In November, India witnessed a 3% year-on-year decline in the export of engineering goods, amounting to $7.85 billion, according to a report from an industry body. This dip was primarily attributed to disruptions during the festive season, impacting operations in major engineering export hubs across the country, especially in the northern and western regions.

Despite the recent setback, the Engineering Export Promotion Council of India (EEPC) expressed cautious optimism, anticipating a surpassing of last year's overall engineering exports. Arun Kumar Garodia, Chairman of EEPC India, noted a positive growth trend in the sector from August to October after a first-half slump in 2023, instilling hope for a continued upward trajectory.

Garodia acknowledged the prevailing global challenges, such as high inflation and interest rates, particularly in key markets like Europe and the United States. These challenges contribute to an on-going trade slowdown, emphasising the need for sustained government support to ensure the competitiveness of the Indian engineering sector in the global market.

Despite these hurdles, Garodia expressed confidence in the resilience and potential of the engineering exports sector to navigate the challenges and eventually regain a robust pace of growth.