What is the news about?
On Tuesday, Tamil Nadu unveiled a new policy that calls for investments in the aerospace and defence sectors totaling Rs 75,000 crore over the following ten years. Stalin opened the Tamil Nadu Advanced Manufacturing Center of Excellence and Tamil Nadu Smart and Advance Manufacturing (TANSAM) (TAMCOE). TANSAM was developed for a cost of Rs 251.54 crore by the Tamil Nadu Industrial Development Corporation Ltd (TIDCO) in collaboration with Siemens. TANSAM will study the aerospace, maritime, green energy, biotech, industrial automation, robotics, and electric vehicle (EV) industries, among others. TIDCO and GE Aviation invested Rs 141 crore to establish TAMCOE. Compressor exchangers, combustor parts, casing, frames, gears, and other aviation engine parts are just a few of the things that TAMCoE will endeavour to develop technologically. Additionally, it will take on initiatives for the creation of analytical predictive systems for additive manufacturing (AM) in Industry 4.0. A key turning point in the growth of the aerospace and military ecosystem in the area is represented by the connection between GE and the Tamil Nadu government. According to B Krishnamoorthy, additional secretary and project director for TIDCO, with the commissioning of this plant, Tamil Nadu would turn into a hub for advanced aerospace part production and research & development.
What number of jobs will be created?
The goal of the initiative is to create 100,000 new jobs in the industry. According to Chief Minister M K Stalin, the state’s concentration is on the manufacturing and service sectors and it hopes to reach a trillion-dollar GDP by 2030–31.
What does the TN Aerospace and Defense Strategy 2022 entail?
The Tamil Nadu Aerospace and Defence Industrial Strategy, 2022, which Chief Minister M.K. Stalin unveiled in Chennai, intends to bring over 75,000 crore in investments into the State and create over 1 lakh jobs over the following ten years.
What is the size of the defence market?
5.25 lakh crore (US$ 66 billion), or 13.31% of the whole budget and representing an increase.
What is the outlook for the aerospace industry?
Since the aerospace manufacturing sector is continually changing, in 2023 we may anticipate a continued emphasis on digital innovation. Using data analytics, the internet of things (IoT), and artificial intelligence (AI) are some examples of how processes like design, production, and maintenance can be improved.
Who is India’s largest defence supplier?
Russia, France, and the US are India’s top three arms suppliers, contributing 46%, 27%, and 12% of its imports during the past five years, respectively.
Is investing in aerospace a wise choice?
The first half of 2019 should see production rates that are comparatively typical, but they could increase by the end of 2023. Given that the geopolitical climate is still uncertain and that global defence capabilities are expanding, the aviation industry is well poised for long-term growth.
Conclusion
Given the growth in aviation industry more and more people are looking to invest. This in turn is creating more jobs and growth opportunities for people in this sector.
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