Aircraft, spacecraft parts exports grow 58%

Aircraft, spacecraft parts exports grow 58%

Aircraft, spacecraft parts exports grow 58%

In yet another milestone on ‘Make in India’,  the small and medium enterprises (SMEs) have registered remarkable export growth of aircraft and spacecraft parts manufactured by them.

According to the Engineering Export Promotion Council (EEPC), exports of aircraft and spacecraft parts from India went up by a whopping 56.77 per cent to exceed $4 billion during April-November 2014 over the same period in the previous year. The exports were to the tune of $2.58 billion during April-November 2013.

In fact, a major breakthrough for the hi-tech export segment was witnessed in the month of November 2014 when shipments of critical parts for civil aviation and spacecraft went up by over 317 per cent year-on-year at $1.16 billion in contrast to $278 million the previous year.

New technology

“What is heartening is that they are  mostly the small and medium enterprises which dominate the sector and are adopting the new technology, fast catering to some of the top aircraft and spacecraft manufacturers of the world,” said Anupam Shah, chairman of EEPC India. 

Technology–oriented segments like IC (integrated circuit) engines and parts exports went up by over 55 per cent to $1.67 billion in April-November 2014, as against $1.07 billion in the same period last year.

Similarly, the industrial machinery for dairy, food processing, and textiles — dominated by small and medium enterprises — too witnessed over 13 per cent expansion in exports during the first eight months of fiscal 2014-15 at $3.10 billion against $2.73 billion during the previous fiscal.

Significantly, technology-oriented products are now increasing their share in the total engineering exports which aggregated $46.59 billion during April-November 2014 growing by close to 20 per cent on an annualised basis, EEPC India said.