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India: A global solution provider

Aparna Dutt Sharma, Chief Executive Officer, IBEF

Oct 13, 2014 15:11

India is fast emerging as a solution provider in the global engineering and design industry. Engineering and research and development (ER&D) export revenue from India is expected to touch US$ 37-45 billion by 2020, up from an estimated US$ 12.4 billion in 2013-14. Presently the country has over 600 local and 400 global ER&D centres employing over 200,000 engineers from service providers and engineering firms. It is interesting to note that the scalable talent pool across diverse areas of science, technology and management along with robust academic and research infrastructure is spurring the industrial R&D activity in the country.

At a time when increasing cost pressures and demand saturation in developed economies is encouraging firms to increase ER&D spends on efficiency improvements and product localisation, the presence of a large pool of engineers and data scientists makes India an attractive destination for global corporations for offshoring their ER&D needs. Given the country's inherent strengths in the ER&D industry, both local and international companies are expected to continue to invest in this space with a long term vision in mind.