India aerospace & defense market has been gaining substantial momentum in recent years, with the country becoming the largest importer of defense equipment in the world and achieving the sixth ranking globally in 2015, in terms of military spending. As per reliable sources, foreign direct investments across the military sector amounted to approximately USD 5.02 million from April 2000 till June 2015, while the defense budget of the country for 2016-2017 was estimated at USD 38.32 billion. It has been reported that India imports nearly 60% of its defense material from foreign countries while manufacturing the rest in the country itself. The government has been striving to ensure maximum defense equipment procurement from the country itself and has set a target to increase its percentage from 40 percent to 70 percent over the next decade – a fact which would have a massive impact on India aerospace & defense industry in the ensuing years. With overall capital expenditure on the defense sector expected to reach USD 75.38 billion by 2020, India aerospace & defense market is anticipated to witness huge gains over 2017-2024.
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The ‘Make in India’ concept has garnered immense popularity in recent times, since its inception three years ago, which analysts claim will lead to the expansion of India aerospace & defense industry. The new initiative proclaimed by the Indian government has prompted the regional players to make sizable business investments, which have had a considerable impact on India aerospace & defense market size.
The impact of strategic alliances on India aerospace & defense industry size
- In the third quarter of 2014, Tata Power SED had collaborated with the Honeywell International Corporation to develop defense navigators for the Indian army. After a few days, Tata advanced systems declared its joint venture with Airbus to manufacture fifty-six aircrafts for the defense wing in India.
- In a major move witnessed across India aerospace & defense market, in year 2012, Reliance industries made inroads into the Indian defense sector through its collaboration with Boeing, a U.S. based multinational firm involved in the production and sale of rockets, aircrafts, & satellites, to develop P81 naval reconnaissance airplane for the naval forces.
- After a year, Reliance Industries joined hands with Dassault Aviation SA, to further strengthen its position in India aerospace & defense industry, for supplying aircraft parts to the latter. Dassault had earlier declared its plans to manufacture MRCA (medium multi-role combat aircrafts) for air force – a major wing of Indian defense & combat force. In 2015, Reliance Infrastructure, had acquired Pipavav Defense and Offshore Engineering Company, a largest firm in India producing ships for naval forces in India, for Rs 2,082 crores.
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- Earlier in 2015, Bharat Forge, an India aerospace & defense industry giant, had declared a strategic alliance with Rafael Advance Defense Systems Limited, a key participant involved in the production of defense equipment & technology in Israel. The 51:49 partnership, with the former holding a major share in the deal, was expected to manufacture spike anti-tank guided missiles for the Indian army. Bharat Forge had also decided to build USD 100 million defense manufacturing unit in Gujarat and discussed the production of artillery weapons and ultra-light arms with the Indian Army.
- The London based Hinduja Group, which manufactures Ashok Leyland trucks & buses, had been having cordial relations with aerospace & defense industry in India over the past few decades. In 2015, the firm had entered into a strategic alliance with Larsen & Toubro Limited to develop mounted guns artillery for the Indian naval forces.
Technological innovations have revolutionized the India aerospace & defense market
- A few years back, Mahindra Group, had launched an underwater system and marine application manufacturing unit at Chakan in Pune for developing radars & torpedo launchers.
- In 2015, promoters of the Hero Group, a key player across the automobile manufacturing sector, had sold 4% of their company stake for USD 300 million to invest in the India aerospace & defense industry.
The military forces – navy, air force, and army are expected to make notable contributions toward India aerospace & defense market revenue in the ensuing years. The escalating requirement for effective & eco-friendly air jets to efficiently perform rescue operations & repairs in cases of emergency will impel the product penetration across the Indian air force. The robust requirement for homeland security will result in a massive demand for aerospace & defense supplies, which would commendably impel India aerospace & defense industry share.
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The government has been supporting large-scale R&D activities to augment India aerospace & defense market. The ‘Make in India’ program, for instance, has attracted huge investments from public as well as private sectors in the country. The governmental efforts are expected to have favorable repercussions on the development of India aerospace & defense market in the near future. Based on the assessment of the current business scenario, experts have claimed that the business will garner the revenue of over USD 23 billion by 2024.
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