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Aerospace & Defence
The Indian aerospace and defense manufacturing industry is growing due to an increase in defense spending, growing commercial market, and rising technology. India is expected to spend $112 billion by 2016 on capital acquisition. Globally, India represents the most vibrant defence business environment due to the urgency to modernize its Armed Forces.
The industry is driven by high domestic demand, offset policy, cost advantage, talent based and leveraging IT competitiveness. The challenges faced by the industry are infrastructure, state border entry permits, complex tax law, and quality assurance and reliability.
The rapid growth of this industry has attracted major global aerospace companies to India and has incentivized domestic aerospace players to increase and deepen operation. Earlier, The Indian aerospace industry was driven predominantly by military requirements with a smattering of small agricultural aircraft manufactured for a short period.
The technologies in the aerospace industry are so spread over a broad spectrum, that any company has to have cross-linkages to be vibrant, proficient and economical. The aerospace sector, military and civil, has bright prospects as the demand for air travel and military aircraft will not dwindle but only increase in the coming decades.
The Medical Devices and Equipment industry, valued at US$ 2.5 billion contributes only 6% of India's US$ 40 billion healthcare sector. Moreover, it is growing at a faster annual rate of 15% than 10-12% growth seen in the Healthcare sector in its entirety.