Engineering Goods Exports Topped $111 bn in FY22, EEPC India

Engineering goods exports topped $111 billion in FY22 and is expected to sustain the growth momentum in the current fiscal too despite challenges emerging out of global geo-political tensions, EEPC India Chairman Mr Mahesh Desai said.

"The volatility in commodity prices, supply chain disruptions and a possible change in world political order would certainly have its impact on trade and economy. Some of the leading rating agencies have in the past few weeks lowered India's GDP forecast. So, clearly the impact would be felt but it should not be severe," Mr Desai said.

Among the challenges faced by the industry, Mr Desai said that high raw material cost and freight charges remain the key pain points for quite some time now.

"But at the same time, we also see new opportunities coming. Roll-out of the India-UAE and India-Australia free trade pacts, and other bilateral agreements in the pipeline would spur exports. The government has also been prompt in dealing with any emerging issue and hence we are confident of chasing a higher export target this year too," the EEPC India Chairman said.