ER&D Market to grow to $42 billion by FY22

BENGALURU: The engineering research and development market in India is expected to grow to $42 billion by FY22 from $28 billion at present, the National Association of Software and Services Companies (Nasscom) has said in a report.

The report said the key growth drivers for the industry are the country’s capabilities in the automotive and construction & heavy engineering (C&HE) market, helped by local talent and domestic demand.

“The industry is at the optimum position with the right talent, expertise and global market access and huge potential to grow,” KS Viswanathan, vice president-industry initiatives at Nasscom, said in a statement. “With a clearcut focus on these newlyidentified technologies, we hope to witness a systematic approach in reaching the projected targets in the years ahead.”


The sector is also seeing strong investment from international companies, which are setting up their global in-house centres in India.