Advantage India
Robust
Demand
* Rising working group and widening middle-class demography is expected to boost demand.
* Country will become the third-largest aviation market in terms of passengers by 2024.^
Opportunities
in MRO
* By 2028, the MRO industry is likely to grow over US$ 2.4 billion from US$ 800 million in 2018.
* Land allotment for entities setting up MRO facilities in India has been revised to a period of 30 years in September 2021, from the current 3-5 years as the government aims to make India a ‘Global MRO Hub.
* In June 2023, the US committed to creating a global hub for MRO for high-end drones in India.
Policy
Support
* Foreign investment up to 49% is allowed under the automatic route.
* Under Union Budget 2021-22, the government lowered the custom duty from 2.5% to 0% on components or parts, including engines, for manufacturing of aircrafts by public sector units of the Ministry of Defence.
Increasing
Investments
* Investment upto Rs. 420-450 billion (US$ 5.99-6.41 billion) was expected in India’s airport infrastructure between FY18-23#.
* Growing private sector participation through the Public-Private Partnership (PPP).
* In May 2023, It was informed that there is a plan to invest Rs. 1 lakh crore (US$ 12 billion) in airports in the coming days.
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