Categories: Economy

Exports of engineering goods see 54 per cent growth to $81.8 billion in Apr-Dec 2021

<p>
Exports of engineering goods surged 54 per cent to $81.8 billion during the April-December 2021 period as compared with $52.9 billion recorded during the same period of the previous year, the government data showed on Monday.</p>
<p>
The engineering goods sector constituted the largest, more than 27 per cent, share in India's total exports basket during the period. In the month of December 2021, exports of engineering goods touched $9.79 billion, registering a growth of 38.41 per cent over $7.07 billion logged in December 2020, according to a statement released by the Ministry of Commerce and Industry.</p>
<p>
As compared to April-December 2019 ($59.8 billion), exports of engineering goods registered a growth of 37 per cent.</p>
<p>
The engineering goods sector comprises metal products, industrial machinery and equipment, automobiles and components, transport equipment, bicycles, medical devices and renewable equipment.</p>
<p>
The overall exports of engineering goods in the financial year 2020-21 stood at $76.62 billion. In just nine months of the current financial year the exports were $81.8 billion, which is higher than the full year of 2020-21.</p>
<p>
India's top five export destinations for the engineering goods sector in April-November 2021 are: USA (14.7 per cent), China (5.8 per cent), UAE (5.1 per cent), Italy (4 per cent) and Germany (3.4 per cent).</p>
<p>
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) of Government of India.</p>
<p>
The policy which came into force on April 1, 2015, was for five years with validity up to 31st March, 2020. In order to provide policy stability during the pandemic period, FTP 2015-20 was extended for the year 2021-22 i.e. up to March 31, 2022.</p>
<p>
The scheme allows import of capital goods for pre-production, production and post-production (including completely knocked down/ 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.</p>

ANI

Ani service

Recent Posts

PM Modi interacts with members of Indian diaspora as he arrives in Croatia

Prime Minister Narendra Modi interacted with members of the Indian diaspora here on Wednesday as…

10 hours ago

Hamburg to host India Week 2025 with 70+ events, celebrating bilateral partnership

The city of Hamburg in Germany is set to host the 11th edition of India…

11 hours ago

Iran’s centrifuge production sites hit by Israeli strikes, IAEA confirms

The International Atomic Energy Agency (IAEA) has confirmed that two Iranian centrifuge production facilities, TESA…

13 hours ago

Paank condemns harassment of Nadia Baloch in Hudda Jail, links ordeal to state repression of Mahrang Baloch

The human rights department of the Baloch National Movement (BNM), Paank, has strongly condemned the…

13 hours ago

INS Arnala, India’s first indigenous Anti-Submarine Shallow Water Craft, commissioned into Navy

In a major boost to India's coastal defence capabilities, the Indian Navy on Wednesday commissioned…

14 hours ago

UN Rights Chief flags China over Tibet, Xinjiang abuses; calls for release of detainees and legal reform

Volker Turk, the UN High Commissioner for Human Rights, on June 17 expressed concern over…

15 hours ago