Following the largest global order for aircraft by a privatised Air India, Tata-owned airline has acquired the capabilities to drive the growth of the country's aviation sector, he said. A company under the government that is bleeding Rs 7,200 crore of taxpayer money today has become a potential of expansion for our country with this historic order of 470 planes with Airbus and Boeing. Scindia declared that that is the unlocking of value, that is the unlocking of potential.
Also read - Go First fallout: Passengers may end up paying higher fares.
The minister was speaking at the curtain raiser of the aerospace show Wings 2024, which will be held in Hyderabad in January next year. With the freeing of India's expansion potential, nothing could stop the country from becoming the world's leading aerospace hub by 2047.
By 2047, from the third largest domestic market, the eighth largest international market, and the seventh largest domestic and international market, we are set to become the largest airline market in this journey from the Amrit Kaal to Shatabdi Kaal, Scindia said.
Rajiv Bansal, the secretary of civil aviation, said with the nation currently connected to less than 100 destinations globally, there was a huge scope for ramping up international operations in the next seven years.
Bansal, who said that the huge order by Air India and IndiGo has in place indicates that this dream of creating international hubs in India will soon be converted into reality, will be converted into reality.
Maillard said the industry hopes the government of India will expedite the alignment of domestic laws with international conventions and treaties to ensure that aircraft lessors confidence in the market does not dip.
Go First, which was operating with an all-Airbus fleet, suspended operations on May 2 owing to problems with P&W s next-generation engines, while also filing for voluntary insolvency resolution with the arbitrator, the National Company Law Tribunal NCLT The lessors, therefore, are, keenly following how the Indian courts rule on the matter, how regulators like the Directorate General of Civil Aviation DGCA handle the situation, and the time taken to repossess their aircraft.