INDIA BUSINESS ADVISORY:
The largest segment of Indian industry is the engineering sector.
Being the largest foreign exchange earner in the country, the engineering sector gets around 63% of share through foreign collaborations. Meanwhile, exports within the engineering sector have increased by 17% from USD 58.2 billion (end of 2012-13) as compared to USD 49.7 billion in the previous fiscal year. Further to this, the Ministry of Commerce has targeted engineering exports to USD 125 billion by March 2014.
India has a huge opportunity within engineering services, also. The intention is to grow this sub-sector to USD 29 billion by the year 2015, which will easily make up 20% of global market share. The Engineering Process Outsourcing (EPO) market is likely to grow by USD 40 billion by 2020. The total offshore engineering spend is likely to grow to USD 150- 125 billion by 2020 and India, with its talent pool and experience in engineering services, is well suited to realize 25% of this opportunity.