EEPC eyes 20% increase in exports at $40 bn in FY 11

MUMBAI: The Engineering Export Promotion Council (EEPC) is expecting a 20 per cent increase in its exports at over USD 40 billion in FY 11 as compared to the USD 32.7 billion last fiscal.

Exports had dropped by nearly 19 per cent in 2009-10 owing to the global meltdown in European countries and the US, major markets for engineering products, EEPC India Chairman, Aman Chadha, told PTI here.

"Now, since the economy is bouncing back, we expect to attain a growth of nearly 20 per cent in exports in 2010-11, as compared to the year-ago period," he said.

Engineering exports in 2008-09 stood at USD 40.5 billion.

Chadha said that EEPC was now looking at other "untapped" markets for its products. "Since we suffered a major setback in the UK and USA markets, we are now looking at developing markets. These would give an impetus to our engineering exports," he said.

Latin American countries, the African and the CIS regions are some of the markets which companies need to look at, Chadha said.