Engineering exports to US can double in 2-3 years because of Obama visit: EEPC India

New Delhi: The biggest takeaway from the visit of President Barack Obama to New Delhi is that the Indian engineering industry can aspire for doubling its exports to the US to $15 billion in the next two-three years, maintaining the tempo achieved in the current year, EEPC India chairman Anupam Shah said on Tuesday.

"In fact, in a very difficult year for the global economy when the multilateral agencies like the IMF and the World Bank had projected slow growth in the international trade, the US has proved to be a bright spot for the exports of Indian engineering items. The engineering exports, including the value-added products like the aircraft and spacecraft parts, to the US increased by close to 30 per cent to $5.8 billion in the April-December, 2014-15 over $4.45 billion during the same period last year,'' Chairman of the EEPC India (formerly Engineering Export Promotion Council ) said. The fiscal may close with shipments of engineering goods to the US in the range of $7.5 billion .

For the latest month of December, 2014 engineering exports to the US went up by a whopping 33 per cent to $723 million from $544 million a year ago thanks to a smart recovery seen in the American economy.

With the overall growth of about 20 per cent, the total Indian engineering exports have been bucking the trend of subdued growth of just about four per cent in the total exports in the current fiscal. The traction to the engineering exports have been provided by the US market which has emerged as the largest destination of the engineering shipments, the EEPC India said.

"With a renewed goodwill generated by the President Obama's visit, the Indian engineering sector also buoyed by the Make in India focus on manufacturing, will surely grow its footprints in the American markets. In fact, the President in his addresss to the industry has acknowledged the advances made by the engineering secor,"Shah said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.