August 03, 2006
"Engineered in India": India waiting to cash in on global engineering outsourcing
India, already spearheading the IT outsourcing market, is now set to expand services in engineering services. Globally, the highest spend in the engineering industry comes from powerhouses such as the US, Germany, and Japan.
According to Nasscom, the offshoring activities from these and other countries is likely to soar up to $150-225 billion by 2020, and India is well-positioned to grab 25% of this figure:
Engineering services offshoring could help create 150,000 to 200,000 additional jobs, up to 1,000,000 with multiplier effect. India needs to invest now to yield the required number of engineers by 2020, the report said.
The engineering market is a fragmented one with high-tech/telecom occupying 30% of this space, followed by automotive (19%), aerospace (8%) and utilities (3%). India is targeting the high-tech/telecom and automotive sectors, where outsource vendors find themselves on a strong footing in terms of both infrastructure and expertise.
The Financial Express has more details on the Nasscom report.
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