1/24/2013 1:12:00 AM
NEWS BRIEF
India is bracing to miss lowered engineering exports target of $60 billion for the current fiscal year due to slowdown in the U.S., Europe and other key western markets, the Hindu Business Line reports.
Engineering exports include transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.
The U.S. and Europe together account for over 60% of India’s total engineering exports.
“Overall it is deficient but more than 90% of the last year’s achievement will be done. We are trying about thinking in terms of $55-57 billion (in 2012-13),” stated Engineering Export Promotion Council Executive Director B. Sarkar.
The council had set a target of $72 billion at the start of the current financial year but revised it downwards to $60 billion, according to the Business Line.
“We are very apprehensive about the present trend going now because you know our main destinations have been to USA and European Union. Both these places are suffering. So our exports are also suffering,” Sarkar said.
During April-November 2012, engineering exports dropped 7.5% to $36 billion. The decline in engineering exports matched the country’s overall exports that fell 5.95% to $189.2 billion in the first eight months of the current fiscal.
During 2011-12, engineering exports grew 17% to $58.2 billion. ©2013 GlobalFastenerNews.com
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