Engineering goods exports record positive growth, says EEPC

By: |
October 25, 2021 3:26 PM

Welcoming the move to fast-track FTAs with as many as six countries and trading blocs, Desai said the government should take lessons from earlier such agreements.

The strong rebound in exports is seen by economists as evidence of global supply chains beginning to untangle, and they believe smaller deficits this quarter could give a solid boost to overall U.S. economic growth. (Representative image)The strong rebound in exports is seen by economists as evidence of global supply chains beginning to untangle, and they believe smaller deficits this quarter could give a solid boost to overall U.S. economic growth. (Representative image)

Exports of engineering goods have crossed USD nine billion in September, 2021, while 22 out of 25 top export destinations such as China, UK and UAE have recorded positive growth, EEPC said.

Share of engineering goods in overall merchandise exports stood at 26.65 per cent in September, it said.

Engineering Export Promotion Council (EEPC) chairman Mahesh Desai said that India’s engineering cumulative engineering exports increased from USD 32.4 billion in April to September in 2020 to USD 52.3 billion during the same period this year.

“On an annualised basis, this would translate to USD 105 billion in 2021-22. In the first six months, 49 per cent of the target has been achieved,” Desai said.

Among other countries which recorded positive growth included Germany, Turkey, Italy, UK, Mexico, Vietnam and Singapore, EEPC said.

Welcoming the move to fast-track FTAs with as many as six countries and trading blocs, Desai said the government should take lessons from earlier such agreements.

“The FTAs signed earlier led to increased imports for some items in ferrous and non-ferrous sectors from countries like Korea and Japan. Hence there is a need to take a cautious stance while signing new FTAs.”

 

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Budget FY23: CII suggests halving LTCG tax on domestic investments in start-ups
2Urban employment slips by 0.9 million in November
3US trade deficit narrows in October as exports rebound