Stay updated with breaking news from Engineering Exports. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Overall, India's engineering exports dropped by 6.62% to US$ 8.75 billion in July 2023 from US$ 9.37 billion in July 2022.
The growing trend of friend-shoring and global companies' China plus policy offer a big opportunity for India to diversify trade, especially to non-traditional markets of Africa and Latin America: EEPC India Chairman
In a meeting called by the Ministry of Commerce & Industry this week, EEPC India chairman Arun Kumar Garodia discussed various recommendations in the strategy paper to boost India's engineering exports. Pursuing new free trade agreements (FTAs) with emerging countries in Latin America and Africa, a scheme to support MSMEs in research and innovation, setting up a domestic shipping line, and global branding of Indian products were among the key suggestions.
The value of engineering exports to the US was USD 1.4 billion in April 2023, down 24.9 per cent compared to USD 1.86 billion in the year-ago month.
The decline in engineering exports poses a challenge in achieving the $127 billion sectoral export target