By Ramkumar Shivam By | January 20, 2019 12:50:19India’s aerospace sector is booming with over 20 new aerospace firms set to be launched over the next few months.
A list of the new aerospace start-ups unveiled by the country’s Ministry of Civil Aviation and Space in Delhi last week shows that companies such as the Aviation Industries and Equipment Manufacturers Association of India (AIMIA), which is now owned by the Indian Space Research Organisation (ISRO), will soon be able to sell components of aerospace aircraft parts.AIMA chief executive Pranab Naidu told reporters on Thursday that he was confident the aerospace industry will be able expand rapidly in the next six months and said that the industry is the fastest-growing in the world.
“In the next 12 months, we expect there to be an increase of 1,000 to 1,500 companies,” Naidusaidu said, adding that this would be driven by the government’s ambitious targets of doubling the number of jobs created by 2022 and increasing the exports of aerospace equipment by 100 percent.
“I’m confident that in the current environment, companies will invest in the aviation industry and that this will increase the number and quality of products they can sell,” Nair said.
The industry is expected to grow by 50 percent to more than 4,500 employees, and will also help in the defence industry, which is currently in crisis.
In an earlier interview with Bloomberg, Naiduv said the government had already targeted a $10 billion industry within six months by 2022, and he said it was imperative that the government ensured that the sector was managed and led by professionals.
“It’s the industry that will create the jobs for the next generation of the workforce and provide the workforce with the skills that they need to survive in this difficult environment,” Nairsaidu added.
The country’s aerospace manufacturing sector has grown from $2.8 billion in 2015 to $7.6 billion in 2020, and it is expected by 2022 to double its output to $9 billion, according to a report from the World Bank in January.
The aerospace sector employs around 1.5 million people in India, according the ministry.