Displaying a remarkable turnaround, Indian engineering exports have increased by 18.69 per cent during January 2021 with exporters expressing optimism about external demand in the remaining months of the current financial year, EEPC India chairman Mr Mahesh Desai has said..
According to an assessment done by the EEPC India which has 60 per cent of its members from the MSME sector, ” past few months have shown a robust recovery in the external demand in the major markets of the US and Europe besides several key Asian economies”. Buoyed by the Production Linked Incentives (PLI) scheme of the government under the Atmanirbhar Bharat programme, the engineering exporters are planning to add new value-added items in their external portfolio. ” Market diversification , helped by the PLI scheme would go a long way in scaling up the engineering exports which contribute about 25 per cent of the country’s total merchandise export basket”, Mr Desai said in a statement.
Engineering exports for January, 2021 have gone up to USD 7174.43 from USD 6011.43 in the same month last fiscal , raising prospects for February and March . ” Exporters have navigated the post-Covid global market with innovative offerings to the buyers,” Mr Desai said.
He said the government extended a great helping hand to engineering exporters in the Union Budget for 2021-22 by measures aimed at reining in prices of steel, the key raw material .
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