Economy

Indigenous Production of Aircrafts on the Anvil: Prabhu

New Delhi, 16th October, 2018: The Government is in the process of finalising a roadmap to ensure manufacture of aero planes in India in order to ensure growth of country’s aviation sector, Union Minister, Mr Suresh Prabhu declared at a recent event organised by ASSOCHAM  in New Delhi.

 “Growth of the aviation sector would require at least 1,000 aero planes to be bought by India, if we continue to buy these, over a period of time we would become the largest importer of aero planes. So we are preparing a plan for manufacturing of aircrafts in India and that will have a huge benefit” said Mr Prabhu while addressing the 98th Annual Session of The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

The minister further said that government’s twin plan of promoting indigenous manufacturing of aero planes and construction of 100 airports in 15 years at an estimated cost of $65 billion would drive aviation sector’s growth in India.

 Urging the industry to embrace new ideas, he informed that the new industrial policy which is soon likely to be announced, is focused on modernising the present industry and embracing the newer industry which is going to be the cause of future growth. “Industry should come out with concrete solutions to help government and work together.”

 Stating that no country in the world can benefit if global trade declines, the union minister said that while a slowing world economy is a cause of concern for all countries, it is particularly so for a country like India which has got the potential to become $10 trillion economy before 2035.

 “India is the worst sufferer if the world trade does not grow because we have a huge stake, our share in global trade is increasing and in fact we are at a stage where-in more global growth will come from more production within the country,” said Mr Prabhu.

 He informed, “I have set up some top thinkers to navigate India out of these new emerging trends and how do we become winners despite these challenges.” Mr Prabhu also informed that his ministry was working on improving business atmosphere in India through initiatives like promoting ease of doing business at district level.

 Besides, he said, India’s integration with international trade is very critical to grow at a faster rate.

“We have to ensure that India will continue to be on forefront of growth, not only for helping our people but also contribute to global growth, so one country growing also helps other countries as a co-beneficiary,” he said.

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