NEW DELHI: India’s aerospace sector is on a high growth trajectory that not only provides opportunities to multinational companies to harness the captive market, but also give them chance to set up a base in the country and serve the region as a whole, finance minister Nirmala Sitharaman told visiting senior leadership team of Boeing on Tuesday.
“In reference to the recent bulk order for aircrafts placed by Indian companies, FM stated that India’s aerospace and civil market is on a #HighGrowth trajectory & also informed the group about aircraft leasing operations being undertaken by banks in GIFT-IFSC @GIFTCity,” Union finance ministry said in a tweet.
The company’s delegation was led by Boeing India president Salil Gupte.
In February this year, Tata group’s airline Air India announced $80 billion deal with Boeing of the US and Airbus of France to buy 470 aircraft . The deal was Boeing’s third biggest sale in terms of order, which would create up to 1 million jobs across 44 states in the US, according to an American government’s estimate.
“In the context of India’s geographical advantage, FM underlined India’s focus on repositioning itself as an #MRO hub that can potentially serve the region from Europe to Africa to Far East,” the finance ministry tweeted.
“FM highlighted the opportunities available in India for relocating of companies in the form of not just a #CaptiveMarket but also the chance to be a hub for serving the region as a whole and this can be rewarding for companies from a business point of view, it added.
Sitharaman welcomed the Boeing delegation and sought their views and suggestions pertaining to investments in general and aviation sector in particular.
“Talking about India’s journey towards becoming the 3rd largest economy in the world, FM apprised the group of the visionary leadership of Prime Minister Shri @narendramodi and the vision for next 25 years #AmritKaal, while leading India to mark 100 years of independence,” the ministry said. The Amrit Kaal is the 25 years in the run-up to country’s 100th year of Independence.
