India today is a growing defence market as its 1.4 million armed forces and another 2 million para-military and central and state police forces forming the bulk of the consumers that look to modernize with cumulative annual budgets running into $30 billion on average.
India is pegged to invest around $250 billion in defence purchases for modernization of the armed forces during a 10-year period that will end in 2025. No wonder that the Indian government has sets targets such as growing the Indian aerospace and defence sector to a $26 billion industry by 2025, apart from achieving a target of $5 billion arms export by that year.
The Indian armed forces and para-military requirements could ranges from small arms such as pistols and rifles to artillery weapons such as mortar and howitzers to battle tanks and infantry combat vehicles to drones, combat aircraft, helicopters to cargo planes, apart from surveillance and secured communication equipment to missiles for varied use.
This huge need already projected by the armed forces through a published comprehensive technology perspective documents drives the Indian arms market and this growing trend means massive business opportunities for the Indian industry and foreign original equipment manufacturers.
The opportunities mean the Indian and foreign industry has got to strengthen and build on their capabilities in India in the coming years to cater to the Indian military needs.
It becomes imperative to tell the world in general and the Indian nation in particular regarding the growing capabilities of the South Asian giant’s defence industrial complex, and what the Indian and foreign-origin companies that operate here have on offer.
NC Bipindra is one of the leading Defence and Aerospace subject experts in India. He is a senior journalist with over two decades of experience and has an extensive network of industry and government contacts. With experience in several Media houses, he is now the Editor of Defence. Capital magazine.
Col. (Retd.) Rajiv Chib is a partner and founder of Insighteon Consulting He has served as Senior Vice President with the Goa based Chowgule Group. Prior to that he was a Director with PwC India. He has assisted a large number of Indian and foreign firms in formulating their market entry and growth strategies in the defence sector. He has been an active speaker in international forums.