New Delhi: Prime Minister Narendra Modi said that the government wants to make India a $4 billion hub for aircraft maintenance, repair, and overhaul (MRO) by 2030. He was speaking at the 81st Annual General Meeting of the International Air Transport Association (IATA) in Delhi on Monday.
Modi said the number of MRO facilities in India has grown from 97 in 2014 to 154 now. This growth is due to government reforms like reducing GST, easing tax rules, and allowing 100% foreign investment through the automatic route.
He urged global aviation leaders to see India not only as a large market but also as a key player in the aviation value chain. He said MRO is a growing sector in India and the country wants to become a global centre for aircraft maintenance.
Modi also spoke about steps taken to support aircraft leasing. He mentioned that India has added legal backing to the Cape Town Convention, which protects the interests of aircraft leasing companies. The Protection of Interest in Aircraft Objects Bill was passed in Parliament earlier this year to support this.
He added that incentives at the GIFT City in Gujarat have helped attract aircraft leasing companies to India.
Modi said the new Indian Aircraft Act brings aviation laws in line with international standards. It will make regulations easier to follow, reduce taxes, and encourage foreign investment.
This is the first time in 42 years that IATA’s Annual General Meeting is being held in India. The event, from June 1 to 3 in Delhi, has over 1,600 participants, including aviation leaders and government officials.
