Engineering exporters body EEPC India has sought to caution members to the possibility of a delay in realisation of payments from Russia, which is the biggest export market for Indian engineering goods among the CIS countries.
Exclusion of Russia from the SWIFT payment system would mean delayed payment realisation for exporters, chairman Mahesh Desai said in a release on India’s engineering goods export clocking 31% year-on-year increase in February.
The geo-political situation involving Russia and Ukraine in recent weeks is giving rise to uncertainty. While the impact on engineering goods exports is yet to be assessed, the Russia-Ukraine crisis has already pushed up prices of key commodities, especially crude and metals. “The shipping cost which has already been going through the roof would further hurt the exporters,” he said.
