India's Aerospace And Defence Exports To Touch Us$2 Billion

BANGALORE, India (NNN-Bernama) -- India's Aerospace and Defence exports are likely to clock US$2 billion in the current fiscal.

With about 18 per cent growth during the first three quarters of 2011-12, aerospace exports, including components, stood at about USD 1.31 billion against US$1.11 billion in the corresponding period of the previous fiscal, Press Trust of India (PTI) reported quoting the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

Parts and components have contributed a whopping 96 per cent of the total aerospace exports, highlighting India's manufacturing capability in the aerospace sector, it said.

Meanwhile, ASSOCHAM said that a long and delayed clearance process of about three months for genuine exports of defence products to qualified countries from India "is a pain for majority of Aerospace and Defence exporters".

Claiming that sops like incentives and benefits on taxation dues and levies to the sector "has been limited and skewed against private players," it said, "besides, the government outlook on structural and taxation benefits to dedicated aerospace and defence manufacturing hubs also remains non-commital". -- NNN-BERNAMA