Airplanes Will Be Now Make In India: Special Purpose Vehicle To Be Formed By Govt


Mohul Ghosh

Mohul Ghosh

Sep 08, 2024


In order to move forward with plans for commercial aircraft manufacturing in India, the government will establish a special purpose vehicle (SPV), as stated by K Rammohan Naidu, the minister of civil aviation.

Airplanes Will Be Now Make In India: Special Purpose Vehicle To Be Formed By Govt

Government To Establish Special Purpose Vehicle, Confirms Minister of Civil Aviation

Adhering to the Aatmanirbhar Bharat agenda, the Lok Sabha passed the Bhartiya Vayuyan Vidheyak Bill 2024, which includes regulations for aircraft design and manufacture.

“The government is strongly pushing the idea of India manufacturing its own planes,” said Naidu, adding that industry stakeholders will be involved in the formation of the SPV.

Within the following five years, it is hoped to start manufacturing aircraft with the goal of becoming a major participant in the sector and exporting aircraft as well.

For international aircraft manufacturers like Boeing and Airbus, India is a big market.

Though not on a large scale, Hindustan Aeronautics Ltd (HAL) already produces small consumer aircraft.

One of the global markets for civil aviation that is expanding the fastest is India.

Naidu also emphasized the nation’s potential in MRO (maintenance, overhaul, and repair) services during his speech at a conference organized by the PHD Chamber of Commerce and Industry.

Indian aviation is at a “transformative crossroads,” according to Naidu, who hopes to establish India as a center for MRO, air cargo, and aviation.

The Aircraft Act of 1934, which has undergone 21 amendments, is to be replaced by the Bhartiya Vayuyan Vidheyak Bill 2024 in order to bring laws up to date and better reflect India’s quickly growing aviation industry.

4.7 Lakh Passengers Flew Via 6128 Flights In 24 Hours

On April 21, domestic air traffic surged to 14% above the pre-pandemic average, with 4,71,751 passengers and 6,128 flights recorded. This notable increase reflects a positive trajectory for the aviation sector, indicating a resurgence in travel demand.

Comparing data from April 21, 2024, to the previous year highlights substantial growth, with 4,28,389 passengers and 5,899 flights recorded in 2023. This year-on-year increase underscores the resilience and adaptability of the aviation industry in overcoming pandemic-induced challenges.

Image Source


Mohul Ghosh
Mohul Ghosh
  • 1521 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online