PM invites global firms to invest in India's fast-growing aviation sector
The Prime Minister also pointed to the emergence of maintenance, repair, and overhaul (MRO) as a sunrise sector, highlighting that India is accelerating efforts to become a global hub for aircraft maintenance.
He was addressing the International Air Transport Association's (IATA) 81st Annual General Meeting (AGM) and the plenary session of the World Air Transport Summit (WATS).
He noted that in 2014, India had 96 MRO facilities, which has now increased to 154, while 100 per cent FDI under the automatic route, GST reduction, and tax rationalisation measures have given fresh momentum to the MRO sector. Modi further outlined India's goal to establish a USD 4 billion MRO hub by 2030, reinforcing the nation's aviation growth strategy. 'The new Indian Aircraft Act aligns aviation laws with global best practices, ensuring a streamlined regulatory framework, ease of compliance, and a simplified tax structure, presenting a significant investment opportunity for major international aviation companies,' Modi said.
The last IATA AGM in India was held 42 years ago in 1983. It brings together more than 1,600 participants, including top global aviation industry leaders, government officials and international media representatives. The Prime Minister highlighted the transformative changes the country has undergone in the last four decades, stating that today's India is more confident than ever. He also underscored India's role in the global aviation ecosystem, not only as a vast market but also as a symbol of policy leadership, innovation, and inclusive development.
'Today, India is emerging as a global leader in space-aviation convergence,' the PM said, adding that the civil aviation sector has witnessed historic advancements over the past decade, which are well recognised. He outlined three foundational pillars driving India's aviation sector -- a vast market, not merely a collection of consumers but a reflection of India's aspirational society; a strong demographic and talent pool -- where young innovators are pioneering breakthroughs in artificial intelligence, robotics, and clean energy; and an open and supportive policy ecosystem, enabling industrial growth.
'India has become the third-largest domestic aviation market in the world,' Modi said. He emphasised the success of the UDAN scheme and termed it a golden chapter in Indian civil aviation history. Modi stated that under this initiative, over 15 million passengers have benefitted from affordable air travel, enabling many citizens to fly for the first time.
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