India's engineering goods exports see 54% growth

 Exports of engineering goods jumped to $81.8 billion during April-December 2021 (Provisional) as compared to $52.9 billion during the same period in the previous year (2020), registering a stupendous growth of 54 per cent. Engineering goods sector constituted the largest -- over 27 per cent -- share of India's total exports basket during the period. In December 2021, exports of engineering goods touched $9.79 billion, registering a growth of 38.41 per cent over $7.07 bn logged in December 2020.

 Exports of engineering goods jumped to $81.8 billion during April-December 2021 (Provisional) as compared to $52.9 billion during the same period in the previous year (2020), registering a stupendous growth of 54 per cent.

Engineering goods sector constituted the largest -- over 27 per cent -- share of India's total exports basket during the period. In December 2021, exports of engineering goods touched $9.79 billion, registering a growth of 38.41 per cent over $7.07 bn logged in December 2020.

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As compared to April-December 2019 ($59.8 Billion), exports of engineering goods registered a growth of 37 per cent while this represents a growth of 49 per cent compared to April-December 2014 ($55.0 Billion).

The overall exports of engineering goods in the last financial year (March 2020-April 2021) was $76.62 billion, and with the sector already logging $81.8 billion in the first three quarters of FY2021-22, it is set to scale further record highs despite the impact of the Covid19 pandemic since January 2020.

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India's top five export destinations for the engineering goods in April-November 2021 are: the US (14.7 per cent), China (5.8 per cent), the UAE (5.1 per cent), Italy (4 per cent) & Germany (3.4 per cent).

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The impressive growth in engineering goods exports in recent years has largely been due to the zero duty Export Promotion Capital Goods (EPCG) scheme of the Ministry of Commerce & Industry and forms part of the Foreign Trade Policy (FTP).

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The present Policy which came into force on April 1, 2015, was for 5 years with validity upto March 31, 2020. In order to provide policy stability during the pandemic period, FTP 2015-20 was extended up to March 31, 2022.

 

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