The export revenue from engineering research and development (ER&D) services has registered a staggering growth in five consecutive years, beginning 2004.This has been stated by the National Association of Software and Services Companies (NASSCOM). A number of Indian exporters engaged in the ER & D services, belonging to the SME segment, have received a profit for their business during this period.
‘Exports from the ER&D services grew despite the global financial crisis, thereby reflecting that Indian companies have matured, diversified and grown vertically to partner with global giants. This was stated by Som Mittal, president of NASCOM.
The export revenue from the ER&D services has shown tremendous growth over the last few years but the SMEs engaged in the export of these services require focusing on manufacturing high – quality tools as well as offering world class R&D services so as to meet the global requirements.
NASCOM is projecting Indian engineering exports to generate US 35 -40 billion dollars by 2020.This makes it necessary that the SMEs emphasise on strategic investments in design , development and manufacturing of products and services in order to transform India into an engineering powerhouse.