To push plans for commercial aircraft manufacturing in India, the government will set up a special purpose vehicle (SPV), Civil Aviation Minister K Ramamohan Naidu said.
Government to set up Special Purpose Vehicle, confirms Civil Aviation Minister
Following the Atmanirbhar Bharat agenda, the Lok Sabha passed the Indian Aircraft Legislature Bill 2024, which covers regulations for aircraft design and manufacturing.
“The government is pushing the idea of India manufacturing its own aircraft,” Naidu said, adding that industry stakeholders would be involved in the formation of the SPV.
It hopes to begin aircraft manufacturing within the next five years, with the aim of becoming a major player in the region and exporting aircraft.
India is a big market for international aircraft manufacturers like Boeing and Airbus.
Hindustan Aeronautics Limited (HAL) is already producing small consumer aircraft, although not on a large scale.
India is one of the fastest expanding global markets for civil aviation.
Naidu also highlighted the country's capabilities in MRO (maintenance, overhaul and repair) services during his speech at a conference organised by the PHD Chamber of Commerce and Industry.
Indian aviation is at a “transformational crossroads”, according to Naidu, who wants to establish India as a hub for MRO, air cargo and aviation.
The Aircraft Act of 1934, which has undergone 21 amendments, is set to be replaced by the Indian Aircraft Legislature Bill 2024, to update the laws and better reflect India's rapidly growing aviation industry.
4.7 lakh passengers flew on 6128 flights in 24 hours
Domestic air traffic on April 21 grew by 14% over the pre-pandemic average, recording 4,71,751 passengers and 6,128 flights. This significant growth reflects a positive trajectory for the aviation sector, indicating a revival in travel demand.
Comparing the April 21, 2024 figures with the previous year reveals substantial growth, which recorded 4,28,389 passengers and 5,899 flights in 2023. This year-on-year growth underlines the resilience and adaptability of the aviation industry in overcoming the challenges posed by the pandemic.
