Engineering exports surpasses the target

According to the data of the Engineering Export Promotion Council of India (EEPC), India has surpassed its engineering goods export target for April to January period of the current financial year. The target for this period was set $89.4 billion and engineering goods worth $91.5 billion have been exported as of now. As per the data of the Department of Commerce, Government of India, the stake of engineering goods in the overall export of India has also increased from 25.89 percent in December to 26.67 percent in January. On average, the stake stands at 27.08 percent in the April to January period. Mr. Mahesh Desai, chairman of EPCC India said: "Engineering exports continued to remain at the $ 9 billion mark in January 2022. Of the $ 107 billion target set for engineering exports in FY 2021-22, the industry has already achieved more than 85 percent. Given the fact that exports generally exhibit an upward trend in the last quarter of any financial year, engineering exports are expected to achieve their target within the stipulated time.” He also expressed his concern about the impact of the ongoing conflict between Russia and Ukraine on India’s export. India’s export registered growth year on year basis in 21 out of 25 top destinations. Countries, where it registered negative growth, are Singapore, Saudi Arabia, South Africa, and Malaysia.