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Business News/ News / World/  Ukraine crisis opens avenues for India, says EEPC chief
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Ukraine crisis opens avenues for India, says EEPC chief

Terming the just-ended fiscal as a remarkable period for engineering exports, Desai said several challenges have emerged on both global and domestic fronts, which could act as a deterrent in maintaining the current trend in exports

A view shows a plant of Azovstal Iron and Steel Works during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 22, 2022. REUTERS/Alexander Ermochenko (REUTERS)Premium
A view shows a plant of Azovstal Iron and Steel Works during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 22, 2022. REUTERS/Alexander Ermochenko (REUTERS)

NEW DELHI : The Ukraine crisis poses significant risks to economies and trade globally but sanctions imposed by several developed nations on Moscow could bring opportunities for Indian engineering exporters to replace Russia in the global market, Engineering Export Promotion Council of India (EEPC) India chairman Mahesh Desai said on Friday.

Terming the just-ended fiscal as a remarkable period for engineering exports, Desai said several challenges have emerged on both global and domestic fronts, which could act as a deterrent in maintaining the current trend in exports.

“Russia-Ukraine conflict is the most sensitive issue at present to disturb the global economy while sudden rise in covid cases in China is also a major concern on global supply chain. Inflation pressure in the US and real estate instability in China would have a dampening impact on trade growth. Back home, rising steel prices and some financial issues are also apprehended to act as bottleneck to exports in the months ahead," he said.

India’s engineering exports crossed $11 billion this March for the first time in a month, and EEPC believes that there is a need to take measures to maintain this momentum.

An analysis by EEPC showed that India’s engineering exports rose 19.7% from a year ago in March to $11.13 billion from $9.29 billion a year earlier.

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Published: 22 Apr 2022, 10:35 PM IST
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