Reacting to the government’s move to levy export duty on some steel items, EEPC India Chairman Mahesh Desai said engineering goods manufacturers and exporters would benefit from the move and become more competitive in the global markets.
India's engineering exports have declined by 14 percent in April-October 2020-21 period, the Engineering Export Promotion Council of India (EEPC India) said on Wednesday.
India's overall engineering exports, comprising industrial machinery and auto parts, constitute nearly a quarter of total goods exports, contracting in April and May due to the coronavirus and weak global demand, traders said.
Indicating the severity of global economic environment, engineering exports to as many as 19 out of India's top 25 destinations have seen a sharp dip, with Malaysia alone recording a plunge of about 90 percent.
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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.
Expressing disappointment over losing of tax-refund DEPB scheme, exporters today said there is a need for more stable and long-term policy as frequent changes affect their business.