Aerospace and defence companies are increasingly choosing India for their overseas research and development investment - leaving China far behind.
And, according to research by consultancy PwC published on Tuesday for presentation later this week at a Farnborough air show industry leaders gathering, India is also closing the gap on China to become the second-leading country for manufacturing investment.
Of 54 R&D investments made by the top 50 aerospace and defence companies worldwide between 2000 and 2011, 12 projects went to India, seven to the USA, six to Russia, five to the UK and just four to China. Most of those Indian investments came during the past five years, indicating an accelerating interest in the country as what PwC global aerospace and defence leader Neil Hampson calls the partner of choice for "collaborative" R&D, which is likely to be followed by manufacturing partnerships.
Of 114 foreign manufacturing investments made during the same period, China claimed 23 - just three more than India. The US attracted 15 projects, and Mexico 10.