EEPC expects strong growth in India's engineering exports in upcoming months
Engineering Export Promotion Council (EEPC) also said the government should resolve issues related to credit availability and certain procedural matters to further boost the exports.
In 2017-18, the exports stood at USD 76 billion. The sector accounts for about 25 per cent of the country's total merchandise exports.
"In 2018-19, we are expecting that we would touch USD 78-80 billion as order books are good from the US and Europe," EEPC India Chairman Ravi Sehgal told PTI.
To boost the growth, he demanded that the manufacturers should get steel at global prices as domestic prices are quite high.
"Downstream players of engineering are impacted due to high steel prices," he added.
Further, the council has demanded more measures such as high incentive rates under the Merchandise Exports from India Scheme (MEIS).
EEPC Executive Director Suranjan Gupta said the council has demanded an increase in the MEIS rates from 5-7 per cent from the current 2-3 per cent.
He also asked for setting up of a shipping regulator, which should look at exporters' issues particularly the prices being charged by shipping lines, which are mainly foreign owned.
Promoting exports helps a country to create jobs, boost manufacturing and earn more foreign exchange.
(With inputs from agencies.)