New Delhi, Oct 6 (KNN) India’s engineering exports to three of its immediate neighbours in South Asia have seen top of the line growth in April-August 2014-15 with Sri Lanka topping the chart registering almost doubling of consignments while Nepal and Bangladesh witnessing smart gains, an EEPC India analysis has shown.
 
These three countries in South Asia are in the top 25 destinations of India’s engineering exports with Sri Lanka occupying the coveted number three positions only after the US and UAE between April-August, this year, EEPC India said in a press release.
 
The top 25 destinations account for 74 per cent of the total engineering exports, which were USD 62 billion in 2013-14 and are poised to reach USD 70 bn in the current fiscal.
 
The country’s total engineering exports for April-August this fiscal aggregated USD 28.9 billion registering year- on- year growth of 24 per cent of which the top 25 destinations accounted for USD 21.32 billion logging in expansion of 29.42 per cent.            
  
“South Asia, with the exception of Pakistan, is emerging as an important market for Indian exports. Significantly, these markets are now giving us volume and scale in valuation as well despite these economies being small,” Chairman of the EEPC India (formerly Engineering Export Promotion Council), Anupam Shah has said.
 
For instance, Sri Lanka has given  shipments worth USD 1.53 billion in the first five months of the FY 2014-15, which is third highest in valuation, recording an impressive growth of 96.80 per cent over the same period last fiscal.
 
The combined growth as a grouping of South Asia was 60 per cent for the period under review with Nepal logging in annualised growth of 49.21 per cent (USD 595.76 million) and Bangladesh 25.29 per cent (USD 615.91 million).
 
Shah said if the physical infrastructure at the land borders is improved the commercial engagement with the neighbours in South Asia can further increase not only in engineering products but several other critical areas. (KNN Bureau)