New Delhi: India’s engineering exports edged up to $109 billion in 2023-24 despite a slowdown in some of the major global markets amid geopolitical tensions, EEPC said on Monday.
India’s engineering exports are competitive globally and expected to gain further market share in the coming years, with the country entering into more FTAs, it added. The apex body of engineering goods exporters expects the value of shipments from the sector to rise to $300 billion by 2030 and generate a significant number of jobs and foreign exchange earnings in the process. Notably, the engineering sector is the largest contributor to India’s overall exports, with a share of 24 per cent, and also contributes approximately 40 per cent of the country’s total manufacturing exports.
“The engineering goods exports in FY24 surpassed the previous year’s numbers despite a 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 $109.31 billion from $107.04 billion in the previous financial year, thus registering a growth of 2.13 per cent, the Commerce Ministry data released on Monday showed.
