Nasscom has requested the government entity to aid the engineering and R&D industry in establishing super innovation clusters throughout India, trying to attract more industry professionals in demand to collaborate in order to boost India’s innovation capability.
The clusters will aid in boosting the production of electric vehicles, 5G security requirements, healthcare, and other sectors. It will be necessary to find a few locations across the country wherein academic researchers, talent, and start-ups can collaborate to develop a powerful strategy. India is not the only country to consider it; Canada is also working hard to replicate the idea.
Furthermore, Israel had already accomplished its goals.One of the best examples of this is California’s Silicon Valley, which is home to a slew of startups and large tech companies such as Facebook, Apple, Google, and a slew of others as well. Silicon Valley’s businesses enjoy a long-term competitive benefit in the industry.
Around half of the top 2,000 ER&D investors in the world are from North America, Korea, Europe, and Japan. India is still a little behind in this race.
Although the trade body is working hard with the national and state governments to entice more of these companies to come to India, Nasscom can simply persuade more global investors to participate in the ER&D industry if the government helps them develop super innovation clusters in India.
According to the research, engineering service providers accounted for 45-50 percent of the 500-600 enterprises in the Indian ER&D arena, while worldwide multinational companies (MNCs) and worldwide contact centers account for 55-60 percent.
Accenture, DXC Technology and Capgemini, Cyient, Onward Technologies, and VLSI/Chip design firms are all active in India’s ER&D industry.
In order to produce next-generation products, professionals with both IT and engineering backgrounds must join forces and begin working as a team. Nasscom recently forecasted that India’s share of the global ER&D industry will expand up to $63 billion by 2025.
International corporations involved in the automotive, aerospace, consumer electronics, medical devices, industrial and energy, semiconductor, and telecom industries are to thank for the stock’s explosive expansion.