India aiming to reduce offshore dependence on aircraft leasing & financing: PM Modi

Prime Minister Narendra Modi said on Friday that India has been aiming to reduce its offshore dependence on aircraft leasing and financing in the coming years.

He said this while addressing a gathering after inaugurating the Boeing India Engineering and Technology Centre (BIETC) in Bhattara Marenahalli near Devanahalli on the outskirts of Bengaluru.

PM Modi said that to enable more rapid growth in aviation, India has been taking many steps at the policy level constantly.

“We are encouraging states to bring down taxes on aviation fuels, making the process of aircraft leasing easier. Our aim is to reduce India’s offshore dependence in aircraft leasing and financing,” he stated.

For this purpose, the International Financial Services Centres Authority (IFSCA) has been started in GIFT City, Gujarat.

“The aviation sector in the country will benefit from this. I have stated from the Red Fort, ‘Yahi samay hai, Sahi samay hai’ (this is the right time). For Boeing and other international companies, this is the right time. This is the time to ensure their growth with India’s progress,” PM Modi emphasised.

“I am confident that, in India, for Boeing’s first fully designed and manufactured aircraft, you need not wait for long. I am also confident India’s aspiration and your expansion will forge a strong partnership,” he said.

He further stated that achieving the status of a developed nation in the coming 25 years has become the conviction of 140 crore Indians.

“In the last 9 years, more than 25 crore Indians have been lifted from the clutches of poverty. These crores of Indians are creating a neo-middle class. In India’s all income groups, there is upward mobility. India’s tourism sector is also expanding. There are more possibilities. You have to utilise the opportunity,” he said.

“India has a network of MSMEs, a talent pool, and a stable government. India supports a Make in India policy approach. There is a win-win situation for all. Bengaluru is a city that joins aspirations and innovations with achievements. Bengaluru also links India’s tech potential to global demand. Boeing’s new global technology campus will also strengthen the identity of Bengaluru in this regard,” PM Modi said.

“This will be Boeing company’s largest facility outside the US. This facility is going to give new strength not only to India but to the world’s aviation market. This facility also shows India’s push towards driving global tech, research and innovation, design, and demand,” PM Modi said.

“This development strengthens the conviction of Make in India and Make for the World. This campus will also help the world to trust India’s talent. This day celebrates the fact that one day India will design aircraft for the future in this facility,” he said.

The Prime Minister further said: “This is a big day for the people of Karnataka. Last year, in Karnataka, Asia’s largest helicopter manufacturing factory’s work was completed. Now, they are getting a global technology campus. This shows how Karnataka is shaping as a big aviation hub.”

“I especially congratulate Indian youth because from this facility they will get many opportunities for honing their skills in the aviation sector,” he said.