- India has the third-largest military in the world, and the government plans to spend $130 billion to update the fleet over the next 5–7 years.
- Prime Minister Narendra Modi will start the five-day event, which will include air shows by planes and a large exhibition and trade fair for the aerospace industry.
An official statement from Wednesday said that the Ministry of Defense, which is run by Rajnath Singh, will host a “CEOs Round Table” on February 13, which is the first day of Aero India 2023.
The “Sky is not the limit: Opportunities beyond borders” theme of the platform, according to a Ministry press release, is meant to lay the groundwork for a stronger connection between industry partners and the government so that the “Make in India” campaign can move forward.
It is also expected to make it easier to do business in India and give Original Equipment Manufacturers (OEMs) a good place to start making things in India.
Officials, delegates, and CEOs from 26 countries, including big investors like Boeing, Lockheed, Israel Aerospace Industries, General Atomics, Liebherr Group, Raytheon Technologies, Safran, and General Authority of Military Industries, will attend the Round Table (GAMI).
MishraDhatu Nigam Ltd., Bharat Electronics Ltd., Bharat Dynamics Ltd., and Hindustan Aeronautics Ltd. are some of the PSUs from India that are taking part.
Indian companies like Larsen & Toubro, Bharat Forge, Dynamatic Technologies, and BrahMos Aerospace, which make aerospace and defence products, are likely to be there as well.
Businesses would then work together on co-creation and co-development, and India would become a centre for commercial manufacturing and a place from which to support products around the world. It will look at both Indian and international markets and give businesses the chance to not only “Make in India,” but also “Make in India for the World.”
India’s economy is growing at one of the fastest rates in the world, making it a good place for business and investment.
India has the third-largest military in the world, and the government plans to spend $130 billion to update the fleet over the next 5–7 years. The government has taken a number of policy steps to encourage “Self-reliance” in the Indian defence manufacturing eco-system.
These include de-licensing, deregulation, and positive indigenization lists for import substitution, export promotion, FDI liberalisation, and the creation of Defense Industrial Corridors.
Aero India is a top aviation show that takes place every two years at the Air Force Station in Yelahanka. The show takes up about 35,000 square metres of space. The expo, which has been going on since 1996 and is now in its fourteenth year, gives the sector a unique chance to show off its skills, goods, and services.
At this year’s Aero show, there were 731 exhibitors from all over the world.
Prime Minister Narendra Modi will start the five-day event, which will include air shows by planes and a large exhibition and trade fair for the aerospace industry.