Engineering Sector : Restructured For Growth
Special Feature On Engineering SectorÂ
Post the pandemic-driven slowdown, engineering companies in India are now working hard towards increasing both their domestic and global footprint. Meanwhile, several government initiatives and the need for infrastructure development is providing a huge boost to this sector. In this article, Shreya Chaware highlights the key trends and prospects of engineering sector.
Being one of the largest sectors in India, the engineering sector can be broadly categorised into two parts, namely, heavy engineering and light engineering. India’s engineering industry accounts for 27 per cent of the total factories in the industrial sector, representing 63 per cent of the overall foreign collaborations. The total merchandise exports also comprise a large contribution from the engineering sector. Capacity creation in infrastructure, power, mining, oil and gas, refinery, steel and consumer durables are driving demand in the engineering sector. The sector bears a comparative advantage in terms of manufacturing costs, market knowledge, technology and creativity.