The United Nations Industrial Development Organisation (UNIDO) has entered into a cooperation with the Society of Indian Aerospace Technologies and Industries (SIATI) to create a long-term development programme for aerospace SMEs.
The huge opportunities that would be available for India can be tapped only through supplier development programmes. Bala Bharadwaj, managing director, Boeing Research and Technology-India, Boeing International Corp India Ltd, said there was a great opportunity in India to the tune of over $30 billion over the next 10 years. However, despite having the advantage of low-cost labour and capital, the cost of material is quite high due to the import duties. Further, companies need to be prepared for the long gestation programmes and the quality requirements of the industry. According to him, “the steps to the Indian aerospace industry are develop, acquire and team up.”
Meanwhile, UNIDO’s cooperation with SIATI will happen through sub-contracting and partnership exchange; through supplier development programmes and match-making services through global networks. “While UNIDO will bring global networks to the members of SIATI, Indian SMEs will be exposed to the international buyers,” said Krishnadas Nair, chairman, SIATI.
The Indian aerospace sector offered opportunities for the global aerospace industry with its growing markets. In the recent past, the aerospace sector in the civilian private space saw a phenomenal growth, he added.