HYDERABAD, MARCH 14:
The Government plans new policies for development of the aviation sector, including an air cargo promotion policy, Mr Ajit Singh, Union Minister for Civil Aviation, said. The proposal will be circulated to garner views.
He said an appropriate economic regulatory framework for future airports is being worked out to attract investments and ensure viability.
Delivering his keynote address at India Aviation 2012, the Minister said with continued growth in the aviation sector, particularly increased air traffic and the fleet expansion programmes of airlines, India offers long-term prospects.
India today is uniquely placed to offer enormous opportunities and potential for global aviation companies to collaborate and expand. In the last decade, the domestic airline traffic has gone up six-fold from 13 million to 60 million in 2011.
The cargo handled at the Indian airports has seen an impressive compounded annual growth rate (CAGR) of 10.89 per cent in the last five years, with international cargo accounting for two-thirds.
The MRO industry, though currently in a nascent stage is expected to take wings and grow with India, emerging a potential hub for both manufacturing and MRO. An MRO facility has come up at Hyderabad and Air India is building one with Boeing at Nagpur and Airbus is also expected to make an investment in MRO. France is a focus country for the event, the UK a partner and the US a guest nation. The event saw participation from more than 200 global companies.
Mr Jaipal Reddy, Petroleum Minister, said there was a need to focus on services sans frills, this will bring down costs.
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