write any charactersics of Indian engineering industry
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India’s engineering sector is divided into two major segments - heavy engineering and light engineering. Turnover of the capital goods industry was estimated at US$ 92.00 billion in 2019 and is forecast to reach US$ 115.17 billion by 2025.
Comparative advantage vis-a-vis peers in terms of manufacturing cost, market knowledge, technology and creativity has been the driving force behind engineering export from India. Index of industrial production (IIP) for electrical equipment industry stood at 105.5 in FY20.
Export of telecom instruments increased from US$ 2.58 billion in 2018-19 to US$ 4.68 billion in 2019-20.
Engineering export reached US$ 76.28 billion in FY20 and US$ 26.00 billion in FY21 (till August 2020).
As per Mr. Piyush Goyal, Minister for Commerce and Industry and Railways, the Government will make all efforts to ensure that the export of engineering goods reach US$ 200 billion by 2030.
The Government has also announced to invest Rs. 100 lakh crore (US$ 1.5 trillion) in infrastructure over the next five years.
Companies engaged in the engineering sector are virtually on a roll. Capacity creation in sectors like infrastructure, power, mining, oil & gas, refinery, steel, automotive, and consumer durables have been driving the demand in the engineering sector. Separately, the approval of significant number of Special Economic Zones (SEZs) across the country and the development of the Delhi-Mumbai Industrial Corridor (DMIC) across seven states is expected to further bolster the engineering sector.
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