Engineering the future
The Special Interest Group for construction and heavy engineering was formed at the NASSCOM engineering summit with a focus on building Indian industry readiness for global product development demand.
NASSCOM recently launched a Special Interest Group (SIG) for the construction and heavy engineering (C&HE) sector to radically advance industry readiness for captive consumption and meet global demand for products and design solutions from India. At the SIG launch, stakeholders from the C&HE industry including OEMs, ESPs, technology providers across the country enlisted themselves as members and adopted the SIG charter. The group will focus primarily in the areas of developing policy framework for innovation, building the talent ecosystem, deploying advanced technologies for product innovation and cycle time reduction and addressing regulatory challenges for engineering & IT services outsourcing in this space.
Commenting on this significant development, Som Mittal, President, NASSCOM said, ?The NASSCOM Engineering Summit offers the perfect platform to bring key thought leaders from the C&HE industry and software services and technology providers as also other interested parties together to exchange ideas and share solutions to add momentum to the wave of progress being seen in the C&HE industry.?
Samir Yajnik, President Global Services & COO Asia Pacific, Tata Technologies, who is Chair for the SIG said, ?While the industry has been registering strong growth and India is set to outpace the global growth average, there are challenges which need to be addressed proactively. The C&HE ? SIG will be an ideal network for stakeholders to innovate and work towards a common agenda keeping India?s global predominance in this sector as the focal objective.?
It is worthwhile to note that a Zinnov study presented at the SIG launch projects that the global demand for C&HE machinery will expand 9.7 per cent per year to $191 billion by 2015. The Indian C&HE industry revenue is set to grow six-fold to $23 billion by 2020 from $5.03 billion in 2011. It is growing at CAGR of 21 per cent as against 18 per cent registered between 2006 and 2010.
NASSCOM recently launched a Special Interest Group (SIG) for the construction and heavy engineering (C&HE) sector to radically advance industry readiness for captive consumption and meet global demand for products and design solutions from India. At the SIG launch, stakeholders from the C&HE industry including OEMs, ESPs, technology providers across the country enlisted themselves as members and adopted the SIG charter. The group will focus primarily in the areas of developing policy framework for innovation, building the talent ecosystem, deploying advanced technologies for product innovation and cycle time reduction and addressing regulatory challenges for engineering & IT services outsourcing in this space.
Commenting on this significant development, Som Mittal, President, NASSCOM said, ?The NASSCOM Engineering Summit offers the perfect platform to bring key thought leaders from the C&HE industry and software services and technology providers as also other interested parties together to exchange ideas and share solutions to add momentum to the wave of progress being seen in the C&HE industry.?
Samir Yajnik, President Global Services & COO Asia Pacific, Tata Technologies, who is Chair for the SIG said, ?While the industry has been registering strong growth and India is set to outpace the global growth average, there are challenges which need to be addressed proactively. The C&HE ? SIG will be an ideal network for stakeholders to innovate and work towards a common agenda keeping India?s global predominance in this sector as the focal objective.?
It is worthwhile to note that a Zinnov study presented at the SIG launch projects that the global demand for C&HE machinery will expand 9.7 per cent per year to $191 billion by 2015. The Indian C&HE industry revenue is set to grow six-fold to $23 billion by 2020 from $5.03 billion in 2011. It is growing at CAGR of 21 per cent as against 18 per cent registered between 2006 and 2010.
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