8FEBRUARY 2024TOP STORIESINDIA & FRANCE TO CO-OPERATE ON JET ENGINE DEVELOPMENTOn the eve of President Emmanuel Macron's visit to India, India's ambassador to France, Jawed Ashraf, spoke about a significant milestone in the defense and aerospace cooperation between the two countries. For the duration of their joint venture, the manufacturer of fighter jet engines, Safran, has consented to the complete transfer of technology to India. This activity is critical in light of the fact that it could fortify India's guard innovation independence and reinforce the essential coalition between the two nations.The technology transfer agreement between Safran and India for the Shakti jet engine project is noticeably extensive, in contrast to India's previous partnerships. Safran is committed to transferring every technology and manufacturing method, as well as crucial design, development, certification, and production information. This sort of intensive exchange, which goes past the domain of traditional innovation moves that can, for the most part, focus on get-togethers or creation techniques, is fundamental for building new stream motors. It includes consideration of metallurgical issues and the actual design phase.Moreover, the innovation move would be consistently coordinated with India's future protection targets since this exchange is decisively lined up with the nation's drawn-out guard objectives. The strategic alignment between France and India in the larger context of defense cooperation has been strengthened by the meetings between Prime Minister Narendra Modi and President Emmanuel Macron of France. Beyond focusing on a single project, this multifaceted partnership aims to establish a collaborative development and production ecosystem. INDIAN AUTOMOTIVE AFTERMARKET SEES $35 BILLION IN EXPORTS: ACMA STUDYAhead of the 5th ACMA Automechanika New Delhi, at the Bharat Mobility Global Expo 2024, ACMA, the apex body of the Indian auto component industry shared insights from its Global Automotive Aftermarket Research Report, conducted in partnership with leading advisory firm Ernst & Young.According to the study, that focuses on seven product categories namely engine parts, suspension & braking parts, transmission parts, braking parts, rubber components, cooling systems and filters, the size of the Indian automotive aftermarket was $10 Billion in 2023 and is expected to grow by close to 1.4 times to an estimated $14 Billion by 2028. Tyres and consumables such as batteries, coolants, lubricants are however not covered in the study.The growth of aftermarket in India is fuelled by a steady increase in the vehicle parc, which currently stands at 340 million and is expected to grow at a CAGR of over eight percent for the next five years. The Two-Wheelers and Passenger Vehicles parcs are projected to show robust growth from 257 to 365 million units and from around 47 to over 72 million units respectively by 2028. The pre-owned cars sales are projected to grow around 17.5 percent CAGR until FY 28, fuelled by organised businesses and online platforms. The commercial vehicle parc is expected to grow from 13 million units to 19 million units in 2028. The tractor segment currently contributes close to $1 billion to the Indian aftermarket and the parc is expected to grow from 14 million units to over 19 million units during the 2023-28 period.
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