Govt Moves To Set-Up SPV To Manufacture Aircrafts Under Make-In-India Policy

ENA Sectors 2024-10-22 15:33:32 New Delhi, Oct 22 (KNN) The Indian government will accelerate efforts to design and manufacture aircraft domestically, marking a major push towards self-reliance in aviation, Civil Aviation Minister K. Rammohan Naidu announced on Monday. In line with the Aatmanirbhar Bharat initiative, Naidu emphasised the role of state and private industry partners in turning India into a global aircraft manufacturing hub. Naidu also mentioned that a special purpose vehicle (SPV) will be established to implement the governments aircraft manufacturing strategy. We are moving ahead with setting up an SPV to push these plans forward, he said, signalling the governments intent to coordinate efforts and streamline investments in aviation manufacturing. HAL, the state-owned aerospace giant, is already producing small civilian planes, albeit at a limited scale. With expanded participation from both public and private sectors, India aims to create a sustainable ecosystem for large-scale aircraft manufacturing in the coming years. This initiative marks a crucial step toward positioning India as a significant player in the global aviation industry, with ambitions to compete beyond domestic borders and contribute to global aircraft supply chains. We want to design and manufacture planes in India. HAL (Hindustan Aeronautics Ltd), NAL (National Aerospace Laboratories), and other industry players are supporting us in this endeavour, he stated. The minister reaffirmed that the government is committed not only to meet Indias domestic aviation demand but also to serve international markets. In the foreseeable future, we aim to produce aircraft for the world, not just for domestic needs. We are taking significant steps toward this vision, Naidu added. The Bhartiya Vayuyan Vidheyak Bill 2024, passed by the Lok Sabha in August, will regulate aircraft design and production, setting the legal framework for fostering domestic manufacturing. The legislation is expected to catalyse large-scale production efforts and provide regulatory clarity for new market entrants. Indias aviation industry is one of the fastest-growing in the world. Indian carriers currently have orders for more than 1,200 aircraft, underscoring the sectors rapid expansion. Major global manufacturers, including Boeing and Airbus, have been eyeing the Indian market, drawn by the surging demand for air travel in the country. (KNN Bureau) 39669 https://knnindia.co.in/news/newsdetails/sectors/govt-moves-to-set-up-spv-to-manufacture-aircrafts-under-make-in-india-policy 2024-10-22 15:33:32 knnindia.co.in Govt Moves To Set-Up SPV To Manufacture Aircrafts Under Make-In-India Policy