Monday, December 12, 2016

Aerospace and aviation industry should double turnover in 5 years: Ananth Kumar

Considering the huge potential the aerospace and aviation industry holds, the country should double its turnover in the next five years, said Union Minister Ananth Kumar.

Addressing a conclave organised by the Bangalore Chamber of Industry and Commerce (BCIC) on Indian aerospace and aviation industry, Kumar said: “If the Indian aerospace and aviation sector needs to grow, we need to set up specific growth targets. This sector has all the potential to exceed its own targets. The business turnover by public sector, which is $4 billion, needs to double.”

Similarly, the MSME sector, which plays an important role, needs to grow several times from its current minuscule $0.5-billion base. “We can do that. We need to start to dream of higher turnover from today’s conclave itself,” he said.

He further added: “This will not happen overnight, we require five years of confabulation and constantly talking with industry players and vigorously pushing it with the Central and the respective State governments. A lot of work is needed to achieve this target, only then can we realise the dream of making the Indian aerospace and aviation sector world class.”

Kumar listed out the potential of the industry and said India is projected to be the second-largest global player in civil aviation by 2030. The fleet size is expected to increase by nearly 2,000 wide-body aircraft.

The general and regional transport aircraft are also expected to grow by about 1,000 over the next 10-15 years. The demand for civil helicopters, too, is expected to grow by a similar number.
11/12/16 The Hindu Business Line
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