Commerce and Industries Minister Anand Sharma has said that to meet the $125 billion target of engineering exports by next fiscal, India needs to identify new countries along with strengthening its base in key markets of the US and Europe.
Sharma after inaugurating --India Engineering Sourcing Show (IESS) -- the three-day event, which provides a platform for India to showcase its engineering strengths and gives global players an opportunity to source vendors, stated that 'the Ministry has set a target of $125 billion by 2013-14 for engineering goods export. We believe our efforts in identifying new countries to partner with for engineering sector along with strengthening our base in US and Europe will help boost Indian engineering export.”
Engineering goods exports which include exports of goods, transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners, constitutes around one-fourth of the country's total merchandise shipments and the US and Europe account for over 60 per cent of the country's total engineering exports.
During the April-December period of FY13, export of engineering goods declined by 7 per cent to $40 billion against $43 billion recorded in the same period of the previous year. The engineering goods export for this fiscal is likely to remain at $60 billion as it was in the previous fiscal. The global economic crisis, sovereign debt crisis in Europe and the economic slowdown in developed economies are the major reasons for contracting the engineering goods exports.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: