List of Profitable Business Ideas for Production of Industrial & Engineering Products, Manufactured Goods, Industrial Engineering Products.
(Mechanical, Engineering, Automobile Industries, Metal, Metallurgical, S.S. Utensil, Wire, Aluminum, Brass, Copper Products, LPG Cylinder and Valves)
The Indian Engineering sector has witnessed a remarkable growth over the last few years driven by increased investments in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of strategic importance to India’s economy.
India on its quest to become a global superpower has made significant strides towards the development of its engineering sector. India exports transport equipment, capital goods, other machinery/equipment and light engineering products such as castings, forgings and fasteners to various countries of the world. The Indian semiconductor industry offers high growth potential areas as the industries which source semiconductors as inputs are themselves witnessing high demand.
The capital goods and engineering turnover in India is expected to reach US$ 125.4 billion by FY17. India exports its engineering goods mostly to the US and Europe, which accounts for over 60 per cent of the total exports.
Recently, India's engineering exports to Japan and South Korea have also increased with shipments to these two countries rising by 16 and 60 per cent respectively. Sri Lanka, Nepal and Bangladesh have also emerged as the major destinations for India's engineering exports.
Engineering exports from India grew 11.33 per cent year-on-year to reach US$ 65.23 billion in FY 2016-17. Exports of electrical machinery rose to US$ 4.6 billion in FY 2016-17 from US$ 3.7 billion in FY 2015-16.
India’s engineering exports recorded a growth of 22.75 per cent to reach US $ 56,091.89 million in April-December 2017. Exports during December 2017 grew 25.41 per cent year-on-year to US$ 7,133.93 million from US$ 5,688.32 million in the same period a year ago.
Engineering exports from India stood at US$ 65.23 billion in FY17. During FY08–FY17, engineering exports from India registered growth at a CAGR of 7.61 per cent. Engineering exports include transport equipment, capital goods, other machinery/equipment and light engineering products such as castings, forgings and fasteners
During the fiscal year 2016-17, the exports have touched US$65.23 billion, which exceeds the total shipments of US$58.8 billion in 2015-16.
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