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India's engineering goods exports see 54% growth

Delhi,Business/Economy

Author : Indo Asian News Service

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New Delhi, Jan 24 (IANS) Exports of engineering goods jumped to $81.8 billion during April-December 2021 (Provisional) as compared to $52.9 billion during the same period in the previous year (2020), registering a stupendous growth of 54 per cent.

Engineering goods sector constituted the largest -- over 27 per cent -- share of India's total exports basket during the period. In December 2021, exports of engineering goods touched $9.79 billion, registering a growth of 38.41 per cent over $7.07 bn logged in December 2020.

As compared to April-December 2019 ($59.8 Billion), exports of engineering goods registered a growth of 37 per cent while this represents a growth of 49 per cent compared to April-December 2014 ($55.0 Billion).

The overall exports of engineering goods in the last financial year (March 2020-April 2021) was $76.62 billion, and with the sector already logging $81.8 billion in the first three quarters of FY2021-22, it is set to scale further record highs despite the impact of the Covid19 pandemic since January 2020.

India's top five export destinations for the engineering goods in April-November 2021 are: the US (14.7 per cent), China (5.8 per cent), the UAE (5.1 per cent), Italy (4 per cent) & Germany (3.4 per cent).

The impressive growth in engineering goods exports in recent years has largely been due to the zero duty Export Promotion Capital Goods (EPCG) scheme of the Ministry of Commerce & Industry and forms part of the Foreign Trade Policy (FTP).

The present Policy which came into force on April 1, 2015, was for 5 years with validity upto March 31, 2020. In order to provide policy stability during the pandemic period, FTP 2015-20 was extended up to March 31, 2022.

--IANS

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