With engineering exports witnessing a quantum jump in FY2022, the trade body is analysing its data to tap the opportunities provided by the sanctions on Russia.
“The ongoing Russia-Ukraine war poses significant risks to economies and trade globally but sanctions imposed by several developed nations on Russia could bring opportunities for Indian engineering exporters to replace Russia in the global market,” EEPC India chairman Mahesh Desai said.
Engineering exports during April-March 2021-22 stood at $112.10 billion, a whopping 46.12 per cent growth over the previous year.
Terming the year 2021-22 as a remarkable year for engineering exports, Desai said that several challenges have emerged on both the global as well as the domestic front, which could act as a deterrent in maintaining the current trend of exports.