Growth Track of India, Including Power Generation and Manufacturing Sector
The Indian economy from sluggish space has shown signs of recovery and in past couple of years it is among the most rapidly emerging economies globally. In FY15, India became the fastest growing major economy, surpassing China in terms of GDP growth, and has emerged as a bright spot in the global economy. As per the advanced estimates, the country is expected to register a GDP growth of 7.6 per cent in FY16, as compared to 7.2 percent in FY15 (with the base as 2011-12), recording the highest percentage increase in the last five years.
India’s economic performance, which came under heavy sluggishness in FY13, registering about 5 per cent GDP growth, has attained north bound trajectory since the current government came into power. India has embarked upon the path of steady growth owing to an improved performance in various macroeconomic parameters as well as the several reforms announced by the government, to provide the much-needed economic stimulus. This stimulus has also impacted the industry segment and it also has displayed a better performance in FY 16 as compared to FY 15, mainly due to key initiatives announced by GoI like Make in India, Start-Up India, Smart Cities etc.
The note worthy fact is the growth of manufacturing sector which is expected to be only 5 basis point short to the double digit mark of 10% and is pegged at 9.5% for FY 16, which was a dismal of 5% in FY 15. Interestingly the power generation growth rate for FY 16 is estimated at 5.9% which certainly is better if compared to last fiscal. However, still more fillip is required in this segment.
Import Volumes by India – For Boilers
As a matter of fact, many OEMs are in focus to establish their manufacturing unit in India. However, the road to same is not easy as many hurdles are there to be addressed for same.
Share of China is remarkably higher in terms of imports of boilers by India in FY 2015, though there has been a fall in Imports owing to DCR policy approval of GoI.
Import Volumes by India – For Turbines
Forging JV’s are a key focus for global OEMs in this service segment to tap Indian BTG market . The likes of Toshiba having turbine manufacturing capacity forged JV with JSW to bid as a BTG OEM for projects in India.
Share of Japan is highest in this segment followed by Swiss suppliers to India. Germany & China are placed at tough competition in terms of import volumes to India
Top Six Countries Map and Import Movements for Boilers in India
Top Seven Countries Map and Import Movements for Turbines in India