India's engineering exports are likely to cross the $50 billion-mark by the end of this fiscal on the back of increasing demand in markets like North America, Africa and Middle East countries."India is a major exporter of light and heavy engineering goods and has a well-developed and diversified industrial machinery and capital base," said Commerce and Industry Ministry Joint Secretary Sumanta Chaudhuri in a statement in New Delhi. Engineering exports grew by 61 per cent to $38.80 billion during the April-December period this fiscal from $24.08 billion in the same period last year.
"Exports of engineering goods from India are likely to be over $50 billion in the current fiscal," said Chaudhuri.
Out of India's total engineering exports, valued at $32.5 billion in 2009-10, the US and EU accounted for about 65 per cent of the shipments.
The strategy paper of the Commerce Ministry has projected that the country's engineering exports will touch $108 billion by 2013-14.
In the engineering segment, India mainly exports industrial machinery, electric machinery and equipment, auto and auto components and ships, boats and floating structures.
To further boost the sector's exports, the government is organising trade fairs and business meetings.
The Engineering Export Promotion Council and the ministry has jointly organised a buyer-seller Meet at the Indian Trade Promotion Organisation in New Delhi.
Over 40 delegates from the US, Canada, ASEAN and South Asian countries participated in the meet.
