Former chairman of Hindustan Aeronautics Ltd (HAL) RK Tyagi has stressed on the need for India to develop its own civilian aircraft. India, which is the ninth largest civil aviation user in the world, is likely to emerge as the third largest one by 2020, an Aeronautical Society of India release, quoting Tyagi, said on Sunday. “There will be a lot of expansion in activities related to civil and military MROs and skill development. It is at this juncture that India needs to develop its own aircraft,” said Tyagi.
He was speaking after receiving the degree of Doctor of Science (honorary) from Hindustan University for his contribution to HAL and its various activities at the convocation held at Chennai on Saturday. Tyagi said preliminary studies have already been completed and it was estimated that such an aircraft could be developed in 5-7 years at a cost of about USD 1 billion which is much less than one per cent of the acquisition cost “we will be incurring in aerospace and defence sectors in the next 10 years”.
Speaking about the emerging opportunities in aerospace and defence sectors, he said in the next 10 years, more than 1,600 aircraft are expected to be added in the Indian skies with an approximate investment of USD 200 billion plus. Tyagi said in the defence sector, in the last two years, 110 contracts, valued at Rs 1,13,995 crore, had been signed and acceptance of necessity (AoN) granted to 201 projects worth Rs 2,39,000 crore.
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The overall investment in aerospace and defence is expected to be more than USD 400 billion in the next 10 years, he added.