Engineering Exports May Touch $52 Billion This Fiscal.

NEW DELHI: India's engineering exports may touch $52 billion in value terms during the current fiscal as the shipments have surpassed the projected target of $42 billion, largely on increasing demand from the US and Latin American markets .

"We expect the engineering export to touch USD 52 billion mark in the current financial year as it has touched USD 45 billion mark in the first 10 months of 2010-11," the Engineering Exports Promotion Council (EPCH) Executive Director R Maitra said.

He added there is a good demand for engineering goods such as machineries, hand tools and machine tools from markets like the US, Middle East and Latin America.

The US and EU together account for about 40 per cent of the country's engineering shipments.

Maitra, however said, the recovery in the European economy is still fragile and demand is yet to pick up.

To reduce dependence on traditional markets like the US and Europe, the exporters are also exploring new destinations in regions like South-East Asia.

In the last fiscal, engineering exports stood at about USD 32 billion.

Engineering exports include heavy engineering goods, transport equipments, capital goods, other machineries/equipments and light engineering products like castings, forgings and fasteners.

Source : economictimes.indiatimes.com