Indian Economy News

Department of Commerce and EEPC India Hold Chintan Shivir to Chart Strategy for US$ 250 Billion Engineering Exports by 2030

The Department of Commerce and EEPC India, the country’s apex engineering exports promotion body, held a Chintan Shivir to chart a strategy for achieving engineering goods exports of Rs. 23.68 lakh crore (US$ 250 billion) by 2030. The sessions focused on deepening market access by utilising free trade agreements and on enhancing global competitiveness by securing the long-term availability of key raw materials. In the keynote address, Secretary of the Department of Commerce Mr. Rajesh Agrawal highlighted the resilience of India’s exports amid global uncertainties. India’s total exports of merchandise and services grew 14% year-on-year (YoY) to Rs. 45.10 lakh crore (US$ 476.20 billion) in April–September FY27. Over the same period, engineering exports crossed Rs. 6.63 lakh crore (US$ 70 billion), registering nearly 20% growth.

Mr. Rajesh Agrawal also noted the potential to increase India’s share in global merchandise exports from approximately 2% to 15-20%. Emphasising the need for ambitious export targets, Mr. Rajesh Agrawal called for industry-wide collaboration to address challenges such as Quality Control Orders (QCOs) and sustainability-related trade measures. Joint Secretary of the Department of Commerce Mr. Vimal Anand urged EEPC India to revisit its ambition of achieving Rs. 28.41 lakh crore (US$ 300 billion) in engineering exports by 2030. EEPC India was also asked to prepare a comprehensive white paper on QCOs applicable to the sector. Chairman of EEPC India Mr. Pankaj Chadha stated that engineering exports are expected to cross Rs. 13.26 lakh crore (US$ 140 billion) in FY27, with the sector on track to surpass the previous year’s export numbers.

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