India is the third largest spender on defense in the world, after U.S and
China. The capital expenditure by the Ministry of Defense increased
approximately by 15-20% in the last five years and is projected to grow at
an accelerated pace in the India aerospace & defense market
propelling it to an estimated size of USD 23 billion by 2024. Growing focus
on indigenous manufacturing and easing of FDI norms are likely to be
the key driving factors.
Targeted spends of USD 130 Bn on military modernization in the next 5 years, are opening up interesting long term opportunities for private sector manufacturers and the value chain is likely to benefit the MSME's engaged in supplies of raw materials, components, assemblies and subassemblies significantly as India realizes its objective of self-reliance.
Hyderabad which was always a technology and innovation centre has
in recent years emerged as a key hub of the aerospace and defence
industry. It is considered as the missile center of India with several public sector
defence labs and missile manufacturing facilities located here.
The presence of about 1,000 aerospace and defence related small and
medium enterprises adds to its strength in the domain.
As the home to campuses of organizations like Defence Research and
Development Organization (DRDO), Bharat Dynamics Limited (BDL) and
Hindustan Aeronautics Limited (HAL) and multiple R&D labs Hyderabad
presents the ideal eco-system that an event like AeroDef Manufacturing
India would need.