India, which is the ninth largest user of civil aviation in the world, is likely to become the third largest user by 2020, a statement from the Aeronautical Society of India said today, citing Tyagi .
âThere will be a lot of expansion in activities related to civilian and military MRO and skills development. It is at this stage that India needs to develop its own aircraft,â Tyagi said.
He was speaking after receiving the Doctor of Science (Honorary) degree from Hindustan University for his contribution to HAL and various activities at the convocation held in Chennai on Saturday.
Tyagi said preliminary studies have already been completed and it has been estimated that such an aircraft could be developed in 5-7 years at a cost of around $ 1 billion, which is well below 1% of the acquisition cost “that we will incur in the aerospace and defense sectors over the next 10 years”.
Speaking of emerging opportunities in the aerospace and defense sectors, he said that over the next 10 years, more than 1,600 planes are expected to be added in the Indian skies with an investment of around $ 200 billion. US.
Tyagi said that in the defense sector, over the past two years, 110 contracts, worth Rs 1,13,995 crore, had been signed and acceptance of necessity (AoN) granted to 201 projects. ‘worth 2 39,000 crore rupees.
Global investment in aerospace and defense is expected to rise to more than $ 400 billion over the next 10 years, he added.