Boeing, a major aerospace corporation, has increased its annual sourcing of components and services in India to $1.25 billion as part of its dedication to the 'Make in India' initiative. Salil Gupte, President of Boeing India and South Asia, noted that despite currency depreciation, the company's sourcing from India has grown significantly over nearly a decade, with a network of over 300 local supplier partners.
The growth is attributed to advancements in quality and capability, transitioning to more complex assemblies and advanced materials. Further growth is expected for India-based sourcing as the local supply chain network enhances capabilities. Regarding supply chain constraints, Boeing aims to drive stability across its global supply chain, addressing challenges on a case-by-case basis. Gupte highlighted the resilience of India's civil aviation market, driven by the growing middle class and increasing demand for air travel. Boeing projects significant growth in India's fleet size and cargo market, with a substantial demand for pilots and maintenance technicians over the next 20 years, primarily fuelled by India's aviation sector.
Originally published by 08 May, 2024
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.