Goldman Sachs has initiated coverage on India’s aerospace and defence sector with a detailed analysis of the market’s expansion, indigenisation opportunities, and export ambitions. The report placed strong emphasis on private-sector companies, arguing that they were better positioned than public-sector undertakings (PSUs) to capture growth from the changing defence spending landscape.

According to the research, the total domestic defence capital outlay was expected to expand more than six-fold to Rs 10.4 trillion in FY47 from Rs 1.6 trillion in FY25. The government’s targets for exports were equally ambitious to Rs 500 billion by FY29 from Rs 236 billion in FY25. Goldman Sachs argued that these structural drivers including rising procurement budget, deeper indigenisation, and a surge in

See Full Page