"This is the right time to tap Indian aerospace market as India has ambitious plans to enhance its capabilities with procurement and support from overseas companies," Deloitte Touche Tohmatsu India Director Nidhi Goyal told PTI here.
Such a move "may help (global aerospace and defence) industry to boost their revenues and also plan to consolidate later amidst low cost advantage in India," she said.
"India has a major procurement program due to increasing requirement in both aerospace and defence, which is not only attractive for Indian industry but also for companies in Europe, USA and other regions," Goyal said.
Her comments came in the wake of a Deloitte report on the performance of the global aerospace and defence industry which suggested "a continued uncertain defence outlook" that was likely to impact its overall financial performance in 2012.
The report, however, said that defence spending was "increasing in geographies such as India, China, Japan, the United Arab Emirates, Saudi Arabia and Brazil as a result of increases in wealth and in light of growing national security concerns."
It also indicated that defence revenues were likely to be impacted by decreased defence budgets mainly in the West, competing domestic priorities, weaker than expected economic performance in the western world and the drawdown of forces in Iraq and Afghanistan. (more)
