India's engineering exports nosedive

India's engineering shipments to key markets like Sri Lanka, UAE and China plummeted in April amid a 19 per cent decline in the sector, which slipped in terms of its contribution to the country's overall export basket. The country's engineering exports to Sri Lanka witnessed a degrowth of over 90 per cent, falling to mere $63 mn in April 2016, marked by a huge fall in exports of aircraft and spacecraft parts. Likewise, shipments to UAE fell by 46 per cent to $331 mn in the face of the Middle East witnessing a major slump in investment in oil and infrastructure sectors. India's engineering exports to China dropped 57.6 per cent to $102.6 mn as the Chinese economy is facing a major upheaval.