Engineering exporters are concerned about the volume of exports this year due to the "worsening" COVID-19 situation in Europe which is among top three destinations of shipments of such products from India, an official said on Tuesday.
Since the beginning of 2000, successive governments have been eyeing a quarter of the GDP to come from manufacturing by 2025 but not much has moved in that direction.
Engineering exporters are concerned about the volume of exports this year due to the “worsening” COVID-19 situation in Europe which is among top three destinations of shipments of such products from India, an official said on Tuesday. The engineering exports of the country have dropped by 13.73 per cent in the April-September period in the current fiscal as compared to the corresponding months last year, EEPC India former chairman Rakesh Shah said. “The COVID-19 situation is worsening in the European Union (EU). We will be happy if this year’s exports touch last fiscal’s figure as the EU is among the top three destinations of engineering exports from India,” he said at a virtual press conference.
Quantum of such exports from the country was at USD 75.8 billion last year. “During the July-September period, the engineering exports saw a rise of 3.17 per cent, while the decline was 29.4 per cent in the first quarter,” he said. It is slowly reviving now but exporters are keeping their fingers crossed as “the COVID-19 situation in the EU is getting worse”, Shah said.
Engineering exporters’ body EEPC India chairman Mahesh Desai said the pandemic has disrupted the entire world, and exporters are among those who are suffering. According to EEPC India, around 25 per cent of the merchandise exports from the country consists of engineering products. The Engineering Export Promotion Council is holding a virtual event, ‘India Subcontracting Expo 2020’ for the first time for the overseas buyers.