Indian Exports Of Engineering Goods

Indian Exports Of Engineering Goods

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For the last few decades, exports of engineering goods made in India have been steadily rising. The exports by the Indian engineering segment include light, medium, and heavy goods alike. The engineering goods now form a major portion of the total exports from India. The engineering industry has undergone excellent progress.

Not only that engineering goods manufacturers are employing about four million skilled and semi-skilled workers. It is one of the largest industrial segments in India.

Thanks to the investments in infrastructural development, the segment has undergone huge growth.

Statistics From The Exports Of Engineering Goods The fiscal year of 2019 witnessed a major increase in India's export of engineering goods compared to the previous year, recording more than INR 5.4 lakh crore worth of exports. The US was found to be the largest importer of engineering goods manufactured in India, including industrial machinery, automobiles, non-ferrous metals, iron, and steel products, and more.

• The engineering products constituted about 25% of the total merchandise exported from India.

• The Indian engineering goods have 209 export destinations.

• The top 25 of these countries imported 75.49% of the total engineering goods exported by India in the 2018-2019 period.

• The engineering industry happens to be one of India's largest earners of foreign exchange, contributing about 25% of the total goods exported by the nation.

• India's engineering exports in FY19 were recorded to be INR 5.4 lakh crore.

• The USA, China, and Singapore turned up to be the largest importer of Indian engineering goods during April-July 2020-21.

• The engineering sector also holds 30% weight in the Industrial Production Index of India.

India In Global Exports India recorded a higher share in the global commercial service exports than the share of merchandise exports. The merchandise export share has remained stable since 2015. The leading commodities among the ones exported by India that year include capital goods, consumer durables, primary iron and steel products, and nonferrous metals, with the shares of 58%, 18.4%, 21.4%, and 9.9% respectively.

The importers of the Indian engineering products constitute developing and developed countries alike. Over the years, the destination of the exports from this segment has undergone noticeable diversification. Most of the export destinations of India lay in Africa and Asia up to the 1980s. Since then, Australia, North America, and Europe started to become prime destinations too, with a substantial rise in the export share to these countries.

EEPC India Back in 1955, the Indian government established the Engineering Export Promotion Council, also abbreviated as EEPC India. This body promotes foreign trade and investment in the Indian engineering sector. EEPC India currently has more than 13,000 members from corporate houses, engineering companies, and enterprises of different scales. The small and medium enterprises constitute about 60% of the members. EEPC India has grown into India's largest trade promotion organisation over the years.

Due to its close association with other industries, the Indian engineering sector holds immense importance. This sector, along with the ancillary industries employs a large percentage of the Indian population. Naturally, these industries also contribute significantly to the GDP of the country. The engineering sector is undoubtedly one of the main growth drivers of the Indian economy.

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