With India set to become the world’s third largest aviation market by 2020, and to go on to the top by 2030, special emphasis at the summit was given to policy review, development of infrastructure and promotion of collaboration to enhance these facilities even further.
The Government of India is adding further impetus to Aerospace majors to set up R&D, manufacturing, maintenance, warehousing and training facilities in the country. It is due to Government backing that Global Aerospace and Defence Industry is seeing a shift to Asian economies which has been further augmented by announcements in the Union Budget wherein the Government of India has offered 49% FDI in defence sector.
These incentives would add a boost to the components industry through local manufacture. Diversification of Aerospace, Defence and Railways was addressed at the summit. Special attention to strict quality control system, machining of aluminium alloy, high tensile steel and super alloys was also on the cards.