PM Modi announces ambitious goals to slash offshore dependence on aircraft leasing, boost women's participation

Bengaluru, Karnataka: In a strategic move to lessen reliance on offshore aircraft leasing and financing, India is charting a course towards self-sufficiency in the aerospace sector, revealed Prime Minister Narendra Modi. Speaking at the inauguration of the Boeing India Engineering and Technology Center (BIETC) campus in Bengaluru, the Prime Minister highlighted the nation's commitment to simplifying aircraft leasing, aiming to curtail its offshore dependencies in this domain.

IFSCA's Role in Reducing Offshore Dependence

"We are working to simplify aircraft leasing. We endeavour to reduce India's offshore dependence on aircraft leasing and financing. So, we have set up IFSCA. The benefit of this will be reaped by the entire country," stated PM Modi, underlining the role of the International Financial Services Centres Authority (IFSCA) in Gujarat's GIFT City in achieving this objective.

Boeing's Significant Investment in Bengaluru

PM Modi inaugurated the BIETC campus, a significant investment by Boeing amounting to Rs 1,600 crores. Spanning 43 acres, this state-of-the-art facility is Boeing's largest investment outside the United States. The campus is positioned to become a key player in collaborations with startups, private enterprises, and the government ecosystem in India, contributing to the development of next-generation products and services for the global aerospace and defence industry.

Empowering Women in Aviation through Sukanya Program

Introducing the Boeing Sukanya Program, PM Modi unveiled a scheme designed to support greater participation of girls in India's expanding aviation sector. The initiative aims to provide learning opportunities in science, technology, engineering, and maths (STEM) fields for girls across the country. The program includes the establishment of STEM Labs at 150 locations and scholarships for women training to become pilots.

Boosting Domestic Civil Aviation Market

Acknowledging India's position as the third-largest domestic civil aviation market globally, PM Modi credited the success to initiatives like the UDAN scheme. He anticipated a further surge in domestic air traffic, emphasizing the colossal demand that prompted massive aircraft orders from Indian airlines. PM Modi expressed confidence that India would inject fresh vigour into the global aviation market.

Encouraging States to Reduce Taxes on Aviation Fuel

To propel India's aviation market, the Prime Minister revealed that the central government is encouraging states to reduce taxes on aviation fuel. He envisaged India becoming a hub for developing the 'aircraft of the future,' applauding Boeing for its contribution and acknowledging Bengaluru's crucial role in connecting India's technological potential to global demands.

Strengthening Women's Participation in Aviation

Emphasizing the government's commitment to increasing women's participation in all sectors, PM Modi highlighted that 15% of Indian pilots are women, triple the global average. He praised Indian women for leading as fighter pilots and civil aviation pilots.

Rapid Growth in Operational Airports

PM Modi shared that the number of operational airports in India surged from around 70 in 2014 to the current count of 150. He noted that this expansion was not just in terms of new airports but also a substantial improvement in operational efficiency.

In conclusion, Prime Minister Modi reiterated that the BIETC campus in Bengaluru would serve as a catalyst for Indian youth to acquire new skills in the aviation sector, expressing pride in the facility as a testament to Indian talent and innovation.