Nasscom President R Chandrasekhar on Thursday said India can be the world engineering research and development (ER&D) hub as market size is estimated at $24 billion annually.
“Indian ER&D market is registering a combined annual growth rate (CAGR) of 13% since 2012. Our $24 billion is only 22% of global market size. The share of the US and UK continues to be big compared to India,” he said while speaking at the Design & Engineering Summit 2017, organised by Nasscom.
He also pointed out that India’s ER&D comprise 95% exports and only 5% is contributed by domestic services.
Chandrasekhar said that global ER&D spend has remained flat in past few years. “Most of it has been in software only. But as the centre of gravity of the global economy is moving towards Asia, India can play a major role,” he said.
He pointed out that ER&D is a fast growing segment in the entire IT and BPM services.
Published 21 September 2017, 17:34 IST