New Delhi, Jan 18 (PTI) India''s engineering exports maytouch USD 52 billion in value terms during the current fiscalas the shipments have surpassed the projected target of USD 42billion, largely on increasing demand from the US and LatinAmerican markets.
"We expect the engineering export to touch USD 52 billionmark in the current financial year as it has touched USD 45billion mark in the first 10 months of 2010-11," theEngineering Exports Promotion Council (EPCH) ExecutiveDirector R Maitra said.
He added there is a good demand for engineering goodssuch as machineries, hand tools and machine tools from marketslike the US, Middle East and Latin America.
The US and EU together account for about 40 per cent ofthe country''s engineering shipments.
Maitra, however said, the recovery in the Europeaneconomy is still fragile and demand is yet to pick up.
To reduce dependence on traditional markets like the USand Europe, the exporters are also exploring new destinationsin regions like South-East Asia.
In the last fiscal, engineering exports stood at aboutUSD 32 billion.
Engineering exports include heavy engineering goods,transport equipments, capital goods, othermachineries/equipments and light engineering products likecastings, forgings and fasteners.