New Delhi: India’s engineering exports registered the highest ever growth of about 85% to $60.1 billion in 2010-11, on account of a robust demand for the goods not only from major markets like the US, but also from Latin America.
During 2009-10, the exports were $32.5 billion, according to Engineering Export Promotion Council (EPCH) data.
“An impressive growth in the engineering exports has come about on the back of a strong demand from the US and the developing markets of Latin America and Middle East,” EPCH executive director R. Maitra said.
These exports would have been still higher, if there were no financial problems in Europe.
“The European market is still sluggish,” Maitra added.
In March 2011, the exports grew by over 115% to $7.4 billion year-on-year.
The US accounts for 30% of the country’s total engineering exports. In the government’s strategy to double India’s exports to $450 billion by 2013-2014, the engineering exports are set to play a major role.
Engineering export include exports of goods, transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.
India’s exports in 2010-11 stood at $245.9 billion, the highest ever since Independence.