US, China, UAE, Italy and Germany are top five markets, says Ministry
Exports of Engineering Goods increased strongly by 54% to US$81.8 billion during April-December 2021 (Provisional) from US$52.9 billion during same period a year ago, Ministry of Commerce and Industry said on 24 Jan 2022.
Engineering Goods sector constitutes the largest, more than 27%, share of India’s total exports basket during the period.
India’s top five export destinations for the Engineering Goods sector in April-November 2021 (as per latest available data, share per cent mentioned in bracket) are: the US (14.7%), China (5.8%), the UAE (5.1%), Italy (4%) and Germany (3.4%).
The December exports of Engineering Goods was US$9.79 billion, a growth of 38.41% over US$7.07 billion logged in December 2020.
The overall exports of Engineering Goods in the last Financial Year (March 2020-April 2021) was US$76.62 billion
India’s top five export destinations for the Engineering Goods sector in April-November 2021 (as per latest available data, share per cent mentioned in bracket) are: the USA (14.7%), China (5.8%), the UAE (5.1%), Italy (4%) and Germany (3.4%).
The impressive growth in Engineering Goods exports in recent years has largely been due to the Zero duty Export Promotion Capital Goods (EPCG) scheme of the Ministry of Commerce and Industry and forms part of the Foreign Trade Policy (FTP).
The present Policy which came into force on 1 April 2015, was for 5 years with validity up to 31 March 2020. In order to provide policy stability during the pandemic period, the FTP 2015-20 was extended for the year 2021-22 up to 31 March 2022.
The scheme allows import of capital goods for pre-production, production and post-production (including Completely Knocked Down and Semi Knocked Down thereof as well as computer software systems) at zero Customs duty, subject to an export obligation equivalent to 6 times of duty saved on capital goods imported under EPCG scheme, to be fulfilled in 6 years reckoned from Authorization issue-date.
The Engineering Goods sector comprises of metal products, industrial machinery and equipment, automobiles and its components, transport equipment, bicycles, medical devices and renewable equipment. fiinews.com
