Investments

• Engineering accounts for about 25% of India’s total global exports in the goods sector and is one of the largest foreign exchange earners.
• In FY23, the exports of engineering goods from India have been estimated to stand at US$ 107.04 billion.
• In FY24, exports of engineering goods stood at US$ 109.32 billion, reflecting a marginal growth of 2.1% of YoY growth. In June 2024, exports of engineering goods reached at US$ 27.78 billion.
• India's engineering goods are exported to key markets such as the US, Europe, and UAE.
• The value of shipments to the US, the top market for India's engineering goods, stood at US$ 17.63 billion in FY24.
• Export of engineering goods is expected to reach US$ 200 billion by 2030.
• In FY25 (until December), exports of engineering goods reached at Rs. 7,61,343 crore (US$ 87.22 billion). 
• As per the budget estimates (BE) of FY26, the production-linked incentive (PLI) scheme for the automobile and auto components sector got a massive boost at Rs 2,818.85 crore (US$ 322.90 million) in FY26.
• The engineering industry in Maharashtra reported exports worth US$ 22.99 billion in FY24 contributing around 21.0% of India’s engineering exports.
• In October 2023, the Automotive Research Association of India (ARAI) signed an agreement with IIT Guwahati to set up a common engineering facility centre titled ‘Digital Twin Centre for Emerging Automotive Systems’ in a hub and spoke model.
• In July 2023, Bharat Heavy Electricals Limited (BHEL) signed a Technical Assistance and License Agreement with General Electric Technology GmbH Switzerland for Gas Turbines. 
• Creation of a significant number of Special Economic Zones (SEZs) across the country has been approved.
• The development of Delhi Mumbai Industrial Corridor (DMIC) across seven states will further bolster the engineering sector.
• Reliance Defence and Engineering Ltd has signed an agreement with the US Navy for undertaking service, maintenance, and repair of Seventh Fleet of US Navy at the Reliance Shipyard at Pipavav in Gujarat.
• American plane maker Boeing Corporation has launched the Boeing India Engineering & Technology Centre in Bengaluru.
• In November 2022, L&T Infotech and Mindtree merged to make India's 5th-largest IT company, LTIMindtree, that will help businesses proactively take on and shape the future by harnessing the full power of digital technologies.
• In January 2023, Bharat Heavy Electricals Ltd (BHEL) bagged the order for renovation and modernization of 200 MW Unit-3 and 210 MW Unit-5 steam turbines at Ukai thermal power station in Gujarat.
• In January 2023, L&T Technology Services Limited announced to acquire the Smart World & Communication (SWC) Business of L&T, to combine synergies and take offerings in Next-Gen Communications, Sustainable Spaces and Cybersecurity to the global market.

In the recent past, there have been many major investments and developments in the Indian engineering and design sector:

• The Indian construction equipment (CE) industry, which aspires to become the world's second-largest by 2030, turned in its best-ever performance with 26% year-on-year growth in FY23 as sales crossed the one lakh unit mark driving on road construction and railway demand.
• The IMARC Group expects the machine tools market to reach US$ 2.5 billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-28.
• The Indian government announced a reduction in customs duty on textile machinery, spares, and accessories. The changes include bringing shuttleless looms under the category of zero rate of duty. 
• India’s telecom equipment exports reached US$ 7.28 billion in 2023-24 (until September 2023).
• In June 2024, PV sales decline by 2.88% MoM to 3.37 lakh units, as against 3.47 lakh units.
• The total EV sales reached 1.67 million in 2024, up from 1.18 million in 2023.
• Export of the total number of automobiles stood at 4.5 million in FY24.
• The exports of passenger vehicles increased from 6.6 million units in FY23 to 6.7 million units in FY24.
• In February 2023, Reliance Industries Limited (RIL) and its vehicle partner Ashok Leyland unveiled India’s first Hydrogen Internal Combustion Engine (H2-ICE) technology solution for heavy-duty trucks at the India Energy Week in Bengaluru.
• State-run PSUs Nuclear Power Corporation of India Ltd (NPCIL) and Bharat Heavy Electricals Ltd (BHEL) have signed a Memorandum of Understanding (MoU) in April 2023 to jointly pursue business opportunities in the area of Nuclear Power Plants based on Pressurized Heavy Water Reactor (PHWR) technology.
• The Ministry of Heavy Industries, in March 2023, sanctioned Rs. 800 crore (US$ 97.3 million) under FAME India Scheme Phase-II to three PSU Oil Marketing Companies (OMC) for setting up 7,432 public fast charging EV stations across the country.
• In October 2022, exports of engineering goods from India stood at US$ 7.4 billion.
• In October 2022, the total production of passenger vehicles, three wheelers, two wheelers, and quadricycles was 2,191,090 units.
• In FY21, production of boilers stood at Rs. 6,728.36 crore (US$ 842.35 million).
• Exports of auto components stood at Rs. 1.41 lakh crore (US$ 19 billion) in FY22.
• With 100% FDI allowed through the automatic route, major international players such as Cummins, GE, ABB, and Alfa Laval have entered the Indian engineering sector due to growth opportunities.
• In February 2022, Microsoft India, and Larsen & Toubro (L&T) signed a Memorandum of Understanding (MoU) to build a regulated sector cloud product. The two businesses will collaborate with a select group of significant customers in regulated industries to design architectures and roadmaps to help them achieve their digital transformation goals and transition traditional datacentres to hybrid cloud architecture.