Advantage India
Robust
Demand
* Demand in the engineering industry segment is driven by investments and capacity creation in core sectors like power, infrastructure developments, mining, oil and other sectors like the general manufacturing sector, automotive and process industries, and consumer goods industry.
Attractive
Opportunities
* In Budget 2023-24, Government has committed an outlay of Rs. 10 lakh crore (US$ 120 billion) during 2023-24 towards infrastructure capital expenditure compared to Rs. 7.5 lakh crore (US$ 90 billion) (BE) during 2022–23.
* An Urban Infrastructure Development Fund (UIDF) will be managed by National Housing Bank, which will enable creation of infrastructure in Tier 2 and 3 cities by supporting viability gap funding, enabling creation of more bankable projects, enhancing access to external funding, among others.
* In June 2022: Ministry of Heavy Industries (MHI) and Ministry of Skill Development and Entrepreneurship (MSDE) sign MoU to facilitate training in engineering trades to boost capital goods sector.
Policy
support
* De-licensed engineering sector; 100% FDI permitted.
* An amount of Rs. 54.22 crore (US$ 6.5 million) utilized under the Scheme on ‘Enhancement of Competitiveness in Indian Capital Goods Sector in the financial year 2020-21.
* Indian Electrical Equipment Industry Mission Plan (2012-22), aims to make India as a preferred destination for production of electrical equipment to achieve an output of US$ 100 billion by balancing the trade deficit in the sector.
* In October 2022, NSIC Signs MoU with Phillips Machine Tools India Pvt. Ltd. for Skill Development Training in Additive Technologies which is the future of manufacturing.
* In May 2022, MHI signs an MoU with National Research Development Corporation to facilitate various activities for smooth implementation of the Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector.
Higher
Investments
* To enhance opportunities for private investment in infrastructure - Infrastructure Finance Secretariat is being established who will assist all stakeholders for more private investment in infrastructure, including railways, roads, urban infrastructure, and power.
Last updated: Feb, 2024
Introduction
India’s Capital Goods manufacturing industry serves as a strong base for its engagement across sectors such as Engineering, Construction, Infrastructure and Consumer goods, amongst others.
The engineering sector is the largest of the industrial sectors in India. It accounts for 27% of the total factories in the industrial sector and represents 63% of the overall foreign collaborations. Demand for engineering sector services is being driven by capacity expansion in industries like infrastructure, electricity, mining, oil and gas, refinery, steel, automobiles, and consumer durables. India has a competitive advantage in terms of manufacturing costs, market knowledge, technology, and innovation in various engineering sub-sectors. India’s engineering sector has witnessed remarkable growth over the last few years, driven by increased investment in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of huge strategic importance to India’s economy.
The development of the engineering sector of the economy is also significantly aided by the policies and initiatives of the Indian government. The engineering industry has been de-licensed and allows 100% foreign direct investment (FDI). Additionally, it has grown to be the biggest contributor to the nation's overall merchandise exports.
India became a permanent member of the Washington Accord (WA) in June 2014. it is now part of an exclusive group of 17 countries that are permanent signatories of the WA, an elite international agreement on engineering studies and the mobility of engineers.
Market Size
The Capital Goods sector contributes to 12% of India’s manufacturing output and 1.8% of GDP. Market valuation of the capital goods industry was US$ 43.2 billion in FY22.
Imports of Electrical Machinery in India increased to US$ 11.38 billion in FY23. The Indian electrical equipment industry comprises of two broad segments, Generation equipment (boilers, turbines, generators) and Transmission & Distribution (T&D) and allied equipment like transformers, cables, transmission lines, etc. The sector contributes about 8% to the manufacturing sector in terms of value, and 1.5% to overall GDP. Incentives for capacity addition in power generation will further increase the demand for electrical machinery.
The Index of Industrial Production (IIP), in absolute terms, is projected to be 141.6 in September 2023 as against 133.8 in September 2022.
The electrical equipment market share in India is expected to increase by US$ 33.74 billion from 2021 to 2025 at a CAGR of 9%. The domestic electrical equipment market is expected to grow at an annual rate of 12% to reach US$ 72 billion by 2025. In FY21, India’s heavy electrical equipment production stood at Rs. 168,949 crore (US$ 21.15 billion). Production of generation equipment (boilers, turbines and generators) in India is estimated to be around US$ 5.7 billion by 2022. The electrical machinery/equipment segment grew nearly 90% with shipments jumping to Rs. 13,606 crore (US$ 1.6 billion) in April-July 2022 from Rs. 7,202 crore (US$ 869 million) in the year-ago period.
The Indian textile machinery industry was expected to touch the US$ 6 billion mark by 2022. India’s textile machinery exports registered a growth of 21.4% to US$ 762.15 million in the first nine months of 2022.
The market size of the Plastic machinery sector stood at US$ 0.5 billion.
The market size of the process plant equipment sector stood at US$ 3.7 billion.
In 2021, the production data of Earthmoving and Mining Machinery stood at US$ 3.5 billion
Foundry industry has a turnover of approx. US$ 19 billion with export approx. US$ 3.1 billion.
There are 750–800 domestic Medical Devices manufacturers in India, with an average investment of US$ 2.3–2.7 million and an average turnover of US$ 6.2-6.9 million.
The Indian industrial fasteners market is expected to reach a value of Rs. 460 billion by 2023 expanding at a CAGR of ~9.6% from 2018.
India steam boiler systems market size is expected to reach nearly US$ 22.56 billion by 2027 with the CAGR of 4.63% during the forecast period.
The India generator sets market is expected to grow at a CAGR of more than 5% over the period of 2020-2025.
The India power transformer market is expected to rise at a CAGR of more than 3% during the forecast period of 2020-25.
Indian switchgear market is projected to grow at a CAGR of over 15% through 2023, on account of rising development across residential, commercial and industrial end-use sectors.
India’s automotive industry is worth more than US$ 222 billion, contributes 8% of the country’s total export, accounts for 7.1% of India's GDP and is set to become the 3rd largest in the world by 2030.
Indian auto components industry, which accounts for 2.3% of India’s GDP currently, is set to become the 3rd largest globally by 2025. According to the Automotive Component Manufacturers Association of India, the auto-components industry of India is expected to grow by 10-15% in FY24, which would be driven by both domestic and export market demand.
The Indian agricultural equipment market reached a value of Rs. 1,023.2 billion (US$ 12.3 billion) in 2022. India's farm equipment market is likely to grow to US$ 18 billion by 2025.
The Indian machine tools market size reached US$ 1.4 Billion in 2022 and is expected to reach US$ 2.5 billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-28.
The Indian automated material handling (AMH) market was valued at US$ 1,353.8 million in 2020 and is expected to go up to US$ 2,739.34 million by 2026 at a CAGR of 12.7%.
In FY21, India’s heavy electrical equipment production stood at Rs. 168,949 crore (US$ 21.15 billion). The electrical equipment market is forecasted to grow at 12% CAGR to reach US$ 72 billion by 2025 from US$ 48-50 billion in 2021. The electrical equipment export market is forecasted to reach US$ 13 billion by 2025, from US$ 8.62 billion in 2021.
Indian machine tool production and consumption were estimated at Rs. 6,602 crore (US$ 879.38 million) and Rs. 12,036 crore (US$ 1.6 billion), respectively, in FY21, while exports stood at Rs. 531 crore (US$ 66.48 million).
The boiler industry’s market size stood at US$ 146 million in 2019 and is expected to grow at a CAGR of 6% to reach US$ 194 million by 2025. Export of boilers stood at US$ 106.53 million between April-November 2020, with around 72 million units exported.
The market size of high voltage switchgear (including panels) and low voltage switchgear (including panels) stood at Rs. 4,793 crore (US$ 679.95 million).
In FY23, the exports of engineering goods from India have been estimated to stand at US$ 107.04 billion.
In FY22, India exported engineering goods worth US$ 111.63 billion, a 45.51% increase YoY. India exports engineering goods mostly to the US and Europe, which account for over 60% of the total exports.
Investments
FDI inflow for miscellaneous mechanical and engineering industries stood at US$ 4.42 billion between April 2000-September 2023. Engineering accounts for about 25% of India’s total global exports in the goods sector and is one of the largest foreign exchange earners. In FY22, India exported engineering goods worth US$ 111.63 billion, a 45.51% YoY growth. During April-October 2023, exports of engineering goods stood at US$ 61.63 billion. In December 2022, exports of engineering goods from India stood at US$ 9.08 billion. India's engineering goods are exported to key markets such as the US, Europe, and China The value of shipments to the US, the top market for India's engineering goods, stood at US$ 1.58 billion in December 2022 Engineering exports to China stood at US$ 233.2 million whereas to the European Union (EU) it stood at US$ 1.54 billion in December 2022. Export of engineering goods is expected to reach US$ 200 billion by 2030. The engineering industry in Gujarat reported exports worth US$ 25 billion contributing around 36% of the India’s engineering exports.- In October 2023, the Automotive Research Association of India (ARAI ) signed an agreement with IIT Guwahati to set up a common engineering facility centre titled ‘Digital Twin Center for Emerging Automotive Systems’ in a hub and spoke model.
- In July 2023, Bharat Heavy Electricals Limited (BHEL) signed a Technical Assistance and License Agreement with General Electric Technology GmbH Switzerland for Gas Turbines.
- Creation of a significant number of special economic zones (SEZs) across the country has been approved.
- The development of Delhi Mumbai Industrial Corridor (DMIC) across seven states will further bolster the engineering sector.
- Reliance Defence and Engineering Ltd has signed an agreement with the US Navy for undertaking service, maintenance and repair of Seventh Fleet of US Navy at the Reliance Shipyard at Pipavav in Gujarat.
- American plane maker Boeing Corporation has launched the Boeing India Engineering & Technology Centre in Bengaluru.
- In November 2022, L&T Infotech and Mindtree merged to make India's 5th-largest IT company, LTIMindtree, that will help businesses proactively take on and shape the future by harnessing the full power of digital technologies.
- In January 2023, Bharat Heavy Electricals Ltd (BHEL) bagged the order for renovation and modernization of 200 MW Unit-3 and 210 MW Unit-5 steam turbines at Ukai thermal power station in Gujarat.
- ABB India ABB can utilize around Rs. 1,800 crore (US$ 217.2 million) of its cash balance for inorganic growth or acquisitions apart from organic expansion plan.
- In January 2023, L&T Technology Services Limited announced to acquire the Smart World & Communication (SWC) Business of L&T, to combine synergies and take offerings in Next-Gen Communications, Sustainable Spaces and Cybersecurity to the global market.
- The Indian construction equipment (CE) industry, which aspires to become the world's second-largest by 2030, turned in its best-ever performance with 26% year-on-year growth in FY23 as sales crossed the one lakh unit mark driving on road construction and railway demand.
- The IMARC Group expects the machine tools market to reach US$ 2.5 billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-28.
- The Indian government announced a reduction in customs duty on textile machinery, spares and accessories. The changes include bringing shuttleless looms under the category of zero rate of duty.
- India’s telecom equipment exports reached US$ 7.28 billion in 2023-24 (until September 2023).
- In April-November 2023, PV sales grew 7.81% year-on-year to 2,800,730 units, as against 2,596,042 units.
- In the second quarter of 2023, India saw a 120% increase in electric cars (EVs), fuelled by a 400% increase in hybrid vehicles.
- Export of the total number of automobiles stood at 4.7 million in FY23.
- In February 2023, Reliance Industries Limited (RIL) and its vehicle partner Ashok Leyland unveiled India’s first Hydrogen Internal Combustion Engine (H2-ICE) technology solution for heavy-duty trucks at the India Energy Week in Bengaluru.
- State-run PSUs Nuclear Power Corporation of India Ltd (NPCIL) and Bharat Heavy Electricals Ltd (BHEL) have signed a memorandum of understanding (MoU) in April, 2023 to jointly pursue business opportunities in the area of Nuclear Power Plants based on Pressurized Heavy Water Reactor (PHWR) technology.
- The Ministry of Heavy Industries, in March 2023, sanctioned Rs. 800 crore (US$ 97.3 million) under FAME India Scheme Phase-II to three PSU oil marketing companies (OMC) for setting up 7,432 public fast charging EV stations across the country.
- In October 2022, exports of engineering goods from India stood at US$ 7.4 billion.
- In October 2022, the total production of passenger vehicles*, three wheelers, two wheelers, and quadricycles was 2,191,090 units.
- In FY21, production of boilers stood at Rs. 6,728.36 crore (US$ 842.35 million).
- Exports of auto components stood at Rs. 1.41 lakh crore (US$ 19 billion) in FY22.
- With 100% FDI allowed through the automatic route, major international players such as Cummins, GE, ABB and Alfa Laval have entered the Indian engineering sector due to growth opportunities.
- In February 2022, Microsoft India and Larsen & Toubro (L&T) signed a Memorandum of Understanding (MoU) to build a regulated sector cloud product. The two businesses will collaborate with a select group of significant customers in regulated industries to design architectures and roadmaps to help them achieve their digital transformation goals and transition traditional datacenters to hybrid cloud architecture.
- In September 2021, Bharat Fritz Werner India, a leading machine tool manufacturer in the subcontinent, announced that it is entering the metal additive manufacturing area.
- In September 2021, Larsen & Toubro (L&T) announced that it will participate in the Expo 2020, Dubai to be held from October 5, 2021, to March 31, 2022, as part of the Indian pavilion. L&T plans to demonstrate its capabilities in hydrocarbon engineering, and businesses such as water-effluent treatment, power transmission and distribution.
- In August 2021, Bharat Heavy Electricals secured its largest-ever order worth Rs. 10,800 crore (US$ 1.45 billion) from the Nuclear Power Corporation of India Limited (NPCIL) for the EPC of a turbine island for 6 units of 700 MW.
- The Auto Component Manufacturers Association (ACMA) expects auto component revenue to increase by 20-30% in the next fiscal year due to demand from OEMs and increase in export. The association expects the Indian auto component export to grow up to US$ 30 billion over the next five years.
- In May 2021, TVS Motor Company announced that it sold one lakh units of its ‘NTORQ 125’ scooter in the international market.
- In April 2021, Tata Power, in collaboration with Hitachi ABB Power Grids and Cargill, commissioned India’s largest natural ester-filled 110/33/22 kV, 125 MVA power transformer in the Mumbai Transmission network at the Bandra-Kurla Complex receiving station.
- In March 2021, Hitachi ABB Power Grids Ltd. bagged an order worth Rs. 160 crore (US$ 21.66 million) to supply transformers to the Indian Railways.
- In January 2021, Tesla, the electric car maker, set up a R&D centre in Bengaluru and registered its subsidiary as Tesla India Motors and Energy Private Limited.
Government Initiatives
The Indian engineering sector is of strategic importance to the economy owing to its intense integration with other industry segments. The sector has been de-licensed and enjoys 100% FDI. With the aim to boost the manufacturing sector, the government has relaxed the excise duties on factory gate tax, capital goods, consumer durables and vehicles.- The Ministry of Heavy Industries (MHI) launched two Production Linked Incentive (PLI) Schemes, namely PLI Scheme for Automobile and Auto Component Industry, and PLI Scheme for National Programme on Advanced Chemistry Cell (ACC) Battery Storage. The PLI Scheme for the automobile and auto components industry has been launched with a total budgetary outlay of Rs. 25,938 crore (US$ 3.17 billion) for a period of five years (FY23 to FY27).
- To increase the employability of engineering graduates in the country, AICTE (All India council of Technical education) leadership is taking a lot of efforts and recommends model curriculum for engineering programs like AI, IoT, Robotics, Block chain, Machine learning, Data Science and Cyber security.
- In 2021, the government is pursuing strategic sale in 22 PSU firms of which 17 are ongoing transactions including BPCL, Shipping Corporation of India, Concor and BEML.
- In October 2022, NSIC Signs MoU with Phillips Machine Tools India Pvt. Ltd. for Skill Development Training in Additive Technologies which is the future of manufacturing.
- In June 2022: Ministry of Heavy Industries (MHI) and Ministry of Skill Development and Entrepreneurship (MSDE) sign MoU to facilitate training in engineering trades to boost capital goods sector. In May 2022, MHI signs an MoU with National Research Development Corporation to facilitate various activities for smooth implementation of the Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector.
- In Budget 2023-24, Ministry of Railways received its highest-ever allocation of Rs. 2.4 lakh crore (US$ 28.9 billion), approximately nine times the allocation in 2013-14.
- In Budget 2023-24, Ministry of Road Transport and Highways saw a 36% increase in its budget to about Rs. 2.7 lakh crore (US$ 32.5 billion).
- The government launched the National Infrastructure Pipeline (NIP) with a forward-looking approach and with a projected infrastructure investment of around Rs. 111 lakh crore (US$ 1.3 trillion), during FY20-25 to provide high quality infrastructure across the country. The NIP currently has 8,964 projects with a total investment of more than Rs. 108 lakh crore (US$ 1.3 trillion) under different stages of implementation. Increase in the construction of National Highways (NHs)/roads over time, with 10,993 km of roads constructed in FY23 as compared to 6,061 km in FY16.
- India’s national highway network grew by nearly 48% from 97,830 km in 2014-15 to 144,634 km at the end of November, 2022. The pace increased from 12.1 km a day in 2014-15 to 28.6 km per day in FY22.
- Total budgetary support for investment in the sector has been increasing rapidly in the last four years and stood at around Rs. 1.4 lakh crore (US$ 16.8 billion) during FY23 (as of 31 October 2022).
- In line with the vision of monetization of public sector assets, National Highways Authority of India (NHAI) launched its InvIT in FY22. NHAI InvIT has raised more than Rs. 10,200 crore (US$ 1.2 billion) from high quality foreign and Indian institutional investors (up to December 2022).
- In Budget 2023, customs duty exemption is being provided to import of specified capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles and mobile handsets.
- The electrical machinery industry has been de-licensed, along with 100% FDI allowed in this sector. This has facilitated the entry of major global players into the electrical machinery industry in India.
- Under the Union Budget 2023-24, Government has committed an outlay of Rs. 10 lakh crore (US$ 120 billion) towards infrastructure capital expenditure compared to Rs. 7.5 lakh crore (US$ 90 billion) (BE) during 2022–23, which is a 33% year-on-year increase.
- Under Union Budget 2023-24, defence sector has been allocated a budget of Rs. 5.94 lakh crore ($72 billion).
- In February 2022, the Prime Minister inaugurated Asia’s largest bio-CNG plant set up under the Indore Smart City Project.
- In November 2022, Engineering Export Promotion Council of India (EEPC) stated that the government’s decision to withdraw the 15% export duty imposed on iron ore and steel products would boost engineering goods exports from the country.
- The All India Council for Technical Education (AICTE) has launched educational books for diploma and under-graduate engineering courses in Marathi language so that students can learn better in their native language.
- The AICTE has entered into collaborations with the MSME ministry, NHAI and DM offices in 150 districts to facilitate engineering internships for students.
- In the Union Budget 2022-23, the government has given a massive push to the infrastructure sector by allocating Rs. 199,107 crore (US$ 26.52 billion) to enhance the transport infrastructure.
- Prime Minister Mr. Narendra Modi, on the country's 75th Independence Day, announced plans to invest Rs. 100 trillion (US$ 1.35 trillion) in infrastructure to stimulate economic development and generate employment.
- In October 2021, the Department of Telecommunications (DoT) approved 31 proposals totaling an investment of US$ 447 million over the next 4.5 years, as part of the PLI scheme for telecom and networking products manufactured in India.
- In October 2021, the Ministry of Textiles allowed pilot projects for application of geo-textiles in infrastructure projects.
- In September 2021, the government announced its PLI scheme of Rs. 10,683 crore (US$ 1.4 billion) for textiles, specifically aimed at boosting production of man-made fibre (MMF) fabric, MMF apparel and technical textiles.
- In September 2021, the Indian government announced a PLI scheme for automobiles and auto components worth Rs. 25,938 crore (US$ 3.49 billion). This scheme is expected to bring investments of Rs. 42,500 crore (US$ 5.74 billion) by 2026.
- In August 2021, Prime Minister Mr. Narendra Modi launched the Voluntary Vehicle-Fleet Modernisation Program (VVMP), also known as the Vehicle Scrapping Policy. The policy will bring in investments worth Rs. 10,000 crore (US$ 1.35 billion) to set up 450-500 Automated Testing Stations (ATS) and 60-70 Registered Vehicle Scrapping Facilities (RVSF) across the country. A single window clearance portal is being developed where applications for ATS and RVSF will be catered through a single portal within 60 days.
- The government is taking several steps to boost domestic defence manufacturing. In line with this, between FY17-22 (until June 2021), the Indian government signed 264 contracts for defence equipment procurement, with 159 contracts for armed forces equipment procurement.
- In April 2021, Under the Development cum Production Partner (DcPP) programme, Defence Research and Development Organisation (DRDO) allowed private sector firms to develop and produce missile systems, such as vertical launched surface and air missile system programmes, to promote the domestic defence industry.
- The Indian telecom equipment market is likely to increase owing to the government’s Rs. 12,195 crore (US$ 1.6 billion) PLI scheme approved for telecom gear manufacturing in February 2021.
Road Ahead
The electrical equipment market share in India is expected to increase by US$ 33.74 billion from 2021 to 2025, and the market's growth momentum will accelerate at a CAGR of 9%.
Investment in engineering R&D sector is expected to reach US$ 63 billion by 2025.
Market size for the Indian Construction Equipment Market stood at US$ 5.2 billion in FY22 and is forecasted to grow at a CAGR of 8.9% to reach US$ 8.7 billion by 2028.
The construction equipment industry is expected to sell 165,097 units by 2028.
The machine tools market is expected to reach US$ 2.5 billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-28.
India’s expected export of medical devices will reach ~ US$ 10 billion by 2025.
India steam boiler systems market size is expected to reach nearly US$ 22.56 billion by 2027 with the CAGR of 4.63% during the forecast period.
The India generator sets market is expected to grow at a CAGR of more than 5% over the period of 2020-25.
The India power transformer market is expected to rise at a CAGR of more than 3% during the forecast period of 2020-2025.
Indian auto components industry, which accounts for 2.3% of India’s GDP currently, is set to become the 3rd largest globally by 2025.
Export of engineering goods is expected to reach US$ 200 billion by 2030.
India plans to spend US$ 1.4 trillion on infrastructure between 2019-2023 which is predicted to boost the expansive growth of the sector.
The India diesel gensets (generator sets) market is expected to reach US$ 2.78 billion by 2030 compared to US$ 1.48 billion by 2022 at a CAGR of 8.20%.
India will become a major exporter of telecom equipment in the next two to three years and the government is working to achieve that goal.
The Ministry of Road Transport and Highways plans to construct around 28,391 km of highways in 25 months at a daily average of around 38 km, starting from March 2022 to the end of the financial year 2023-24.
India’s installed nuclear power capacity of 6,780 MW will increase to 22,480 MW by 2031 on progressive completion of projects under construction and accorded sanction.
The Indian automated material handling (AMH) market was valued at US$ 1353.8 million in 2020 and is expected to go up to US$ 2,739.34 million by 2026 at a CAGR of 12.7%.
Turnover of the capital goods industry was estimated at US$ 92 billion in 2019 and is forecast to reach US$ 115.17 billion by 2025. India’s engineering R&D market will increase from US$ 36 billion in FY19 to US$ 63 billion by FY25. The export of engineering goods is expected to reach US$ 200 billion by 2030.
India’s earthmoving and construction equipment (ECE) industry has enjoyed strong growth over the last seven years due to rapid economic development, and it has become the third largest construction equipment market in the world. In FY22, the construction equipment industry sold 85,385 units, while the earthmoving sector continues to grow. With development of infrastructure, demand for construction equipment and other machinery is expected to rise significantly.
The material handling equipment sector is expected to gain from robust demand from steel, power, mineral and other infrastructure industries, while demand for machine tools from the capital goods sector (especially automobile and textile industries) is projected to remain high.
The ‘Make in India’ initiative and the government's focus on ease of doing business is likely to present several opportunities in the engineering and capital goods sector in the upcoming years.
Note: *Data except for BMW, Mercedes, Tata Motors & Volvo Auto
References: Media reports, Press releases, EEPC India, Press Information Bureau (PIB), Department for Promotion of Industry and Internal Trade (DPIIT), The Confederation of Indian Industry (CII), Indian Electrical & Electronics Manufacturers’ Association (IEEMA), Union Budget 2023-24
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