List of Interesting and Profitable Engineering Business Ideas to Startby Aman Khanna Finance
Being an entrepreneur in India in 2019 is a land of opportunities. Considering the nation’s booming economy as of FY 2018, you get to explore new domains of engineering-related businesses this year. As India is touted to become the 4th largest economy by 2025, it’s ideal for young entrepreneurs to use their engineering business ideas to start a booming start-up venture.
Here are some innovative business ideas to begin with based on your line of engineering –
For civil engineers
Civil engineering is one of the core sectors of engineering. Be it the construction of structures and facilities to its maintenance; civil engineering is the backbone of modern civilisation. As India moves closer to becoming the world’s 6th largest nation in terms of GDP, it’s an ideal time for civil engineers to employ engineering business ideas to boost the nation’s productivity and further growth.
You can invest in businesses such as –
Construction site cleaning
Raw materials transportation
Cement manufacturing plant
However, investing in these fields require a substantial amount of capital. You can always avail a Loan for Engineers from NBFCs like Bajaj Finserv to fund your business expenses. This credit facility benefits self-employed engineers with up to Rs. 30 Lakh of finance. Additionally, you don't require pledging any collateral to obtain the loan and can repay it within 12 to 60 months.
You could also lend engineering business ideas in fields like –
Engineering services for water resources
India has shown a 15.8% increase in harnessing hydro-electricity from FY 2018 to FY 2019. Thus, you can lend your expertise in creating dams and reservoirs.
For mechanical engineers
Over the past decade, India has witnessed a rise in the CNC machining industry. It is estimated at Rs. 2000 Crore expanding to almost all industries. You can lend your mechanical engineering start-up ideas to open your line of CNC business.
Here are some promising sectors to begin with –
Pipe and tube cutting
Automobile assembling plant
Among these profitable aspects, manufacturing robots have shown a substantial turnover of Rs. 489.7 Crore in FY 2019. Moreover, the Indian Government is spending billions on automated machinery under the ‘Make in India’ scheme.
You can take a step forward with the assistance of such schemes to start a robot manufacturing unit. Avail a loan for engineers from leading NBFCs like Bajaj Finserv to aid in your business undertakings.
You can also try the following fields –
Computer chip assembling
A profitable business like machine designing incorporates 3D AI technology to create precision pieces of machinery. It employs a technology what is business intelligence which involves feeding in data and analysing as part of machine learning. A mechanical engineer can utilise his skill and innovate this designing process even further. With this guideline and tips of the top business opportunities for mechanical engineers, you can start your career in this world of business.
For electrical engineers
The top electrical engineering business ideas include investing in –
Wind energy applications
Solar heating engineering
Electronic waste disposal
Currently, India imports over $22 billion worth of fossil fuel each year. The Government's recent venture into the solar power generation and solar-to-electric conversion are estimated to be around Rs. 12.3 billion in value.
According to a statistical report, India aims to become 42% solar energy dependent by 2030. Thus, an electrical engineer can utilise this opportunity to invest in developing solar-to-electric converters be at the helm of this shift. It would not only expand the business and attract substantial revenues from the energy sector. Hence, if you're in shortage of funds, avail a loan for engineers to purchase your equipment.
Created on Jun 13th 2019 02:25. Viewed 157 times.