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Engineering products
- 1. ENGINEERING and its PRODUCTS By, Mohammed Saqib(16YACMD114) 1stsem MBA(2016-17) Presidency College, Bangalore
- 2. Over view • TheIndian engineering sector is of strategic importance to the economy owing to its intense integration with other industry segments. • The engineering sector in India attracts immense interest from foreign players as it enjoys a comparative advantage in terms of manufacturing costs, technology and innovation.
- 3. Major classifications • Infrastructure •Power • Mining • oil & gas • Refinery • Steel • Automotives • Consumer durables
- 4. Products list • Castings •Forgings • Fasteners • transport equipment • Machine tools • Abrasive power tools • capital goods • Cutting Tools & Related Items • Acetylene Plants • Ball Bearings & Related Components • Block Making Machinery • Insulators & Insulation Materials • Separators, Strainers & Purifiers • Welding Rods • Electrodes & Wires • Electrical Conduits and Fittings • Forgings, Forging Parts & Supplies • Piston & Crankshaft Assemblies • Safety Equipment & Systems • Electric Motors and Components
- 5. Engineering products &Govt • India on its quest to become a global superpower has made significant strides towards the development of its engineering sector. • The Government of India has appointed the Engineering Export Promotion Council (EEPC) as the apex body in charge of promotion of Engineering goods, products and services from India. • The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of strategic importance to India’s economy. • India became a permanent member of the Washington Accord (WA) in June 2014. • The country is now a part of an exclusive group of 17 countries who are permanent signatories of the WA, an elite international agreement on engineering studies and mobility of engineers.
- 6. Market size &Exports • India exports its engineering goods mostly to the US and Europe, which accounts for over 60 % of the total exports. • India's engineering exports to Japan and South Korea have also increased with shipments to these two countries rising by 16 and 60 % respectively. • Sri Lanka, Nepal and Bangladesh have also emerged as the major destinations for India's engineering exports during April-February 2015-16, together accounting for a sizeable chunk of US$ 5.17 billion etc., • Engineering products turnover in India is expected to reach US$ 125.4 billion by FY17. • Engineering exports from India stood at US$ 70.6 billion in FY15, registering a Compound Annual Growth Rate (CAGR) of 11.1 per cent over FY08-15.
- 7. Key categories ofengineering exports
- 8. Investments • Enjoys 100%FDI • The FDI inflows into India's engineering industries during April 2000 to March 2016 stood at around US$ 3,068.1 million – Source: Department of Industries Policy and Promotion (DIPP).
- 10. Major Investors &their investments • Rolta India, an Information Technology (IT), engineering and geospatial services provider signed a seven-year, multi-million pound contract with UK based company UK Power Networks, to manage and update the firm's spatially-enabled network asset information. • India's Texmaco Rail & Engineering has signed a memorandum of understanding with Russia's ROSOBORONEXPORT (ROE) for modernisation of Armoured Vehicles operated by the Indian Army. • Toshiba Transmission and Distribution Systems (India) Pvt Ltd has bagged Rs 226 INR (US$ 33.46 million) contract from Kenya Power and Lighting Company for around 8,000 distribution transformers. • Leading aircraft maker Airbus announced it has begun sourcing components for almost all its jets from India and it aims to take its cumulative sourcing from India to US$ 2 billion by 2020. • Engineers India Ltd (EIL) inked a US$ 139 million consultancy deal for a 20 million tonnes (MT) refinery and polypropylene plant being built in Nigeria by Dangote Group.
- 11. Expectations • The capitalgoods and engineering turnover in India is expected to reach US$ 125.4 billion by FY17 • Electrical equipment market size is forecast to reach US$ 100 billion by FY22
- 12. Exports going strong •Indian engineering exports rose to US$ 70.7 billion in 2014–15 from US$ 32.5 billion in 2009–10. • About 31.8 per cent of exports were to the EU and North America in 2014–15. • The UK imported Indian engineering goods valuing US$ 2.6 billion in 2014–15, posting a growth of around 7.0 per cent over 2013–14. • The UAE imported Indian engineering goods valuing US$ 5.9 billion from India in 2014–15, representing a significant growth of 16.0 per cent over 2013–14. • Exports to Malaysia increased significantly to US$ 2.1 billion in 2014–15, representing an increase of 130.8 per cent over 2013–14. • The export of Indian engineering goods to Sri Lanka (US$ 3.6 billion), South Africa (US$1.9 billion), Mexico (US$1.9 billion), Turkey (US$ 1.7 billion), Nepal (US$ 1.4 billion) , and Iran (US$ 1.2 billion), rose significantly in 2014–15.
- 13. Other factors influencingEngineering sector • the approval of significant number of special economic zones (SEZs) across the country • development of the Delhi Mumbai Industrial Corridor (DMIC) • Make in india
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- 15. Govt initiatives • Toboost the sector, the government has relaxed the excise duties on factory gate tax, capital goods, consumer durables and vehicles. • Reduced the basic customs duty from 10 % to 5 5on forged steel rings used in the manufacture of bearings of wind operated electricity generators. • to provide a level playing field to domestic and foreign private players bidding for the government contracts in defence sector. • These steps will also encourage participation of foreign Original Equipment Manufacturers such as Boeing, Airbus, Lockheed Martin, BAE Systems, etc., in the sector. • Education: The government has also taken steps to improve the quality of technical education in the engineering sector by allocating a sum of Rs 500 crore (US$ 75.33 million) for setting up five more IITs in the states of Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala. • Prime Minister, Mr Narendra Modi announced a partnership between Bloomberg Philanthropies and the Ministry of Urban Development, Government of India, to advance the "Smart Cities Initiative."
- 16. What next • Theengineering sector is a growing market. Spending on engineering services is projected to increase to US$ 1.1 trillion by 2020. • The Union Budget 2016-17 has made record allocation of Rs 221,246 Crore (US$ 33.07 billion) for several infrastructure projects which are further expected to provide a boost to the engineering sector. • The industry can also look forward to deriving revenues from newer services and from newer geographies with Big Data, Cloud, M2M and Internet of Things becoming a reality.
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