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Engineering exports to reach $27 B by 2010
By agencies
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Monday, 17 October 2005, 19:30 IST
KOLKOTA: Engineering product exports from India are expected to grow from $15 billion during 2004-05 to about $27.4 billion by 2009-10, management consultant A F Ferguson has said.
A strategy paper by the firm analyses the sector and points out steps to achieve the growth roadmap. The paper also draws strategy to increase export of more value-added engineering products.
India's engineering exports in 2004-05 stood about 0.46 percent of the world's engineering import. The strategy expects that export would increase from this level to 0.79 percent over the next few years. Engineering export account for 18.6 percent in the overall export.
Export of engineering goods is witnessing a high growth at a healthy pace. In the current year itself, engineering product goods export is expected to touch $18 billion.
The strategy paper identified some thrust products for exports like commercial vehicles, electrical power equipment, auto parts, instruments, IC engines/parts, cutting tools, bicycle and parts, industrial casting and steel pipes/tubes to name a few.
The thrust products account for 36 percent of the total engineering export from India but it was expected to grow to 4 percent by 2009-10.