KOLKATA: A renewal in demand from export markets like Nepal, Belgium, Spain and China has contributed to a revival in India’s engineering exports led by iron and steel sector, according to an analysis of November 2016 data by EEPC India.
"With this iron and steel sector, which has been facing faced tough times in the past several months, is now seeing a reversal of fortunes at least in some of the key markets in Europe and in our neighbouring countries," EEPC India said in a statement. While Nepal showed an impressive four fold growth to $ 39 million in November 2016 from about $ 10 million in the same month a year ago. Likewise, shipments to Belgium went up more than three times to $ 52 million from $ 17 million i November 2015.
“The interesting part is that demand for iron and steel has started rising in China which shows the slowdown in the Chinese economy must be bottoming out. Iron and steel exports from India to China went up by 86 per cent to $ 41 million for November this fiscal from $ 22 million in the comparable month of 2015,” T S Bhasin, chairman, EEPC India said.
Mr Bhasin said EEPC India would provide a major thrust to revival of the engineering exports through a slew of measures, including organising its annual flagship India Engineering Sourcing Show (IESS), 2017 at Chennai in March. It would thus seek to leverage the strength of southern India's manufacturing base for high tech exports."Tamil Nadu and Karnataka have emerged as the major manufacture exporting centres in industries like steel, automobiles, industrial machinery etc and we would like to show the global players how India can be treated as a cost effective and dependable partner for integration of their international supply chain," Mr Bhasin said, adding the union commerce ministry and the Tamil Nadu government are full support in making the IESS a big success.
Source: economictimes.indiatimes.com