Armored Vehicle Market Growth in India
Chicago, Feb. 06, 2024 (GLOBE NEWSWIRE) -- *Increased procurement to tackle terrorist strikes, border disputes, and sensitive multi-cultural issues*
India is one of the fastest-growing economies in the world. It is also the eighth-largest in military expenditure and third-largest in armed forces in the world. In the past 10 years, India has grown its international influence and has become a prominent voice in global affairs.
It has prioritized good relationships with Russia, France, the US, Israel, China, Iran, Japan, and several other countries in recent years. India is facing increasing instances of terrorist strikes, border disputes, sensitive multi-cultural issues, and rampant crime. These factors have led to the increased procurement of armored vehicles in the country, thereby fueling the growth of the Indian armored vehicles market.
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In March 2021, the Ministry of Defence (MoD) awarded a major contract to Mahindra Defence Systems (MDS) for the manufacturing of armored tactical vehicles (specifically Light Strike Vehicles - LSV) for the Indian Army for its recce and weapon carrier requirements. The Mahindra Defence Systems LSV has undergone rigorous and elaborate trial procedures carried out by the Indian Army in different terrains, including high altitudes, deserts, and plains. It is the only vehicle that passed all field, ballistics, and technical trials.
Paramount Group, based in South Africa, is enlarging its manufacturing facility in India to diversify the array of combat vehicles it intends to manufacture. This expansion includes the incorporation of 4x4 and 6x6 infantry fighting platforms, extending the product lineup to cater to global customers.
This expansion strengthens the already established industrial collaboration between the partners. In 2021, Paramount and Bharat Forge formalized a cooperative agreement for jointly manufacturing the Kalyani M4 armored personnel carrier in India. A substantial number of these vehicles have been supplied to the Indian Army under a contract valued at approximately USD 21.4 million.
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