NASSCOM's new SIG for C&HE industry

PUNE, INDIA: NASSCOM today launched a Special Interest Group (SIG) for the Construction & Heavy Engineering (C&HE) sector to radically advance industry readiness for captive consumption and meet global demand for products and design solutions from India.

The group will focus primarily in the areas of developing policy framework for innovation, building the talent ecosystem, deploying advance technologies for product innovation and cycle time reduction.

It will help in addressing regulatory challenges for engineering & IT services outsourcing in this space.

''The Nasscom Engineering Summit offers the product platform to bring key leaders from the C&HE industry and software services and technology providers as well as interested parties together to exchange ideas and share solutions to add momentum to the wave of progress being seen in this industry,'' Som Mittal, NASSCOM president said.

''While the industry has been registering strong growth and India is set to outpace the global growth average, there are challenges which need to be addressed proactively. The C&HE - SIG will be an idea network for stakeholders to innovate and work towards a common goal keeping India's global predominance in this sector as the focal objective,'' Samir Yagnik, SIG chairperson and Tata Technologies' president Global Services & COO - Asia Pacific said.

According to a study by Zinnov Management Consulting, the global demand for C&HE machinery will touch $191 billion by 2015 and the revenue of Indian C&HE industry is expected to grow six-fold from current level of $5.03 billion to $23 billion by 2020. The industry is growing at a CAGR of 21 per cent against 18 per cent during 2006-10.