Avenues for Overseas Defense Manufacturers in the Expanding Indian Defense Industry – Revealed by Stratview Research in its Latest Thought Leadership Report
DETROIT, US, Aug. 2, 2023 /PRNewswire/ — In continuation to its free thought leadership report series for mobility, composites, and defense industries, Stratview Research has released its most recent addition, titled – “The Indian Defense Industry – An Opportunity Reservoir for Overseas Vendors“, to help global defense manufacturers identify the opportunities in the Indian Defense Industry, as well as to highlight some must-know policies and procedures for entering the industry.
The aim of the report is to present a comprehensive, multifaceted analysis of the Indian Defense Industry, with present and near-future opportunity forecasts.
Factors, both internal and external, like the increasing inclination of the Government of India towards indigenization of defense capabilities, along with the distortion of global ties with the biggest supplier of arms to India, have been presented in the analysis.
With an envisaged GDP of more than $5 trillion in 2028 and an increasing military expenditure amidst rising global tensions, the Indian economy can be the next el-dorado for the global defense industry with direct opportunities exceeding $10 bn in 2028, and several other sizeable indirect opportunities.
The report not only discusses the size of the opportunity but also lays down a clear roadmap to navigate through the terrain. Since defense deals almost always involve government bodies, the procedure to participate in such deals can be very complex, and getting in touch with the right authority, or finding a proper guide is also a significant challenge for the participating vendors.
The report thus also intends to serve as a guide and, interested vendors can find answers to key questions like:
- What are the different categories under which foreign OEMs can participate directly in a defense deal with the Indian Government?
- What is the eligibility for participation under each category?
- What are the different stages of approval and which government bodies are responsible for approval at different stages?
- What are the conditions under which a foreign OEM must discharge offset obligations? etc.
Apart from the opportunity forecast and the procedural guidelines, the study also delves deep into the import/export trends of defense equipment for the past several years, and trends related to the distribution of the Indian defense budget are also discussed.
Some of the key findings from the report are mentioned below:
- In the past 5 years, India has seen a 35% increase in defense imports.
- Defense equipment worth ~$28 bn has been imported by India in the past 5 years and contracts worth ~$10 bn have been awarded, as of July 2023.
- Among the Indian Armed Forces, the Indian Air Force has been getting the biggest share of the defense procurement budget for the past several years continuously.
- In terms of volume, among the various types of arms imported by India, anti-tank missiles surpass any other equipment by huge margins.
- After the Russia–Ukraine war, India has seen a decline of >15% in its imports of arms from Russia.
The complete report can be accessed for free, using the following link:
The Indian Defense Industry: An Opportunity Reservoir for Overseas Vendors
Or, existing users of Composights(an online portal by Stratview Research that offers free thought leadership reports, whitepapers, and much more for Composites and its allied industries) can access the report here.
Another recent release in the Composights portal that you might like:
- eVTOLs: The New ‘Vertical’ for the Composites Industry
( https://www.stratviewresearch.com/composights-portal/evtols-the-new-vertical-for-composites )
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. The reliability and insightfulness of the reports enable the readers to take convincing business decisions.
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SOURCE Stratview Research