India’s engineering goods exports registered a 3-per cent year-on-year decline in November to USD 7.85 billion, an industry body report said.
While acknowledging the recent decline, the Engineering Export Promotion Council of India (EEPC) expressed cautious optimism about exceeding last year’s overall engineering exports.
“After experiencing a slump in the first half of 2023, the sector witnessed positive growth from August to October, which instilled hope for a continued positive trajectory,” EEPC India Chairman Arun Kumar Garodia said.
The industry remains cognizant of the current global challenges, including high inflation and interest rates, particularly in key markets like Europe and the United States, he said.
These factors contribute to the ongoing trade slowdown and necessitate continued support from the government to ensure that Indian engineering sector remains competitive in the global market, Garodia said.
