India witnessed 7.87 pc growth in engineering goods exports in May 2022

Kolkata, June 3: The Indian engineering exports reported a 7.84 per cent growth in May 2022, despite global headwinds, as against the same month last year, an official of the EEPC India said on Friday.
” Despite global headwinds, Indian engineering exports stood at $ 9.29 billion in May 2022 as against $ 8.62 billion in the same month last year recording a growth of 7.84 percent,” EEPC India chairman Mahesh Desai said in a statement.
” In the first two months of the current fiscal, the engineering exports were $ 18.97 billion, up 14.34 pc over $ 16.59 billion in the same period previous year showing that the sector is standing on firm footing and can withstand the challenges, said Desai.
He said that in the short and medium term there are fears of demand slowdown in advanced economies which could potentially dent the ongoing momentum.
“The recent reduction in excise duty on auto fuels is a much-needed relief. The custom duty calibration on raw materials of steel and measures to boost local availability of the key input to calm down steel prices show the Government would respond as and when the situation warrants so,” Desai said.