India has been steadily emerging as a global hub for engineering equipment and gear manufacturing. The country's advanced technology, skilled workforce, and cost-effective production have made it an attractive destination for foreign investors and buyers. In recent years, the Indian government's emphasis on the "Make in India" campaign has also played a crucial role in promoting the growth of the country's engineering equipment and gear industry.
In this blog post, we will take a closer look at India's export of gear and engineering equipment exports and explore why the industry is booming.
Overview of India's Gear and Engineering Equipment Industry
The Indian engineering equipment and gear industry has been growing rapidly over the past few years. According to a report by Research and Markets, the industry is expected to grow at a CAGR of 7.54% from 2020 to 2025.
The industry includes a wide range of products such as transmission gears, machine tools, hydraulic pumps, valves, and compressors. These products are used in various sectors such as automotive, aerospace, defense, and energy.
Reasons Behind the Growth of India's Gear Export and Engineering Equipment Industry:
1. Advanced Technology and Skilled Workforce
India has a rich pool of skilled engineers and technicians who are adept at using advanced technologies. The country's engineering colleges and institutes produce a large number of graduates every year, who are well-trained in the latest technologies.
2. Cost-Effective Production
India's cost-effective production has been a major factor in the growth of the country's engineering equipment and gear industry. The cost of labor and production is significantly lower in India compared to other countries, making it an attractive destination for foreign investors.
3. "Make in India" Campaign
The "Make in India" campaign launched by the Indian government in 2014 has played a crucial role in promoting the growth of the country's engineering equipment and gear industry. The campaign aims to promote domestic manufacturing and attract foreign investors to invest in India.
4. India's Export of Gear and Engineering Equipment
India's export of gear and engineering equipment has been steadily growing over the past few years. According to data from the Engineering Export Promotion Council of India (EEPC), India's engineering exports grew by 18.24% to USD 70.2 billion in 2020-21.
The United States, the United Arab Emirates, Germany, the United Kingdom, and France are the top five destinations for India's engineering exports. India's engineering exports to these countries accounted for more than 40% of the total engineering exports.
India's engineering equipment and gear industry has been growing steadily and is expected to continue to do so in the coming years. The country's advanced technology, skilled workforce, and cost-effective production make it an attractive destination for foreign investors and buyers. With the Indian government's continued focus on promoting domestic manufacturing and the "Make in India" campaign, the future of India's engineering equipment and gear industry looks bright.