Engineering exports up 119 pc to $7.9 bn in May
India's engineering exports registered robust growth of 119.4 per cent to USD 7.9 billion in May year-on-year, driven mainly by an increase in demand from traditional markets like the US and Europe.
In May last fiscal, engineering exports stood at USD 3.6 billion, according to data released by the Engineering Export Promotion Council (EEPC).
"Besides an increase in demand from the US and Europe, we are getting good number of orders from new markets like Latin America and Africa," an EEPC official said.
During April-May this year, engineering exports grew by 115 per cent to about USD 14.5 billion.
Enthused by the impressive growth in the last fiscal, the council has set up an export target of USD 72 billion for the 2011-12 fiscal.
Engineering exports saw the highest-ever growth of about 85 per cent to USD 60.1 billion in 2010-11 on account of growing demand for the goods from traditional as well as emerging markets.
In the government's strategy to double the country's exports to USD 500 billion by 2013-2014, engineering exports are set to play a major role.
During 2010-11, India's exports grew 37.5 per cent to USD 245.9 billion.
Engineering exports include transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.