India may be eyeing to become one of world's largest aviation markets, but lack of favourable policy for aircraft maintenance, repair and overhaul (MRO) business is hampering the growth of the segment, MRO industry sources said.
The MRO sector, considered an important part of the aviation sector, is still neglected due to lack of proper policy, an industry official said.
According to an estimate, aircraft MRO business is currently worth $500 million and is likely to grow over $1.5 billion by 2020. India, currently, constitutes one per cent of the global MRO market worth $45 billion.
"Currently, the MRO industry is facing the problems of high service tax, high royalty charges by airport operator and delay in Customs clearances of spare parts," Dhiraj Chhabra, associate vice-president (Marketing) of Air Works, one of the country's first MRO companies, said.
28/04/13 PTI/Business Standard
