India's engineering exports are likely to reach $60+ billion in fiscal 2016-17, on the back of revival of demand in the US and for select products like iron, Union Minister for Commerce and Industry (Independent Charge) Nirmala Sitharaman said on Thursday.
Sitharaman was speaking at the sixth edition of International Engineering Sourcing Show (IESS) in Chennai. The Russian Federation is the partner country this year.
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India's exports rose for the sixth straight month in February, indicating a recovery for the global economy. It was probably the best month in the recent past, with exports growing 17.48 percent to $24.49 billion as against $20.84 billion in February 2016.
Imports rose 21.76 percent to $33.39 billion (from $27.41 billion), mainly due to gold imports that jumped 147.62 percent to $3.48 billion from $1.40 billion in February 2016.
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Trade deficit widened to $8.89 billion for last month as against $6.57 billion in February 2016, according to provisional data released by India's commerce and trade ministry after trading hours.
"The current double digit growth in exports has come after a long way after June, 2014, which itself shows the capabilities and robustness of our export sector," SC Ralhan, President, Federation of Indian Export Organisation (FIEO) said in a statement.
The IESS is being attended by many international firms and supported by the Indian government.
"As many as 400 top global exhibitors and over 500 foreign delegates are participating in this flagship engineering eventwhich is built around the theme – 'Smart Tech for Smart Engineering', Apart from Union Ministry of Commerce and Industry, the show is also supported by Union Ministry of Micro Small and Medium Enterprises, Department of Heavy Industry and Department of Scientific and Industrial Research," according to the official statement.