India accounted for $12.3 billion, or 40%, of the total of $31 billion of globalized engineering and R&D in 2015. The photograph is the gateway of India, the entry place of Ghandi International Airport./ Photographed by Ha Man-joo.

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By Ha Man-joo, India correspondent, AsiaToday - India is revealed to be the center for multinational companies to establish product engineering and R&D centers overseas.

Leading Indian newspaper Times of India reported on Wednesday that India remains the No. 1 location for MNCs to establish product engineering and R&D centers outside their home countries, citing Indian consulting firm Zinnov. TOI reported that India accounted for $12.3 billion, or 40%, of the total of $31 billion of globalized engineering and R&D in 2015. Compared to 2014, the revenues of the captives in India rose by 8.3% as against the growth of 7.6% for all captives. China took the No. 2 position with revenues of 9.7%.

In particular, 69% of all new offshore technology centers this year were set up in India. In the past two years, Exxon Mobil, Lowe’s, Visa, Victoria’s Secret, JC Penny, CME Group, Wells Fargo, and British Telecom have either set up new centers or expanded older ones.

Software & Internet accounts for 35% of the work being done in the captives, telecom & networking follows with 14% and semiconductors 12%.

In addition, India is the second largest outsourcing destination, after Western Europe.