35 percent surge in engineering goods exports
Monday, 05 January 2004, 20:30 IST
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NEW DELHI: Buoyed by a 35 percent growth in the export of engineering goods in the first four months of 2003-04, India hopes it would reach the $9 billion export target in this sector. "Export of engineering goods from India amounted to $3.15 billion during April-July in the current financial year as against $2.33 billion during the same period last year, thereby maintaining a record growth of about 35 percent," the commerce ministry stated Friday. In 2002-03, India's engineering goods exports amounted to $7.87 billion, an increase of 32 percent over $5.97 billion in 2001-02. The trend is indicative that Indian engineering exports are "likely to reach $9 billion with a growth prospect of 14 percent", the ministry said. "It is certain that the engineering goods sector will continue to register a strong export performance. The buoyancy is likely to come from a surge in export of prime steel. This sector achieved a growth of over 117 percent during 2002-03 and has continued to register a growth of 74 percent during April-July 2003," the statement added. Export of vehicles manufactured in the country is also witnessing a sharp rise. During 2002-03, it went up by 53 percent and in the first four months of the current fiscal export growth was close to 50 percent, the ministry said. "India's growing attractiveness as a base for global outsourcing also appears to be favouring a positive growth," the commerce ministry said. This is more so in auto components, integrated circuit engines and parts, instruments, industrial fasteners, castings and forgings, tractor and agricultural equipment. These segments account for 17 percent of India's total export of engineering goods. Ten countries accounted for 52 percent of total exports of engineering goods from India including the US, China, the UAE, Britain, Germany, Sri Lanka, Bangladesh, Singapore, Italy and Saudi Arabia.
Source: IANS
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