Exports rise 27.6% in March, 4.7% from last fiscal
PTI Export growth touched an over five-year high of 27.6% in March on account of a better performance of petroleum and engineering sector, though the expansion during 2016-17 stood at only 4.7%.During the last fiscal, exports aggregated at USD 274.64 billion. In March, the outward shipments were at USD 29.23 billion.The trade deficit in March, however, more than doubled to a four-month high of USD 10.43 billion due to a surge in imports, especially of gold.While overall imports rose by 45.25 per cent to USD 39.7 billion, gold imports jumped to USD 4.17 billion in March as against USD 973.45 million in March 2016."In continuation of the double-digit growth exhibited by exports during February, exports during March have shown a significant growth," ...
Cyient launches global design centre for SMEC
The Dollar Business Bureau Hyderabad-based engineering consultancy firm, Cyient, on Friday, unveiled a new global design centre in Bangalore for SMEC, an Australian company which provides consultancy services on infrastructure projects. It will be SMEC’s first offshore centre supporting the global design work mainly around civil and structural services, including building information modeling. The new design centre will be located at Cyient's Electronic City campus, Bangalore. The operations of the centre are expected to commence from July 2016. On the path to create new employment opportunities, the company is likely to rope in 100 full-time engineers within a year and grow the team with each passing year. Krishna Bodanapu, Cyient’s Managing Director and Chief Executive Officer, stated that partnering with SMEC and establishment of ...
Anti-dumping duty on steel to hurt engineering industry
Deepak Kumar | The Dollar Business Bureau As the government announced anti-dumping duty on steel, second time in the last three months, to check imports, the engineering industry on Monday said the move will hurt the sector which includes mainly MSMEs. “With exports being slow, these measures would boost up the steel industry but will hurt the engineering industry, especially the MSMEs sector. Most of the exporting units, which include about 60% of the MSMEs, don’t have access to advance license. Consequently, their prices are going to become higher, and they will be non-comparative in the market,” EEPC (Engineering Exports Promotion Council) India Chairman Anupam Shah told the Dollar Business. Last week, the government had imposed an anti-dumping duty ranging from ...
