As the anticipation builds for the forthcoming 2024 budget, industry leaders are optimistic about the Indian government’s sustained commitment to economic resilience and innovation. Pavan Ranga, the Managing Director of Rangsons Aerospace, expresses confidence in the groundwork laid by previous budgets and eagerly looks forward to continued support for sectors critical to business, particularly defence and aerospace. The last two years have witnessed substantial growth in aerospace engineering and manufacturing, prompting a call for a considerable budget increase in 2024.
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Ranga underscores the transformative impact of the AatmaNirbhar Bharat Abhiyaan, emphasizing the need for policies that not only fuel growth but also enhance competitiveness and improve credit access for startups and MSMEs.
Shifting the focus to the private space sector, Anirudha Sharma, CEO of Digantara, highlights its tremendous rise since June 2022. Acknowledging government support, particularly from INSPACe, Sharma stresses the necessity for sustained backing as companies transition from demonstrating to commercializing technologies. The plea for an exemption of customs duties on essential imports aligns with the developmental stage of India’s supply chain, recognizing the financial challenges faced by startups. Sharma advocates for Service/Product Linked Incentives to foster collaboration and proposes regulatory changes to simplify cross-border transactions for companies with global supply chains.
In a comprehensive industry overview, there is a shared vision for a cohesive and collaborative effort involving government institutions, academia, startups, and the private sector. This concerted approach aims to expedite India’s journey toward self-reliance in the global aerospace industry. The lack of a clear Aerospace policy is identified as a hindrance, prompting calls for an independent nodal agency to facilitate collaboration and a comprehensive policy for accessing national assets.
Apurwa Masook, CEO, SpaceFields lauds the impact of the Make in India initiative and industry-friendly policies on the Aerospace and Defence sector. Observing positive trends such as increased air traffic, reduced imports, and record-high defence exports, Chouhan emphasizes the need for continued government support. The discussion turns to the imperative role of research and development (R&D), stressing that spending in this area must reach startups, MSMEs, and academia for holistic industry growth. Chouhan advocates for thematic sovereign funds to de-risk the valley of death phase for aerospace startups and foster their growth.
As the 2024 budget approaches, the industry stands united in its expectations for measures that will not only sustain the momentum but also pave the way for a transformative era in India’s aerospace and defence landscape.