In August, Indian engineering exports dropped 14.59% to $8.25 billion
The impact would be worse for Indian MSMEs since they were already dealing with multiple problems, including the Covid crisis and the subsequent rise in raw material prices.
admin
India's exports of engineering goods, which totaled $8.25 billion in August of this year, fell by 14.59% as a result of a number of international variables, including a reduction in Chinese demand and recessionary patterns in important Western economies.
In August of previous year, India reported exporting engineering items worth $9.66 billion.
Mahesh Desai, the chairman of India's Engineering Exports Promotion Council (EEPC), blamed export taxes on some steel items, notably stainless steel products, for the sluggish rate of export growth in August of this year.
As a result of the ongoing conflict between Russia and Ukraine, he also saw that uncertainty persists owing to an impending recession in key economies. The impact would be worse for Indian MSMEs since they were already dealing with multiple problems, including the Covid crisis and the subsequent rise in raw material prices.
The EEPC India Chairman Desai stated that the impact for Indian engineering exporters in the upcoming months will depend on the severity of the recession in the world's main countries when announcing the preliminary trade data for August of this year.
Desai cited external shocks in part to the current fiscal's April-June quarter's lower-than-anticipated GDP growth. In order to increase exports of engineering, he asked the government to take other steps, such as eliminating the tax on steel products.
