Nasscom launches special interest group for C&HE sector
Mumbai: With a view to address challenges faced by the construction and heavy engineering sector and to give a boost to meet the global demand, the National Association of Software and Services Companies (Nasscom) has launched a special interest group (SIG).
"A special interest group (SIG) has been formed for the construction and heavy engineering (C&HE) sector with a view to radically advance industry readiness for captive consumption and meet global demand for products and design solutions from India," Nasscom President Som Mittal said in a statement Friday.
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 and IT services outsourcing in this space, it said.
According to a survey by Zinnov Management Consulting, the global demand for C&HE machinery will expand 9.7 percent per year to USD 191 billion by 2015.
The Indian C&HE industry revenue is set to grow six-fold to USD 23 billion by 2020 from USD 5.03 billion in 2011. Also, it has been growing at a CAGR of 21 percent as against 18 percent registered between 2006 to 2010.