Engineering exports grew six times in April: EEPC
The shipments of engineering goods to Israel have grown a whopping 640% at $146.42 million in April this fiscal, as against just about $20 million in the same month in 2016
Mumbai: Engineering exports to Israel grew by more than six times in April this year over the same month in 2016, a key economic development which augurs very well for Prime Minister Narendra Modi’s impending visit to the country, engineering exporters’ apex body, the Engineering Export Promotion Council (EEPC) India, said here on Thursday.
According to EEPC, as against engineering exports of just about $20 million in April 2016, the shipments of these goods have gone up significantly to $146.42 million in April this fiscal, which is a whopping 640% or more than six times growth.
Moreover, Israel ranks 12th amongst India’s engineering export destinations and has figured prominently among the top 25 destinations, as per the latest data analysis done by EEPC India.
“It is a matter of great satisfaction that engineering exports to Israel are doing so well, just ahead of Prime Minister Modi’s impending visit. The fact that Modi would be the first prime minister to visit Israel is a great positive for the Indian industry and exporting community,” EEPC India chairman T.S. Bhasin said.
He further said the Indian engineering industry can enhance its level of engagement with Israel in a number of high-tech areas like defence production, steel, automobile and auto components, aircraft components and ship-building and ship boats.
In fact, bulk of the engineering exports to Israel for the month of April is listed against the broad group of ships, boats, floating structures and parts, which is nearly $122 million, the apex body said. “We need to diversify our export basket to Israel; no doubt, we would be working towards that end,” Bhasin added.