India’s engineering exports, which are hit hard by the global demand slowdown, are expected to decline over 6 per cent and may touch $56 billion by the end of the current fiscal, as against a target of $60 billion. The earlier target was $72 billion.

Engineering Export Promotion Council (EEPC) Chairman Aman Chadha said, “Our traditional markets - the US and Europe  (accounting for 60 per cent) - are not recovering at a healthy rate.” He added that exporters are cautious about new markets in Latin America and Africa for fear of payment default.