Around a week back, India celebrated its 72nd Independence Day. Freedom that has been achieved after struggling for it. India has been thrice in war with its neighbouring nations in these 72 years of independence and the defence forces of the country have always protected its territory.
Defence and aerospace are two industrial sectors with very high importance in the security as well as the economy of any nation. The development of these two sectors is vital for a country’s growth and development. Confederation of Indian Industries (CII) recently organized a defence conclave which focused n the development and growth of the defence and aerospace industry to make the country self-dependent and strong at the same time. The event was supported by Faber Infinite Creative Solutions as the knowledge partner.
Current Indian Defence and Aerospace scenario
Defence – Defence is one of the most important strategic sector for India. Interestingly, India has the second largest army on the entire world and hence it becomes very important for the nation to be very active in this sector to comply with the demands of the nation’s defence forces and ultimately become self-dependent in the defence sector. Currently, India spends more than $3.5 billion to support its armed forces. Out of this, 70 percent of the defence hardware is usually imported from countries like Israel, Russia, Japan and United States of America.
Aerospace – With a population of more than 1.25 billion, India is no doubt one of the largest markets in the entire world when it comes to aerospace industry. Indian aerospace is the fastest growing sector and is likely to become the third largest by 2020 if it continues to grow at the same rate.
About Defence Conclave 2018
India possesses immense potential in the defence and aerospace industry and development in this sector can really boost the Indian economy and strengthen the country’ place in the global world. With the ‘Make in India’ initiative in action, the motive has been made quite clear by the Modi government – Come and manufacture here. We will support you.
Keeping this factor in mind, and also considering the potential and opportunities for micro, small and medium industries, CII organized its second defence conclave and focused and discussed in some key points that can possibly impact and change the course of defence and aerospace industry. Below are the key points that were focused and discussed throughout the conclave.
- Make in India – Vision to reality : Building a global hub for defence manufacturing
- Business regulatory framework for Defence and Aerospace manufacturing.
- Defence Production Policy and Defence Procurement procedure.
- Skill development and accreditation in Defence and Aerospace industry.
- Ease off the government – private sector collaboration.
- Building a sustainable ecosystem for Defence and Aerospace industry
- Defence manufacturing challenges in self-reliance.
The conclave also acted as a tool to help the attendees explore this space and get a hold of the message that manufacturing ring has opened the defence industry for private sector participation and simultaneously paving the way for foreign original equipment manufacturers to enter into a strategic partnership with Indian companies.
The conclave was attended by various CEOs and MDs of selected group of companies, policy makers, Unit/Plant heads, Engineers, Professionals, Executives, Leaders, Corporate representatives, Practicing managers and Executives from a wide range of industries.
Team Faber Infinite Creative Solutions is very happy to be a knowledge partner for such an event. For more information about the event and the report, contact us at [email protected]
Written & Compiled By Faber Kishlay & Faber Mayuri