Exports from this sector have grown by about 22 per cent to USD 62 billion during the April-January period of 2017-18.
According to EEPC, as against engineering exports of just about USD 20 million in April, 2016, the shipments of these goods have gone up significantly to USD 146.42 million in April this fiscal, which is a whopping 640 per cent or more than six times growth.
Since European Union accounts for nearly a fifth of India's engineering exports, the impending exit of the UK from the union is likely to have a deep impact on India, exporters 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.
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.
India's engineering exports saw a whopping growth of 187% to USD 8.2 billion in July year-on-year on the back of rising demand, mostly from new markets like Latin America and Africa.
India's engineering exports are likely to touch USD 76 billion in the current fiscal, an increase of about 27 per cent year-on-year, mainly due to increasing demand from new markets in Latin America.