Engineering goods exports in FY24 surpassed the previous year’s numbers despite slowdown in some of the key global markets, geo-political tensions, Red Sea crisis and high freight rates, said Engineering Export Promotion Council 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 2.13% growth.
Financial year FY24 closed on a strong note with engineering exports rising 10.66% year-on-year to $11.28 billion in March this year as against $10.19 billion in the same month last year.
“The monthly as well as cumulative numbers clearly show that the Indian engineering sector is quite competitive globally and consistently achieving success in penetrating new markets,” said Garodia.
He said free trade agreements (FTAs) with the UAE and Australia have allowed the exporting community to deepen their foothold in the key markets.
“With more FTAs in the pipeline, engineering exports would certainly increase its share in the global market in coming years,” he added.
EEPC India is expecting the value of engineering goods to rise to $300 billion by 2030.