Engineering Export Promotion Council (EEPC) chairman, Ravi Sehgal has said that export of engineering goods from India is likely to witness a marginal fall in the current financial year (FY20). He said the country’s total engineering exports stood at $81 billion in previous fiscal year and there was a great expectation to cross that mark.
However, Sehgal said the global trade war between China and USA took the toll on India due to lesser demand. He also said to cap it all, the spread of coronavirus also had a great impact on the exports due to which Indian exports are expected to be below $80 billion. Stating that the exports may witness a dip in the first three months of January-March 2020, as against the normal peak situation, he said it was likely to pick up during April-June due to various reasons, including the advantage by the impact of coronavirus.
Asked whether the visit of US President Donald Trump to India would help boost exports, the chairman said though there was no immediate impact on the restrictions imposed by US, it could be a moral booster for future trade, particularly on duties.