The Indian engineering industry has maintained a high rate of growth over the years.
It is a major contributor to the nation’s economy and has been expanding swiftly due to a number of factors, including a large pool of skilled technical labor, low labor costs, a supportive policy environment, and the availability of advanced technology.
According to industry reports, the Indian engineering sector has grown at a compound annual growth rate (CAGR) of approximately 7.5% over the past decade and is anticipated to develop at a healthy rate over the next few years. Infrastructure, power, telecom, automotive, aerospace, and defense are some of the industries segments.
The country’s emphasis on infrastructure development has been a significant growth driver for the Indian engineering industry, resulting in an increase in demand for engineering services and equipment.
Make in India, Digital India, and the Smart Cities Mission have also contributed to the expansion of the engineering industry.
In addition, the Indian engineering industry has been able to garner substantial foreign investment, which has contributed to the growth of the sector. In addition, the government has taken a number of measures to encourage engineering innovation and research, allowing Indian engineering firms to develop cutting-edge technologies and products.
The Indian engineering industry has expanded substantially over the past few years and is poised for future expansion.