Engineering exports are growing fast and expected to touch a new high in the current fiscal. Exports grew 22% to $62 billion during the April-January period of 2017-18, said a senior government official. Commerce secretary Rita Teaotia, who was in Chennai on the occasion of the International Engineering Sourcing Show (IESS) on Thursday, said exports to developed countries are growing at a rapid pace. Shipments to North America and Europe accounted for about 40% of total exports from this sector, she said. “We hope exports will see a new high this financial year.” According to her, the share of engineering exports in the country’s total shipments increased to 23.6% in 2016-17 from 18.2% in 2009-10. Initiatives such as ‘Make in India’, ‘Start-Up India’ and ‘Digital India’ would further boost the growth of industries in the country, she pointed out. Teaotia said the services sector matters greatly for enhancing competitiveness of the manufacturing sector and also accounts for a significant portion of value added to a product.