Kolkata: India's engineering goods exports grew 10.20 percent year-on-year to $10.04 billion in December 2023 despite several challenges stemming from geo-political tensions and tight financial conditions in major advanced economies, according to EEPC India
"While it is certainly a strong rebound, the sector is not out of the woods yet as global economic uncertainties remain high," EEPC India chairman Arun Kumar Garodia said on Wednesday.
For engineering exporters, it has been quite a challenging time. Tensions in Europe and now in West Asia have caused a fair amount of downside risks.
"There are projections that global growth would slow down in 2024, and issues like high-interest rates and low consumer spending would continue to bite this year as well," he said.
"Considering all the factors, we remain cautiously optimistic and hope geopolitical tensions would ease, improving the global macroeconomic situation," Garodia maintained.
"We believe that more free trade pacts with countries, especially in Latin America and Africa, would help the exporters get deeper access into new and emerging markets. Given that the Union Budget is round the corner, the government could take a few measures, such as low-cost credit and market support, to boost engineering exports," he said.
(With UNI inputs)
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