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Engineering Export Promotion Council (EEPC) of India has said that India's engineering exports to Russia doubled to $1.22 billion till February during the 2023-24 fiscal. It said the shipments to the country stood at $616.68 million in the previous fiscal.

Further, it stated the exports to the US dipped seven per cent year-on-year to $15.95 billion during this period. In case of China, engineering shipments to that country saw a marginal decline to $2.38 billion from $2.40 billion in the period under review. Exports to the UAE and Australia, with which India had signed an FTA, remained positive.

Till February, shipments to the UAE rose 16 per cent on-year to $5.22 billion, while those to Australia was higher by five per cent at $1.30 billion. Besides, it said cumulative engineering exports during April-February (2023-24) stood at $98.03 billion as against $96.84 billion in the corresponding period a year ago. In the last few months, engineering exports from India have been on a steady growth path. The remarkable performance of the sector in the last three months made it possible for the cumulative exports to record high growth.

EEPC India Chairman Arun Kumar Garodia said 'as India's current economic performance stabilises, we are hopeful that with the positive turn of tide in global trade, India's exporting community will be able to lift exports to a new high.'