Home » Aerospace and Defense

Impact of India on Aerospace and Defense – Thematic Research

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”.

Reasons to Buy

Our thematic investment research product, supported by our thematic engine, is aimed at senior (C-Suite) executives in the corporate world as well as institutional investors.

• Corporations: Helps CEOs in all industries understand the disruptive threats to their competitive landscape

• Investors: Helps fund managers focus their time on the most interesting investment opportunities in global Aerospace & Defense.

Whilst most investment research is underpinned by backwards looking company valuation models, GlobalData’s thematic methodology identifies which companies are best placed to succeed in a future filled with multiple disruptive threats. Our unique differentiator, compared to all our rival thematic research houses, is that our thematic engine has a proven track record of predicting winners and losers.

Key Players

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



Discounts available for multiple purchases.

+44 20 7947 2960

Join our mailing list

Saved reports