Slowdown signs - Indian Engineering exports down by 26 %
Zee News reported that India's engineering exports dropped 26% in April as orders from the US and European markets dried up in the wake of the global recession.
According to the Engineering Export Promotion Council, the engineering exports in the first month of 2009-10 plunged to USD 2.78 billion from USD 3.8 billion in the same month a year ago.
However, the decline in April was not as sharp as in March, when the exports contracted by 34% over the same period last year.
Mr Aman Chadha chairman of EEPC said "We were expecting a downfall. We had orders till March. The engineering exports have a long gestation period for execution. We have very few new orders."
Mr Chadha said "We feel that even if we attain the 2008-09 level of USD 37.85 billion, it would be considered as an achievement."
The engineering sector, which depends on the US and European markets for over 40% of its revenue, could manage 13% growth in the previous fiscal thanks to robust growth of 42% in the H1 of 2008-09.
(Source: zeenews.com)
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