SME Times News Bureau | 04 Apr, 2021
In a major rebound of trade since the onset of the Covid-19 pandemic,
exports of engineering goods from the country recorded an impressive
70.28 per cent growth in March.
India's total merchandise exports
during this period were $34 billion as compared to $21.49 billion in
March 2020 registering a jump of 58.23 per cent.
The monthly growth is the best-ever performance so far.
The
sudden jump in outbound shipments offers hope of a sustained growth in
the sector in the coming months on the back of vaccine roll-out and
containment of virus spread.
With major economies of the world
including India taking steps to boost demand and enhance business
activities, international trade could reach pre-Covid level sooner than
expected.
"The strong growth in exports of engineering goods in
the month of March suggests a bright outlook for the sector but one
needs to be cautious before arriving at any conclusion on the basis of
short term surge," said EEPC India Chairman Mahesh Desai.
"Despite
downside risks in view of new virus strains and possible disruption in
trade we remain optimistic given that the government has taken a number
of measures to make India manufacturing hub and export competitive."
Stellar performance by the engineering goods sector pushed the overall merchandise exports in March.
It
is among the major commodity groups of export which recorded positive
growth during March 2021 along with iron ore, electronic goods and gems
and jewellery.
Engineering items account for about 25 per cent of
India's total global exports in the goods sector and is one of the
largest foreign exchange earners.
It employs nearly 4 million skilled and semi-skilled workers.
