Increased capex to create talent pool for engineering services industry: Axiscades

The increased capex allocation of Rs 10 lakh crore announced in the Union Budget will lead to the creation of the right talent pool for the engineering services industry, Axiscades Technologies said on Thursday. Finance Minister Nirmala Sitharaman tabled the Union Budget for 2023-24 in Parliament on Wednesday.
"Enhancement in capital investment outlay to Rs 10 lakh crore and skill development under PMKVY in new technology areas, such as AI and Robotics will not only bring about enhanced outsourcing opportunities to our industry as well as create the right talent pool to service these opportunities," Arun Krishnamurthi, CEO and MD of Axiscades Technologies, said.

Further, the identification of 50 new destinations for the tourism sector with attendant airport infrastructure will, in turn, boost the demand for aircraft and the aerospace industry, he added.

"We believe that Budget 2023-24 has put in the right emphasis on boosting infrastructure investment, green energy and skill development, which will harbinger a positive outlook for the engineering services industry," Krishnamurthi said.
Axiscades is a leading end-to-end engineering and technology solutions provider catering to sectors like aerospace, defence, heavy engineering, automotive and energy, among others.

The Bengaluru-based company recently received a repeat work order to provide engineering services for product design for all aircraft programmes of global aerospace leader Airbus.