Opportunities in the Engineering Consultancy and Infrastructure Sector in India
As we all know, India is currently one of the fastest growing economies in the world. Experts believe that the country is perfectly positioned to become the future global epicenter of manufacturing, engineering, tourism and services. The government has realized that the existing infrastructure can hamper the achievement of the country’s ambition to become a leading global economic superpower. To meet this challenge, the government has committed to invest approximately $1 trillion in the development of robust infrastructure. While the intention and the funds are truly laudable, we will also need a real pool of specialists with rich experience and expertise who can provide sustainable solutions that will meet the country’s infrastructure needs.
From the point of view of the administration, for example, the government has allocated Rs 111 crore under the NIP for the financial year 2019-25. Sectors such as power, roads, urban and railways account for 71% of planned infrastructure investment in India. The online “holistic governance” system – PM Gati Shakti – aims to reduce logistics costs and boost the economy through a planned national infrastructure pipeline. This digital platform connects 16 government departments – including roads and highways, railways, shipping, oil and gas, electricity, telecommunications, shipping and aviation – to plan and overall delivery of infrastructure projects. The initiative will go a long way towards enabling various departments to synchronize their efforts in a multimodal network. Furthermore, other government initiatives such as asset monetization program and new procurement guidelines among others are currently catapulting the Indian infrastructure space in the right direction.
Over the past couple of years or so, the COVID-19 pandemic has posed unprecedented challenges, and in many cases business continuity plans are being tested for the first time. Although project implementation costs are not affected in the long term, projects under development face undue delays, due to unfavorable geography, unavailability of labor implementation and the impact of the pandemic on and around the project sites.
There is no doubt that in order to give the necessary impetus to the economy, a solid infrastructure is the need of the hour. The initiation of coastal roads and waterways projects testifies to the fact that the government is looking to build alternative modes of transport to help reduce reliance on road and rail only for logistics.
Engineering consultancy services are one of the many consultancy areas that have seen growing importance, with the focus on infrastructure services, especially in developing countries like India. The strong and consistent emphasis on self-reliance or aatmanirbharata in India’s economic development programs over the years by the Indian government has enabled the country to build up a huge and versatile cadre of professionals with expertise and skills in a wide range of fields. disciplines. A significant part of this workforce constitutes the country’s growing consulting sector, which offers its experience and expertise accumulated in the country and abroad.
Since these consultants have prior experience and exposure in projects, they bring workable solutions that already exist. This experience saves a lot of time and also helps to optimize available resources by reducing waste. Moreover, since these consultants have knowledge of global projects and industry best practices, the solutions they offer are on par with global standards.
For example, when the intention to develop smart cities was announced by the government, there was a lot of confusion about what exactly smart cities are and what parameters must be taken into account for a city to qualify as a smart city. smart. The government then formed a panel called Smart PIT (Project Initiation Team) to determine these factors. Egis, a consultancy that has extensive experience in developing many smart cities around the world, has been chosen as one of the members of this team to develop the smart city framework in the country. Egis has worked hard to set up the Smart Cities of Jaipur, Ajmar, Bhubaneswar, Chandigarh and Faridabad.
Infrastructure is a complex entity and more often than not, problems need to be solved at many levels and with lasting solutions. For example, a metro intended for smoother transportation is incomplete unless last-mile connectivity is offered. Therefore, consultants with experience in similar projects can offer global solutions. As an independent third-party expert, they can offer unbiased opinions that best suit a particular project. In many cases, the reputation of the consultant also adds value to the project.
Infrastructure is a dynamic and rapidly changing field. As such, there are always better innovations available that can offer sustainable solutions at minimal costs. It is not possible for clients or their teams to be aware of such developments. The global consultants who regularly work on these projects can help bridge the gap and ensure that clients get the best value for the capital invested, through minimizing risk and leveraging technology, latest engineering and processes.