In a recent media brief EEPC India updated that as of October 2021, it has been reported that the Engineering goods market in India has witnessed a raging surge of 51% and is on the verge of a sharp recovery.
In a recent statement to the media, Engineering Export Promotion Council of India (EEPC India) Chairman Mahesh Desai stated that engineering goods shipments are on an impressive run and are dominating exports along with maintaining a spree of sharp recovery, with pent-up demand and push by the government backing this trajectory.
He also added that the exports of engineering goods grew 51% year-on-year in the month of October 2021 and how this growth will help in supporting the economy, by creating more jobs since the sector is highly labour-intensive.
Furthermore, Mr Desai highlighted that the subsequent rise in export demands would lead to capacity expansion which would go on to attract higher overall private investment which has been subdued. However, he spoke about the fact that in order to capture and exploit this opportunity it is imperative for the government to keep a close check on factors such as cost competitiveness, ease of doing business, lower logistics cost and upgrading technology.
Concluding the media brief, he mentioned that with due consideration of various scenarios and incessant support, the engineering goods segment can become a force to reckon with and can push the manufacturing sector in a different direction.
