India has become one of the most preferred location for engineering subcontracting across key sectors including Automobile, Machine Tools, Aerospace & Defense, Oil and Gas, Mining, Process Industry, Industrial automation and Electricals. By 2020, USD42 billion worth of work related to R&D of product engineering is expected to be outsourced to India, growing by a CAGR of 22.7 per cent from 2003.
Manufacturing has emerged as one of the high growth sectors in India. Prime Minister of India, Mr. Narendra Modi, had launched the ‘Make in India’ program to place India on the world map as a manufacturing hub and give global recognition to the Indian economy. India is expected to become the fifth largest manufacturing country in the world by the end of year in coming years. The manufacturing sector of India has the potential to reach US$ 1 trillion by 2025 and India is expected to rank amongst the top three growth economies and manufacturing destination of the world by the year 2020. The implementation of the Goods and Services Tax (GST) will make India a common market with a GDP of US$ 2 trillion along with a population of 1.2 billion people, which will be a big draw for investors.
With the help of Make in India drive, India is on the path of becoming the hub for hi-tech manufacturing as global giants such as GE, Siemens, HTC, Toshiba, and Boeing have either set up or are in process of setting up manufacturing plants in India, attracted by India’s market of more than a billion consumers and increasing purchasing power. Cumulative Foreign Direct Investment (FDI) in India’s manufacturing sector has surged. Under the Make in India initiative, the Government of India aims to increase the share of the manufacturing sector to the gross domestic product (GDP) to 25 per cent by 2022, from 16 per cent, and to create 100 million new jobs by 2022.
In the difficult times of COVID Pandemic, when physical interactions are becoming difficult, EEPC India’s Virtual Subcontracting Expo in an opportunity to capitalize on our ‘indigenous manufacturing strength’. The major product sectors covered for the virtual expo are: