DEFENCE AND AEROSPACE sector
AEROSPACE SECTOR IN INDIA
India’s aerospace industry is experiencing rapid growth and plays a crucial role in the nation’s economy. It encompasses activities such as aircraft design, development, manufacturing, and maintenance, as well as the production of missiles and other aerospace systems and components.
Research And Markets report predicts a remarkable growth rate of 6.3% for the Indian aerospace industry, projecting its value to reach $53.06 billion by 2025. This expansion is propelled by the escalating demand for aerospace products and services and the effective implementation of government initiatives and policies aimed at fostering the sector’s development.
The increasing demand for aircraft and other aerospace systems stands out as a significant driver for the industry’s growth in India. To address this demand, the government has introduced measures like the National Civil Aviation Policy, which seeks to enhance the proportion of air travel in the country’s overall transportation mix.
Another pivotal growth factor is the emphasis placed on research and development (R&D). The government has set ambitious targets to augment the share of R&D in the country’s GDP, leading to the establishment of numerous R&D projects in the aerospace sector. These initiatives are intended to enhance the industry’s competitiveness and innovation, thereby fueling substantial growth in the foreseeable future.
India is home to a vast array of over 1,000 aerospace companies, highlighting the industry’s robustness and diversity in the country.