An Engineering Export Promotion Council of India (EEPC) report revealed that India’s engineering goods exports experienced a 3 per cent year-on-year (YoY) dip in November, totaling USD 7.85 billion.
The setback was primarily attributed to disruptions caused by the festive season, impacting operations in major engineering export belts across the country, particularly in the northern and western regions.
EEPC India Chairman, Arun Kumar Garodia, acknowledged the decline but expressed cautious optimism regarding the sector’s performance for the entire year. Despite a challenging first half of 2023, the engineering sector exhibited positive growth from August to October, instilling hope for continued upward momentum.
Garodia highlighted the industry’s awareness of current global challenges, emphasizing the impact of high inflation and interest rates, notably in key markets like Europe and the United States. These factors contribute to an ongoing trade slowdown and underscore the necessity for sustained government support.
“We believe the engineering exports sector has the resilience and potential to navigate these challenges and eventually pick up a strong pace of growth,” he said.
