The Indian Engineering sector has witnessed a remarkable growth over the last few years driven by increased investments in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors of the economy, is of strategic importance to India’s economy. Growth in the sector is driven by various sub-sectors such as infrastructure, power, steel, automotive, oil and gas, consumer durables etc.
India on its quest to become a global superpower has made significant strides towards the development of its engineering sector. India exports transport equipment, capital goods, other machinery/equipment and light engineering products such as castings, forgings and fasteners to various countries of the world.
Driven by strong demand for engineering & capital goods, exports from India registered a double digit growth. This growth can be credited to the robust expansion in shipments of aircraft, spacecraft parts and automobiles. Engineering & capital good exports from India are expected to cross US$ 70 billion registering a growth of 15% over the previous year, as demand in key markets such as the US and the UAE is on the rise.
India exports its engineering goods mostly to the US and Europe, which accounts for over 60 % of the total exports. Recently, India’s engineering exports to Japan and South Korea have also increased with shipments to these two countries rising by 16% and 60% respectively.
Indian government’s `Make in India’ campaign has got the attention of several in infrastructure and engineering multi nationals including, which are considering investing in the country.
The Indian Capital Goods sector is of strategic importance to the economy owing to its intense integration with other industry segments.
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