Indian Economy News

Foreign airlines, realty firms flock to India: 59 new registrations in FY24

  • IBEF
  • June 14, 2024

Foreign businesses, particularly in aviation, engineering, and construction, have shown increased interest in starting operations in India during the FY24, according to a report. Data from the Ministry of Corporate Affairs reveals that 59 foreign companies registered in India in FY24, up from 50 the previous year. Sectors like education, IT consulting, and electronics also attract foreign entities. Notable new entrants include Italia Transporto Aereo S.P.A., Oman-based SalamAir, Swiss engineering firm Pini Group SA, and Japanese builder Dainichi Consultant Inc. Other aviation companies, such as Uganda National Airlines, Airbus Defence and Space SA, and Vietnam Airlines, have expanded their operations in India. The Directorate General of Civil Aviation data shows a significant increase in travel, with 8.5 million people traveling to India from January to March 2024, compared to seven million the previous year and 9.3 million flying out, up from 8.1 million.

The engineering and construction sectors are witnessing substantial foreign investment due to the Indian government's accelerated capital expenditure. US-based Modjeski and Masters, Japan High-Speed Rail Electric Engineering Co Ltd in partnership with National High-Speed Rail Corp Ltd for the Mumbai-Ahmedabad bullet train project, and Switzerland’s Pini Group are among the firms establishing operations in India. Projections suggest that by 2040 the region will account for more than half of global passenger demand.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.