According to Engineering Exports Promotion Council (EEPC) India The Russo-Ukraine war has posed risks to economies and trade globally, but sanctions imposed by several developed countries on Russia could bring opportunities for Indian engineering exporters in the global market.
The Russia-Ukraine conflict is currently the most sensitive issue plaguing the global economy, while the sudden rise in COVID cases in China is also a major concern on the global supply chain.
Inflationary pressures in the US and real estate volatility in China will have an impact on business growth.
Rising steel prices and some financial issues are also expected to act as a hindrance to exports in the coming months.
india’s engineering exports
India's engineering exports registered 19.7% growth in March 2022 by climbing up to $11.13 billion from $ 9.29 billion in March 2021.
Exports during April-March stood at $112.10 billion, registering 46.12% growth over the previous year.
In financial year 22, the share of engineering in total merchandise exports was 26.7%.
Out of 34 engineering product panels, 32 showed positive growth during 2021-22 as compared to 2020-21.
India’s engineering exports surpassed the target of $107.34 billion for Financial year 2021-22 set by the Government of India.
Among the top 25 major markets for Indian engineering goods, exports to the US jumped 61 per cent to $2.02 billion in March from $1.26 billion in the same month last year.
Engineering exports to UAE surged 78.9% in March, 2022 to US$ 553 million.
The top 25 countries such as the US, UAE, China, Germany, Italy and Singapore account for about 75% of the total engineering exports from the country.
Italy, UAE and Belgium were the top three importers of Indian Iron and Steel during 2021-22.
The US was the largest importer of Indian 'industrial machinery' during 2021-22 in the global imports of India's product group.
South Africa, Mexico and Nigeria were the top three importers of automobiles from India during 2021-22.
By admin: April 12, 2022
Prime Minister Modi and President Biden hold Virtual Summit
The Indian Prime Minister Narendra Modi held a virtual summit meeting on 11 April 2022, with American President Joe Biden ahead of the 2+2 dialogue between India and the United States of America.
The situation in Ukraine and Russia was the main agenda of their discussion. Amongst the QUAD group of countries only India has not condemned and imposed any sanction on Russia. The other QUAD members like the US, Australia and Japan have imposed sanctions on Russia for its attack on Ukraine.
The United States wants India to condemn Russia for its attack on Ukraine, not to buy any oil from Russian companies, and put pressure on Russian President Putin to stop the war against Ukraine.
India has very close ties with Russia with around 60 to 70 % of its defence equipment are of Russian origin. Russia has also supported India in the past on crucial issues like Kashmir and against Pakistan.
India has so far abstained on every anti-Russian resolution in the United Nations and has remained neutral on the issue.
President Biden welcomed India’s humanitarian support for the people of Ukraine and called the Russian invasion a “horrific assault”. He said that the US and India are going to continue “close consultation on how to manage the destabilising effects of this Russian war”.
Prime Minister Modi highlighted India’s humanitarian aid to Ukraine and condemned the killing of civilians allegedly by the Russian troops in the Ukrainian city of Bucha.