Private Sector Participation In Indian Defense: Market 2020 | Coronavirus Impact | also Industry is Booming Worldwide with Key Players | Reliance Naval and Engineering Limited, Kalyani Strategic Systems Limited, L&T Defence, TATA Advanced Systems Limited,
In order to further encourage procurement from local Indian suppliers, in May 2020, the central government issued a Public Procurement Policy to encourage the Make in India initiative, and promote manufacturing and production of goods and services indigenously in India. As a part of the Aatmanirbhar Bharat Abhiyan, initiated by the Government of India in June 2020, the Indian defense ministry has proposed to ban the import of defense weapons that can be indigenously manufactured. These steps by the government are expected to boost private sector participation in the defense manufacturing industry
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A brief introduction to the Private Sector Participation In Indian Defense Market research report.
Graphical introduction of the regional analysis.
Top players in the Private Sector Participation In Indian Defense Market with their revenue analysis.
Selected illustrations of Private Sector Participation In Indian Defense Market insights and trends.
Example pages from the Private Sector Participation In Indian Defense Market report.
The Major Players in the Private Sector Participation In Indian Defense Market.
• Reliance Naval and Engineering Limited
• Kalyani Strategic Systems Limited
• L&T Defence
• TATA Advanced Systems Limited
• TATA Power Strategic Engineering Division (SED)
• Axio Biosolutions Private Limited
• CRON Systems Private Limited
• ideaForge Technology Private Limited
• Tonbo Imaging Private Limited
• Viz Experts India Private Limited
Indian companies’ share in the total value of contracts awarded by the Indian Union Defence Ministry for the procurement of defense equipment has increased steadily over the last five years, and stands at ~75.03% in FY 2020 (as of January 2020). According to the Ministry of Defence, over the last four years, from FY 2016 to FY 2020 (up to January 2020), a total of 158 contracts were signed with Indian vendors, which include private sector defense manufacturers/MSMEs/SMEs and start-ups, against 100 contracts with foreign vendors for the capital procurement of defense equipment for the armed forces.
In July 2020, the Indian Defence Acquisition Council (DAC) approved an amount of INR 389 Bn for the capital acquisition of various platforms and equipment required by the Indian Armed Forces. The DAC has announced that, focusing on indigenous design and development, INR 311.3 Bn worth of equipment acquisitions, out of INR 389 Bn, will be obtained from the domestic defense manufacturing companies, while the rest will be acquired from global OEMs. Several Indian MSMEs will be the prime tier vendors in this manufacturing project, along with other major government defense organizations.
Some of the key factors contributing to the Private Sector Participation In Indian Defense market growth include:
Growing per capita disposable income
Favorable for youth Demographics
In terms of COVID 19 impact, the Private Sector Participation In Indian Defense market report also includes following data points:
Impact on Private Sector Participation In Indian Defense market Size
End User Trend, Preferences and Budget Impact of Private Sector Participation In Indian Defense market
Regulatory Framework/Government Policies
Key Players Strategy to Tackle Negative Impact of Private Sector Participation In Indian Defense market
New Opportunity Window of Private Sector Participation In Indian Defense market
Key Question Answered in Private Sector Participation In Indian Defense Market Report.
What are the strengths and weaknesses of the Private Sector Participation In Indian Defense Market?
What are the different marketing and distribution channels?
What is the current CAGR of the Private Sector Participation In Indian Defense Market?
What are the Private Sector Participation In Indian Defense market opportunities in front of the market?
What are the highest competitors in Private Sector Participation In Indian Defense market?
What are the key outcomes of SWOT and Porter’s five techniques?
What is the Private Sector Participation In Indian Defense market size and growth rate in the forecast period?
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Impact of COVID-19:
The Indian defense industry witnessed a slackened growth momentum, owing to the restrictions in global trade following the outbreak of COVID-19 in the country. Imposition of a strict nationwide lockdown from March 24th to May 31st 2020, had halted the production/service cycle, disrupting the supply chain, and eventually impacting company inventories in the Indian defense manufacturing industry. According to the Indian Ministry of Defence, Indian defense companies have suffered a loss of around INR 225 Bn worth of potential revenue during the nationwide lockdown period. However, the Indian Ministry of Defence has announced financial packages and reforms to strengthen the MSME sector and generate employment. Corporatization of the Ordnance Factory Board (OFB), indigenization of imported spares, and setting up of realistic qualitative requirements for weapons to support local industries are other measures taken by the government to revive the Indian defense industry, post the pandemic.
Challenges faced by private sector Indian defense manufacturing companies:
India has failed to attract substantial private sector investments in the defense manufacturing sector. This has happened mainly due to delays in taking decisions on the part of the government, placing unsystematic orders, canceling tenders, and placing of unreasonable qualitative requirements by the Indian Armed Forces. Many Indian private companies had invested in enhancing their defense production capabilities with a view to receive government support and orders, but have been left disappointed. In May 2020, Tonbo Imaging, a private sector defense equipment manufacturing start-up, wrote an open letter to the current Prime Minister of India, highlighting the cancelation of orders and delays in making payments by the government.
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