Search Result for : Aviation Sector

The Dollar Business Bureau Minister of Commerce and Industry and Civil Aviation Suresh Prabhu said on Monday that India will become a $5 trillion dollar economy but it is just a matter of time. “Trade can only happen once products are manufactured. India must produce and increase the scale of the production to increase its share in the global economy,” Prabhu said, while speaking at an event organised by the Confederation of Indian Industry (CII) in New Delhi. The Minister said that the services sector is also important and will generate jobs. And in this regard, the Government has allocated Rs.5,000 crore toward 12 champion service sectors. While he believes that services exports will be more than the merchandise exports, Prabhu said that for ...

The Dollar Business Bureau Improvement in infrastructure in the aviation sector in India would offer better opportunities for business to cargo airlines, an official of Lufthansa Cargo on Tuesday told the Indian media. Lufthansa Cargo CEO and Chairman of Executive Board Peter Gerber termed the Indian aviation market as ‘interesting’ and said that growth was returning in the market. “Infrastructure (in aviation) has always been a key challenge for us. I believe if infrastructure is improved, there will be better opportunities for the business,” Gerber said. The Lufthansa Cargo, the arm of Germany’s largest airline Lufthansa, has enhanced its freighter services flights to Mumbai from three to four from the last month. He said that India has always been a vital market for Lufthansa, while adding, ...

Niladri Nath The government is now working on a national level plan to make unused airstrips operational again, which will offer easy air connectivity to the people who are living in far-flung areas of the country. For this, the government will be spending Rs.16,000 crore in the next five years to upgrade the airport infrastructure, said Civil Aviation Secretary R. N. Choubey on Friday.   Choubey was speaking at the Aviation Summit 2017, jointly organised by Ministry of Civil Aviation, government of Andhra Pradesh and Federation of Indian Chambers of Commerce and Industry (FICCI) in Vijaywada city of Andhra Pradesh. “We want to increase the number of air passengers to such a level that in the next five to seven years, India will become the third ...

PTI In one of the biggest deals in the Indian aviation sector, SpiceJet will purchase up to 205 new aircrafts from Boeing with the order valued at Rs.1,50,000 crore. With the earlier order for 55 planes and additional 100 new 737-8 MAX aircrafts, the no-frills carrier now has firmed up order for a total of 155 planes, besides purchase rights for 50 B737-8 MAX and wide body aircraft. Announcing the deal in New Delhi on Friday, SpiceJet Chairman and Managing Director Ajay Singh said the total order of 205 aircraft is valued at Rs.1,50,000 crore ($22 billion). “This is one of the largest deals in Indian aviation and the largest for SpiceJet,” Singh said. Currently, the budget carrier has ...

The Dollar Business Bureau India’s total installed capacity of renewable energy has gone up over 44 Gigawatts, while the country’s other infrastructure sectors such as aviation and railways have achieved phenomenal progress. On Monday, Prime Minister Narendra Modi held a meeting with NITI Aayog representatives to review the progress made in key infrastructure sectors. The Aayog highlighted that the sector has been able to meet targets for its various components. The Prime Minister was also informed about plans and strategies to enhance solar energy production. He was told that the government has distributed 3.5 crore LED bulbs in the first quarter of the current fiscal. Modi was also informed about the progress made in various policy areas to enhance air safety and connectivity. He was ...

The Dollar Business Bureau A business activity group said that the number of reforms announced by India for boosting Foreign Direct Investment (FDI) in several sectors will strengthen the bilateral trade between US and India. Mukesh Aghi, President, US-India Business Council (USIBC) on Monday said, “The broadened scope of FDI regime in sectors such as defence, broadcasting services, civil aviation and pharmaceuticals will give a fillip to the bilateral trade potential of US and India.” The USIBC said that to liberalise the FDI regime in civil aviation, defence, pharmaceutical sector and broadcasting services just after the Prime Minister’s visit to the US earlier this month has boosted the confidence of the investors.  Aghi said, “We appreciate the decision of the government for liberalisation of FDI ...

PTI After months of deliberations, the government is finally going to announce a mechanism soon to curb high airfares and unveil a new civil aviation policy to address all major issues affecting the sector. Minister of State for Civil Aviation Mahesh Sharma said the civil aviation policy will lay out a roadmap to make India a leading player in the sector which is growing at over 20 per cent currently. The policy will be placed before the cabinet within two weeks. He said government's priority is to improve infrastructure and it is investing around Rs 15,000 crore in 2016-17 in upgrading of the existing airports and setting up new ones. On fixing airfares, he said Prime Minister Narendra ...

The Dollar Business Bureau The government is likely to allow airlines to import aircraft without prior approval, Civil Aviation Minister Ashok Gajapathi Raju said. As per the existing norms, all scheduled and unscheduled regional airline operators need to get a no-objection certificate from the Civil Aviation Ministry for the acquisition or import of aircraft. The ministry has already written to the Reserve Bank of India and Directorate General of Foreign Trade (DGFT), seeking amendments in their rules so as to make the import procedure easier for airlines. “As a step forward, towards simplification of procedures, Ministry of Civil Aviation has requested Directorate General of Foreign Trade, Ministry of Commerce & Industry, for amending their notification and Reserve Bank of India to ...