We are back with a team of winners after a gap of three years to reward the achievers in the engineering exporting family.
111 winners grouped in 7 categories were the prime contributors to the then record high engineering exports of $81.02 billion during 2018-19. This was almost a quarter of the total merchandise exports.
2018-19 bought three reasons to cheer for the Indian exporting community. First, India’s merchandise export achieved its lifetime high at $331.02 billion during fiscal 2018-19. Second, it was the first time when overseas shipments of goods crossed the $300 billion mark for two consecutive fiscals. And finally, merchandise exports growth was back to double-digit in the concluding month of fiscal 2018-19.
On a cumulative basis for the entire fiscal 2018-19, engineering export recorded 6.32 percent growth over the previous fiscal and out of 33 engineering panels, 28 panels sharing almost 85 percent of the products which recorded growth in exports.
The Virtuous Cycle of savings, investment, and exports catalysed and supported by a favourable demographic phase required for sustainable growth was one of the key features of the 2018-19 government policy. Presenting data as a public good, emphasising legal reforms, ensuring policy consistency, encouraging behaviour change using principles of behavioural economics, nourishing MSMEs to create more jobs and become more productive, reducing the cost of capital and rationalising the risk-return trade-off for investments were the key ingredients of a self-sustaining virtuous cycle.
2018 was difficult for the global economy, with world output growth falling from 3.8 percent in 2017 to 3.6 percent in 2018.
Growth of the Indian economy moderated in 2018-19 at 6.8 percent, made the country the fastest growing major economy in the world with stable macro-economy, contained inflation within 4 percent, a manageable current account deficit to GDP ratio, higher growth in the manufacturing sector, 10 percent growth in fixed investment,14.2 percent growth in FDI.
In 2022 – when we are honouring the Champions of 2018-19 – India has emerged rock solid with $418 merchandise exports, the highest ever in a year, $111.6 billion engineering exports, another historic high!
Saluting the Covid warriors – let us cheer the performers who braved the headwinds and have moved on!