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India's engineering market is a behemoth, valued at a whopping $65.3 billion in 2023. It's expected to reach a staggering $88.77 billion by 2028, growing at an impressive 6.35% annually. This growth is fueled by a surge in infrastructure development, manufacturing, and technological advancements.
The Indian government is a major player in this market, spending heavily on engineering goods and services. This procurement is a golden opportunity for both domestic and international engineering companies.
The government primarily procures:
Defense equipment: fighter jets, missiles, warships
Infrastructure: power plants, bridges, roads
Transportation: locomotives, aircraft, ships
Energy: renewable energy systems, oil & gas pipelines
Telecommunications: network equipment, satellites
Several authorities oversee this massive spending, including:
Ministry of Defence (MoD): responsible for defense procurement
National Highways Authority of India (NHAI): manages highway construction
Power Grid Corporation of India (PGCIL): handles power transmission
Indian Railways: procures locomotives and other railway equipment
Companies like Bharat Heavy Electricals Limited (BHEL), Larsen & Toubro (L&T), and Tata Power consistently bag major government contracts. International giants like Lockheed Martin and Airbus also have a significant presence.
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