Engineering is a divergent business with various sections. It leads development & majorly in the nation’s market growth. The Indian Government has invented an apex body, Engineering Export Promotion Council (EEPC) to be crucial in issues related to promotion of engineering goods, services and products from India. Also, engineering has been de-licensed and 100 percent Foreign Direct Investment (FDI) has been allowed in this sector. Besides this, the govt. has removed tariff protection on goods and lowered the custom duties on various engineering gear. National Manufacturing Policy was introduced with the objective to update the sector’s share in gross domestic product (GDP) to 25 percent in a decade and creating 100 million jobs by 2022.
According to the Frost and Sullivan’s latest study, the automotive engineering services scenario in India is likely to reach $102 million by 2015 as against $74.4 million filed in 2009 with a CAGR of 7.9 percent. Furthermore, NASSCOM (2006) report says that worldwide spending for engineering services was about $750 billion in 2006. But, by the year 2020 it is estimated to surpass $1 trillion. Then something even more astonishing is yet to be noted, If you’re not able to digest these amounts. It is projected the engineering exports from India is estimated to touch US $70 billion for the year 2015 recording an upsurge of 15 percent in the preceding fiscal year. This increase is due to the increasing demands in UAE and US markets. Moreover, machinebouw markets in Germany appears to be promising.
15 Apr 2017