India's engineering exports up 50% in December

India's engineering exports up 50% in December. Due to a rising demand from US and Middle East, the export of the engineering products registered a year-on-year growth of 50% to $5.5 billion in December 31, 2010. Engineering export include exports of goods, transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners. The demand in the coming period is expected to increase, due to recovery in the European economy. In the FY 2009-10 of the total exports of $32.5 billion US and Europe accounted for 65%. In 2010, (April-December) the export grew by 50% to $37 billion. The exporter have explored new destination in order to decrease dependence on US and Europe.