Dec 16, 2012, 08.41 PM | Source: PTI
India's engineering exports are likely to miss the USD 60 billion target set for 2012-13 fiscal owing to weak demand in western markets like the US and Europe.
In the beginning of the current financial year, the council had set a target of USD 72 billion. However, later, it was revised downwards to USD 60 billion keeping in view the decline in demand from the traditional markets. "There has been less demand for engineering items from major markets like the US and Europe," the official said. The US and Europe together account for over 60 per cent of India's total engineering exports.
During April-November 2012, engineering exports dropped 7.5 per cent to USD 36 billion compared to the same period last year. The decline in engineering exports is in sync with the country's overall exports that fell by 5.95 per cent year on year to USD 189.2 billion in the first eight months of the current fiscal.
Engineering exports include transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners. During 2011-12, engineering exports grew 17 per cent to USD 58.2 billion, compared to USD 49.7 billion in the previous fiscal.