Engineering education is the activity of teaching knowledge and principles related to the professional practice of engineering. It includes the initial education (Bachelor and or MastersDegree) for becoming an engineer, and any advanced education and specializations that follow. Engineering education is typically accompanied by additional post graduate examinations and supervised training as the requirements for a professional engineering license.
The aeronautical engineers are primarily responsible for creation of safer and more energy efficient economical methods for travelling including aircraft, helicopters, satellites, missiles and space crafts. These includes science of propulsion and aerodynamics, even it covers the development and selection of materials and equipment that are utilized in aircraft.
This field is pretty new and under-developed as of now in India, primarily because of the huge investments it requires. The prominent government players, as rightly pointed out by Sanket, are ISRO, HAL, few DRDO labs like GTRE, ADA, DRDL and NAL. A few private companies like Tata, L & T, Mahindra, Taneja too have aerospace divisions, which basically cater to either the Indian government companies that I had mentioned above, or do consultancy activities for foreign aerospace companies. Aerospace engineering is a wide area, and we should not think that being an aerospace engineer means working in the field of aerodynamics or flight dynamics only. The subdivisions of an aerospace engineering curriculum usually consists of courses on propulsion, structures, robotics, navigation, control & guidance, manufacturing, spaceflight, aerodynamics, advanced fluid dynamics, material sciences and flight mechanics.So there are opportunities for Engineers from all Aeronautics, Mechanical, Electronics/Electrical in the industry. There are also challenges for Management professionals but they generally sprout from experience in engineering previous projects. There is a huge market in India for mini UAVs which do not require as large as an investment. There is a huge market for contractors. There is a huge market for maintenance of private & civil aircraft.Thus, as an entrepreneur this project offers an exciting opportunity to you.