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Engineering Export Promotion Council (EEPC) has said India's engineering exports edged up to $109 billion in 2023-24 from $107.04 billion in the previous financial year, thus registering a growth of 2.13 per cent, despite a slowdown in some of the major global markets amid geo-political tensions. It said FY24 closed on a strong note, with engineering exports rising 10.66 per cent year-on-year to $11.28 billion in March 2024 as against $10.19 billion in the same month last year.

EEPC said India's engineering exports are competitive globally and expected to gain further market share in the coming years, with the country entering into more FTAs. It expects the value of shipments from the sector to rise to $300 billion by 2030 and generate a significant number of jobs and foreign exchange earnings in the process. Notably, it said the engineering sector is the largest contributor to India's overall exports, with a share of 24 per cent, and also contributes approximately 40 per cent of the country's total manufacturing exports. 

EEPC India Chairman Arun Kumar Garodia has said that the monthly, as well as cumulative numbers, clearly show that the Indian engineering sector is quite competitive globally and consistently achieving success in penetrating new markets. He further said that free trade agreements (FTAs) with the UAE and Australia have allowed the exporting community to deepen their foothold in key markets. With more FTAs in the pipeline, engineering exports would certainly increase its share in the global market in coming years.