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Major aerospace companies, including Airbus, Rolls-Royce, Collins Aerospace, and Pratt & Whitney, are expanding their parts sourcing from India as they face supply chain issues in Western markets. According to industry insiders, local firms like Bengaluru-based Hical Technologies and JJG Aero are experiencing significant growth, with Hical aiming to double its aerospace revenue to approximately $60 million over three years.
The Asia-Pacific aerospace market is projected to outperform North America and Europe, with revenues expected to rise 54% above 2019 levels, compared to only 3% and 4% increases, respectively, in Western regions, as reported by Accenture Research. Rolls-Royce's senior vice president for aerospace procurement, Huw Morgan, stated, "India is the best solution to supply chain challenges," as delays in traditional supply chains hinder growth amid heightened demand for air travel.
India's civil aviation ministry is actively working to bolster local component manufacturing, with ambitions to capture 10% of the global supply chain market by 2033, up from its current 1%. Also, as Airbus notes, every commercial aircraft currently has components manufactured in India.