Nasscom has launched a Special Interest Group (SIG) for the construction and heavy engineering (C&HE) sector to radically advance the industry readiness for captive consumption and to meet the global demand for products and design solutions from India. The SIG is to be chaired by Samir Yajnik from Tata Technologies.
At the SIG launch meeting on Friday, stakeholders from the C&HE industry, including OEMs, ESPs and technology providers across the country, enlisted themselves as members and adopted the SIG charter.
The group will focus primarily on developing the policy framework for innovation, building the talent ecosystem, deploying advanced technologies for product innovation and cycle time reduction and addressing the regulatory challenges for engineering and IT services outsourcing in this space.
Commenting on the 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, and 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 pro-actively.”
In an earlier study by Zinnov Management Consulting, it was reported that the global demand for C&HE machinery will expand 9.7 per cent annually 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 a CAGR of 21 per cent as against 18 per cent registered between 2006 and 2010.