NEW DELHI: In the recent times, India's engineering sector
has bagged stimulus from the manufacturing sector in the form of product development and advanced manufacturing technology. India has emerged as a key manufacturer of the complete range of industrial machinery. Although, the economic gloom is taking a toll on the activities of the industry, but the sector is hopeful that it will witness about 15-20% growth despite the recession.
While throwing light on the Indian engineering industry in an exclusive interview to SME News, Bhavesh Patel, president of Rajkot Engineering Association, said, “Despite the economic downturn, we are hopeful that the Indian engineering industry will register nearly 15-20% growth in this financial year. The figure is achievable for enginnering sector, which is dominated by the small and medium enterprises (SMES), due to its consistent zeal and strong potential to tide over economic crisis.”
TC Thiagarajan, president of Southern India Engifneering Manufacturers' Association (SIEMA), said, “This figure is achievable despite the fact that there are few issues which are impacting the productivity. Although, economic slowdown is causing problems but as other industries are depended on them, the growth will happen.”
The Indian engineering sector is considered as a prominent industrial segment of the economy as it witnesses the presence of large number of sub-segments. The growth in the engineering industry is taking place due to various new projects being undertaken in other core industries like railways, power, infrastructure. The demand in the sector is expected to pick up mainly on account of Centre's risen emphasis on infrastructure development along with technology adoption.
Thiagarajan also added, “In the recent times, Centre has kick started national manufacturing competitiveness initiatives to help the industry strengthen its foothold. It has promoted the concept of technology adoption mainly as it has potential to speed up work and also enhance productivity at the same time.”
Meanwhile, NASSCOM has projected that the engineering and R&D services can lead to the creation of extra jobs of more than one million by the year 2020 with the help of strong growth.