Exports of engineering items rose 54 per cent to USD 81.8 billion throughout April-December 2021-22 as in contrast to the identical interval of the earlier 12 months, the commerce ministry mentioned on Monday.
In the corresponding nine-month interval of 2020-21, exports stood at USD 52.9 billion.
The sector accounted for over 27 per cent in India’s complete exports basket throughout the interval.
In whole 2020-21, exports from the sector was USD 76.62 billion.
“With the sector already logging USD 81.8 billion in the primary three quarters of 2021-22, the sector is ready to scale additional file highs regardless of the affect of the COVID-19 pandemic in January, 2020,” it mentioned.
India’s prime 5 export locations for engineering items embody the US, China, the UAE, Italy and Germany.
The ministry mentioned the zero responsibility Export Promotion Capital Goods (EPCG) scheme has helped in pushing up the exports, it added.
The scheme permits import of capital items for pre-production, manufacturing and post-production (together with utterly knocked down/ semi knocked down thereof in addition to pc software program programs) at zero customs responsibility, topic to an export obligation equal to six instances of responsibility saved on capital items imported beneath the scheme, to be fulfilled in six years reckoned from authorization issue-date.
The engineering items sector includes steel merchandise, industrial equipment and gear, vehicles and its elements, transport gear, bicycles, medical gadgets and renewable gear.
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