Aerospace and Defence Market in India set to hit $23bn by 2024
The Indian Aerospace and Defence Market is forecast to surpass $23 billion by 2024, according to new research report by Global Market Insights, Inc.
According to the report, India aerospace and defence market is expected to grow at a significant pace owing to the growing modernisation of Indian armed forces.
The government of India is increasing its defence budget and plans to undertake several projects that are in line with the Make in India campaign. One of these projects includes Future Infantry Soldier as a System (F-INSAS) program which will aim to enhance the optical, electro, and situational capabilities of a soldier.
Increasing investments in research fields including nanotechnology, directed energy weapons, and NBC warfare are anticipated to fuel the India aerospace and defence market growth.
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