Aviation companies to embrace ‘Design in India’
Prime Minister Narendra Modi said on Monday that India’s fast-growing aviation sector offers a significant investment opportunity, with the country becoming an integral part of the supply chain.
Addressing the Annual General of Meeting (AGM) of the International Air Transport Association (IATA) in New Delhi, Mr. Modi said that the Bharatiya Vayuyan Adhiniyam, 2024, that replaces Aircraft Act of 1934 aligns aviation laws with global best practices, “ensuring a streamlined regulatory framework, ease of compliance, and a simplified tax structure which presents a significant investment opportunity for major international aviation companies.”
Mr. Modi said India should be viewed not merely as an aviation market but as a value-chain leader, as it was becoming an integral part of the global aviation supply chain from design to delivery.
He urged aviation companies to embrace “Make in India” and “Design in India”.
He outlined India’s goal to establish a $4 billion Maintenance, Repair, and Operations (MRO) hub by 2030, noting that in 2014, India had 96 MRO facilities, which have increased to 154.
He said that 100% of Foreign Direct Investment (FDI) under the automatic route, GST reduction, and tax rationalisation measures have given India’s MRO sector momentum.
He said the country sees 24 crore passengers flying per year and is expected to reach 50 crore passengers annually by 2030.
The Prime Minister also said India supports Open Skies and global connectivity and advocated for a more connected and accessible aviation network.