Impact of India on Aerospace and Defense – Thematic Research

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The impact of India is one of the emergent dominant trends in contemporary geopolitics

The impact of India refers to the role of India as a major defense consumer and one of the world’s leading importers of defense products. This includes numerous attempts at incorporating and developing domestic production and/or assembly.

The Modi government has prioritized the development of a robust domestic defense manufacturing base to curtail imports of expensive defense equipment. The government has changed procurement and FDI regulations to promote a greater level of private sector participation in the country’s defense sector and enhance the overall competitiveness of the Indian defense sector by promoting partnerships and attracting FDI in defense. Against this backdrop, the Indian MoD is anticipated to consistently increase its defense expenditure from $66.9bn in 2020 to $74.2bn in 2021. Over the period to 2030 period, Indian defense expenditure is expected to reflect a CAGR of 12.91% and increase from $74.2bn in 2021 to $120.6bn in 2025. Historic data shows that India invested a cumulative total of $302.2bn in the defense sector during 2016–2020, which is expected to increase to $482.1bn over 2021–2025. Increased tensions with China as well as Pakistan will drive this further, as will the need to replace legacy platforms.


Demand in Indian aerospace and Defense will be driven by a number of geopolitcal factors such as Chinese and Pakistani development, as well as internal political incentives.

This report looks at key products in Indian defense

This report is part of our ecosystem of thematic investment research reports, supported by our “thematic engine”.

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Adani Land Defense Systems and Technologies
Advanced Numerical Research & Analysis Group (ANURAG)
Advanced Systems Laboratory (ASL)
Aeronautical Development Establishment (ADE)
Almaz-Antey Concern
Amur Shipbuilding Plant
Armaments Research & Development Establishment (ARDE)
Ashok Leyland
BAE Systems
Bharat Dynamics (BDL)
Bharat Earth Movers (BEML)
Bharat Electronics (BEL)
Bharat Heavy Electricals (BHEL)
Central Mechanical Engineering Research Institute (CMERI)
Centre for Artificial Intelligence & Robotics (CAIR)
Centre for High Energy Systems and Sciences (CHESS)
Chelyabinsk Tractor Plant.
Cochin Shipyard (CSL)
Combat Vehicles Research & Development Establishment (CVRDE)
Daewoo Shipbuilding & Marine Engineering (DSME)
Dassault Aviation
Defense Electronics Research Laboratory (DLRL)
Defense Research & Development Laboratory (DRDL)
Denel Land Systems
Elbit Systems
Electronics & Radar Development Establishment (LRDE)
Fakel Machine-Building Design Bureau
Garden Reach Shipbuilders & Engineers (GRSE)
General Dynamics
General Electric (GE)
Goa Shipyard (GSL)
Gorkovsky Avtomobilny Zavod (GAZ)
High Energy Materials Research Laboratory (HEMRL)
Hindustan Aeronautics (HAL)
Hindustan Shipyard (HSL)
Ilyushin Aviation Complex
IMI Systems
Indian Telephone Industries (ITI)
JSC Klimov
JSC PO Sevmash
Tactical Missiles Corporation (TMC)
Kamov Helicopters
Kazan Helicopter Plant
KB Mashinostroyeniya
Korea Tacoma Marine Industries
Larsen & Toubro (L&T)
Laser Science & Technology Centre (LASTEC)
Lockheed Martin
Mahindra & Mahindra
Maruti Suzuki India
Mazagon Dock
Mil Moscow Helicopters Plant
MKB Raduga
Naval Physical & Oceanographic Laboratory (NPOL)
NII Stali
NPO Mashinostroyeniya
NPO Vympel
ODK Saturn PAO
OJSC Baltic Shipyard
Ordnance Factory Board (OFB)
PJSC Beriev Aircraft Company
Rafael Advanced Defense Systems
Raytheon Technologies
Reliance Naval and Engineering
Rheinmetall Defense
Rubin Design Bureau
Russian Aircraft Corporation MiG
Sterlite Technologies
TATA Motors
Tata Power
U R Rao Satellite Centre (URSC)
Zaklady Mechaniczne Bumar Labedy
Alpha Design Technologies
Bharat Forge (BFL)
BrahMos Aerospace
CONTROP Precision Technologies
General Atomics
Howaldtswerke-Deutsche Werft
Indo-Russia Rifles (IRRPL)
Israel Aerospace Industries
Israel Weapon Industries (IWI)
JSC Kalashnikov Concern
Kalyani Group
KBP Tula
MTU Friedrichshafen
Naval Group
PLR Systems
Poeir Jets
Tata Advanced Systems (TASL)
ThyssenKrupp Marine Systems
UVision Air

Table of Contents

Executive summary


Thematic Briefing

Technology trends

Macroeconomic trends

Regulatory trends

Mergers and acquisitions


Value chain


Public companies

Private companies


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