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Indian aerospace and defense sector requires a record 2100 aircrafts in the next two decades, costing around $290 billion, hence a high demand for Aerospace and Defense consultants.
India’s 2017-18 aerospace and defense budget was at $57.4 billion becoming the third largest globally which could make India the third largest aerospace market by 2025.
In 2016, the government has allowed foreign companies to own 100 percent of domestic ventures with approval. Indian firms will be allowed to enter into strategic partnerships with non-Indian OEMs in key defense subsectors including technology transfer.
The Maintenance, Repair and Overhaul (MRO) industry in India amounted to USD 800 million in 2011 but is rapidly growing and would be over USD 1.5 billion by 2020.
Recently in 2018-19, 21390 e-tenders have been issued for over INR68.8 billion for aerospace engineering projects which need assistance from Aerospace and Defense consultants.
There is a large demand for aerospace consultants, defense consultants and aerospace engineering consulting firms to forge strong partnerships between foreign OEMs and Indian MSMEs.
Government has announced a dedicated defense, aerospace SME fund.This can be utilized for aerospace engineering projects. Taxes have been reduced by 5% for MSMEs’ with turnover less than INR50 crore.
Domestic Procurement from MSE’s by Ordinance Factory Board and Defense Public Sector Undertaking (India) in 2016-17 is INR.4256.93 crores for aerospace engineering projects.
The MAKE procedure which aims to promote R&D in this sector with government partnerships has a provision for 90% government funding and preference to MSMEs.