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EEPC: Engineering exports to maintain growth momentum despite geopolitical tensions: EEPC

KOLKATA: Engineering exports Promotion Council said on Sunday that despite challenges from cost pressures and rising geopolitical tensions due to the Russia-Ukraine crisis, shipments are expected to maintain growth momentum in the current fiscal year.

“Technical goods exports exceeded $111 billion in fiscal 2022 and are expected to maintain growth momentum in the current fiscal year, despite challenges arising from global geopolitical tensions,” EEPC said Chairman Mahesh Desai.

He also stated that fluctuations in commodity prices, supply chain disruptions and a possible change in the world political order would certainly have an impact Act and the economy.

“Some of the leading rating agencies have lowered India’s GDP forecast in recent weeks. So the impact would be felt, but it shouldn’t be severe,” Desai said.

Among the challenges facing the industry, high raw material costs and freight costs have been pain points for quite some time, he said.

“But at the same time we also see new opportunities coming our way. The launch of the India-UAE and India-Australia Free Trade Pacts and other bilateral deals in the pipeline would boost exports. The government has also promptly taken care of any emerging issue and hence we are confident of pursuing a higher export target this year as well,” he added.

(The one stop destination for MSME, ET RISE provides news, views and analysis all around VATexports, finance, politics and management of small businesses.)

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https://economictimes.indiatimes.com/small-biz/trade/exports/insights/engineering-exports-expected-to-sustain-growth-momentum-despite-geopolitical-tension-eepc/articleshow/90632716.cms EEPC: Engineering exports to maintain growth momentum despite geopolitical tensions: EEPC

Dais Johnston

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