In order to stay relevant, aerospace players need to understand these disruptive changes and incorporate them in to their business.
India is on the verge of a new age in manufacturing. The estimate by the United States Department for Agriculture Economic Research Service (USDA) forecasts that the Indian economy is on its way to be the third largest in the world by 2030 and the fifth largest manufacturing country by 2020.
According to a study by India Brand Equity Fund, the manufacturing sector is expected to contribute 25 percent to India’s total GDP and create 90 million domestic jobs by 2025. This accelerated growth and the government’s ‘Make in India’ scheme will propel India to become a popular manufacturing hub.
The Government of India has proposed several initiatives to indigenise the aerospace industry and attract global industry players to bring their manufacturing needs to India, as well as decrease dependency on imports. Strong economic growth, favourable policies, cost advantages and strong intellectual capital are some of the key drivers of this sector.
The sector will witness a shift from ‘print to build’ projects to ‘design to build’ projects in the near future. Both global and Indian aerospace companies, along with the Indian government, have set up R&D centres to develop state-of-the-art aerospace technologies to improve India’s profile and to create disruptive technological advancements.
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