Engineering exports in FY24 surpass last year numbers despite global challenges: EEPC India

The engineering goods exports in FY24 surpassed the previous year’s numbers despite slowdown in some of the key global markets, geo-political tensions, Red Sea crisis and high freight rates, said EEPC India Chairman Arun Kumar Garodia.

Engineering exports in FY24 rose to US$ 109.31 billion from US$ 107.04 billion in the previous financial year thus registering a growth of 2.13%.

The FY24 closed on a strong note with engineering exports rising 10.66% year-on-year to US$ 11.28 billion in March this year as against US$ 10.19 billion in the same month last year.

“The monthly as well as cumulative numbers clearly show that the Indian engineering sector is quite competitive globally and consistently achieving success in penetrating new markets. The quick response from the government to counter various external challenges,” Garodia said.

He further said that free trade agreements (FTAs) with the UAE and Australia have allowed the exporting community to deepen their foothold in the key markets.

“With more FTAs in the pipeline, engineering exports would certainly increase its share in the global market in coming years,” stated EEPC India Chairman.EEPC India is expecting the value of engineering goods to rise to US$ 300 billion by 2030 and in the process generating a significant number of jobs and earning forex.


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