Engineering set to grow to $24 bn

New Delhi, Jan 23 | Updated: Jan 24 2007, 06:02am hrs
Engineering, one of India Incs largest sectors, is set to grow to $24 billion in the current year, while the emerging area of engineering process outsourcing (EPO) services has a potential to exceed $40 billion by 2020, commerce and industry minister Kamal Nath said here on Tuesday.

The engineering sector has performed well on the export front. The total export earnings were $20 billion in 2005-06 and is set to grow to $24 billion in the current year clocking a growth of 40%, he said at the golden jubilee celebrations of engineering export promotion council (EEPC).

The Union minister said the EPO market in India would cross $40 billion by 2020, raising Indias share in the EPO market from the current 12% to 30%.