India aerospace & defense market is estimated to gain sizable growth on account of increasing military funding and intensifying cross-border tensions. The Indian government is shifting its focus towards promoting the practice of indigenous manufacturing. Growing adoption of policies that enable foreign companies to buy 49% shares in local joint ventures and aerospace companies in India could positively impact business outlook.

A study by Global Market Insights, Inc., suggest that the India aerospace & defense market could collate USD 23 billion by the year 2024. India is the third biggest defense spender in the world, followed by the United States and China. The aerospace and defense industry of the country is anticipated to witness significant investments over the forthcoming years. Reports claim that over the past five years, the capital expenditure of the Indian Ministry of Defense has risen by 15%-20%. 

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Mentioned below are some of the ongoing trends propelling the growth of Indian aerospace & defense sector: 

Surging demand from the Air Force -

The Indian Air Force (IAF) is seeking to improve its surveillance abilities by adopting new and advanced airborne warning & control systems. The military arm intends to strengthen its tactical and strategic lift capabilities by acquiring new transport fleets and fighter platforms.

In 2016, the Indian government signed an inter-governmental agreement with France for 36 Rafale jets worth Rs 59,000 crore. Evidently, in 2020, the first batch of five Rafale aircraft was handed to the Indian Air Force (IAF) to be a part of the 17 Squadron at Ambala Air Force Station.

Emphasis on improving homeland security -

Rising social unrest among the country could stimulate the demand for advanced defense equipment in homeland security. The federal authorities are planning to leverage the capacities of the IT and private engineering & design sector of the country to fulfill national homeland security demands.

The government has undertaken various projects such as border infiltration, counter terrorism, critical infrastructure security, maritime security, police modernization, intelligence and safe city surveillance to enhance the security of the nation.

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Adoption of key business strategies -

Prominent industry players like ISRO, DRDO, Tata Power SED, Mahindra, Godrej, Hindustan Aeronautics Limited, Bharat Electronics Limited, Reliance Defence & Engineering Limited, Lockheed Martin, Northrop Grumman Corporation, L-3 Communication Holdings and Raytheon Corporation are forming strategic alliances with local players to enhance their product portfolio.

Taking August 2020 for instance, Hindustan Aerospace Limited (HAL) collaborated with Naini Aerospace Limited, an aerospace component manufacturer in Prayagraj, to deliver looms for HAL’s new fighter jet, Tejas. Naini was previously offering looms for Dhruv helicopters and Tejas Mk-1 jets.

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