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners. The other sectors which recorded a healthy growth in September include rice (17.7 per cent), coffee (13.39 pc), marine products (13.3 pc), mica, coal and other ores (7.88 pc), leather (13.72 pc), gems and jewellery (11 pc) and textiles (16 pc).
To further boost the country's exports, the government is expected to announce fiscal and non-fiscal incentives in the forthcoming foreign trade policy (FTP). It is expected to be released next month.
Source : moneycontrol.com
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