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South Asia supports falling Indian engineering exports

Sri Lanka helped to boost India’s engineering exports as it emerged as the next best market after the US and UAE, for the Indian shipments with $2.63 billion during April-February 2015-16 period.

Sri Lanka helped to boost India’s engineering exports as it emerged as the next best market after the US and UAE, for the Indian shipments with $2.63 billion during April-February 2015-16 period. The US market was at the top with $6.31 billion billing followed by the UAE at $3.8 billion.

Nepal ($1.2 billion) and Bangladesh ($1.3 billion) have emerged as the major destinations for India’s engineering exp-orts and together with Sri Lanka account for a sizeable chunk of the $5.17 billion exports.

This necessitates incr-eased policy priorities to the neighbouring three countries, said the EEPC.

“These countries are low hanging fruits for us, when the going is tough,” EEPC India chairman T.S. Bhasin said.

Cumulative engineering exports from India saw a 17.33 per cent fall during April 2015-February 2016 to $53.68 billion from $64.94 billion during the same period of the previous fiscal.

In certain segments like iron and steel, he the neighbouring countries dominate the shipments. In steel for instance, Nepal tops the list importing 8.4 per cent of India’s total export during April- February 2015-16. It imp-orted $426 million during the period, way up other major markets including the US and China.

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