 "Engineering exports to Israel grow six times in April 2017")
Engineering exports to Israel grew up by more than six times in April this year over the same month in 2016, a key economic development which augurs very well for the Prime Minister Narendra Modi's impending visit to the country, engineering exporters' apex body EEPC India said in Mumbai on Thursday.
According to EEPC, as against engineering exports of just about $20 million in April 2016, the shipments of these goods have gone up significantly to $146.42 million in April this fiscal, which is a whopping 640 per cent or more than six times growth.
Moreover, Israel ranks at 12th position among India's engineering export destination and has figured prominently among the top 25 destinations, according to the latest data analysis done by the EEPC India.
"It is a matter of great satisfaction that engineering exports to Israel are doing so well, just ahead of the Prime Minister Modi's impending visit. The fact that Modi would be the first Prime Minister to visit Israel is a great positive for the Indian industry and exporting community," EEPC India Chairman TS Bhasin said.
He further said the Indian engineering industry can enhance its level of engagement with Israel in a number of high-tech areas like defence production, steel, automobile and auto components, aircraft components and ship-building and ship boats.
In fact, the bulk of the engineering exports to Israel for the month of April are listed against the broad group of ships, boats, floating structures and parts, which is nearly $122 million, the apex body said.
"We need to diversify our export basket to Israel; no doubt and would be working towards that end," Bhasin added.