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  • DAILY CURRENT AFFAIRS:Global sanctions on Russia may help spur Indian exports: EEPC

Global sanctions on Russia may help spur Indian exports: EEPC

Tags: Russia-Ukraine Economics/Business International News

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.

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