Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19938893" type="General" weightage="20" keywordseo="defence-exports" source="keywords">defence exports</keyword> have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking. The report stated that the <keyword id="20861069" type="General" weightage="20" keywordseo="global-shift" source="keywords">global shift</keyword> towards a China+1 strategy and the impact of the <keyword id="20016971" type="General" weightage="20" keywordseo="Russia-Ukraine-war" source="keywords">Russia-Ukraine war</keyword> offer India additional opportunities to fill supply chain gaps, potentially boosting its share in the <keyword id="23046732" type="General" weightage="20" keywordseo="global-defence-industry" source="keywords">global defence industry</keyword>. The report noted that the country's long-term goal is to become a global defence manufacturing hub is driven by Defence Public Sector Undertakings (DPSUs), private enterprises, start-ups, and MSMEs. "Indian defence exports have grown multi-fold from INR 15 bn in 2017 to INR 210 bn in 2024 at a CAGR of 46%. The China + 1 strategy and the Russia-Ukraine war provides an additional opportunity for India to fill the gap created in the supply chain and hence increase its contribution to the global defence industry," the report read. The report added that to achieve this target a well-developed domestic ecosystem is crucial as lower import content in products accelerates approvals by reducing international conflicts. The report added that the Ministry of Defence has taken key initiatives to attract Indian private players and global Original Equipment Manufacturers (OEMs) include establishing aerospace parks and defence corridors, fast-tracking project approvals, and enhancing development and testing facilities. Highlighting the potential in India's Maintenance, Repair, and Overhaul (MRO) segment the report explained that it holds a significant potential for global aerospace companies due to its technical expertise and cost-competitive solutions. "India provides a huge opportunity in the <keyword id="23046733" type="General" weightage="20" keywordseo="MRO-segment" source="keywords">MRO segment</keyword> for global aerospace leaders given the expertise the country provides as well as the cost efficiency solutions compared to its global competitors" the report added. India aims to increase domestic defence turnover to Rs 3 lac crore by 2029, Rs 500 billion targeted for exports. This growth will help reduce the Government of India's import bill as India remains the world's largest importer of defence equipment. Under the Atmanirbhar Bharat initiative of the government, 75 per cent of the defence capital outlay is now reserved for domestic players, up from 49 per cent in FY21. Given the geopolitical challenges and modernisation needs of its Armed Forces, the report added that India plans to invest Rs 8.3 lac crore in domestic procurement, offering substantial business opportunities for local companies. "India intends to place orders worth INR 8.3 trn through domestic procurement and thus it presents a massive business opportunity for local players" it added. As per the Ministry of Defence, India's defence manufacturing sector has witnessed an increase of 16.8 per cent in the fiscal year 2023-24. This significant increase marks the highest-ever growth in the country's defence production value. The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year's figures.

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

Washington, <keyword id="6360409" type="General" weightage="100" keywordseo="nasa" source="Orion">NASA</keyword>'s <keyword id="47638" type="General" weightage="80" keywordseo="mars" source="Orion">Mars</keyword> Reconnaissance Orbiter (<keyword id="46371" type="General" weightage="80" keywordseo="mro" source="Orion">MRO</keyword>) spacecraft has captured unusual circles of sand dunes on the Red Planet. The dunes were snapped by MRO's High Resolution Imaging Experiment (HiRise) colour camera. While sand dunes of many shapes and sizes are common on Mars. The MRO captured "dunes that are almost perfectly circular, which is unusual," wrote planetary geologist <keyword id="1636162" type="General" weightage="50" keywordseo="alfred-mcewen" source="Orion">Alfred McEwen</keyword> for a HiRise picture-of-the-day feature. While being circular, "they are still slightly asymmetrical" and have "steep slip faces on the south ends," McEwen wrote. He explained that this indicates that "sand generally moves to the south, but the winds may be variable". The dunes were snapped in late November last year - when researchers were studying the area to monitor for seasonal changes in frost coverage. This image shows frost is absent from the landscape. MRO, which has higher-resolution instruments than <keyword id="322890" type="General" weightage="50" keywordseo="odyssey" source="Orion">Odyssey</keyword>, was launched in 2005. It has studied the Red Planet's atmosphere and terrain from orbit since 2006 and also serves as a key data relay station for other Mars missions. Equipped with a powerful camera called HiRISE that has aided in a number of discoveries, the MRO has sent back thousands of stunning images of the Martian surface that are helping scientists learn more about Mars, including the history of water flows on or near the planet's surface. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/startup-fundraising-hits-an-8-month-low-in-february-falls-over-83-yoy/articleshow/98390347.cms">Startup fundraising hits an 8-month low in February, falls over 83% YoY</a> <a href="https://www.businessinsider.in/science/health/news/lets-get-real-scientists-discover-a-new-way-climate-change-threatens-cold-blooded-animals/articleshow/98406756.cms">'Let's get real': scientists discover a new way climate change threatens cold-blooded animals</a> <a href="https://www.businessinsider.in/science/news/iisc-researchers-show-chemically-modified-nanosheets-are-effective-for-biomedical-applications/articleshow/98406708.cms">IISc researchers show chemically-modified nanosheets are effective for biomedical applications</a>

NASA spacecraft captures unusual circles of sand dunes on Mars

Mumbai, Mar 14 () The domestic aircraft Maintenance, Repair and Overhaul (MRO) industry on Saturday welcomed GST Council's decision to lower the GST rate to 5 per cent from 18 per cent and said it will boost the local business. The industry had long been demanding a reduction in GST rates for a level-playing field vis-a-vis overseas MRO companies, who are taking away almost 95 per cent of the domestic business due to lower taxes. "The lowering of tax rate to 5 per cent will be a tremendous boost to the Indian MRO industry," AirWorks Executive Director Ravi Menon told . Menon said that though he had not yet seen the notification, it is a welcome move, adding, "lower taxes will incentivise the MRO industry further in investing in developing infrastructure, capability and competence." Finance Minister Nirmala Sitharaman on Saturday said the GST Council has decided to reduce the GST on aircraft Maintenance, Repair and Overhaul (MRO) services from 18 per cent to 5 per cent with full Input Tax Credit and change the place of supply for B2B MRO services to the location of recipient. "This change is likely to assist in setting up of MRO services in India," Sitharaman said. Stating that with this move the industry will now be on the way to make the country a global MRO hub, Bharat Malkani, Managing Director of Max Aerospace group said, "India would become aircraft manufacturer in the next 10 years. By that time we will have the required technology," he said. He said lower taxes would have "huge" impact on the industry as it will not only reverse the trend of business, which 5 per cent domestic and 95 per cent overseas, but also will at least double the business of the domestic operators going forward. According to HR Jagganath, CEO of Air India's MRO arm AIESL, the move will help the company forging partnerships with more OEMs. "Higher taxes were a big impediment for the Original Equipment Makers (OEMs) to give MRO business to us. Now with lower taxes, they will be more than willing to partner with us for MRO works," he said. IAS RAM MRMR

Lower GST rate on aircraft MRO to boost local business, say service operators

Scientists at the Physical Research Laboratory (<keyword id="20215884" type="General" weightage="20" keywordseo="PRL" source="keywords">PRL</keyword>) in Ahmedabad have not only discovered a trio of craters on Mars, but have also received the honour of naming them. Several decades later, humanity might find itself roughing it out on Mars. Once we’re there, there’s no telling that we won’t get lost — it being a whole new planet and all that. But were one of us to lose our way somewhere around the <keyword id="22039720" type="General" weightage="20" keywordseo="Tharsis-volcanic-region" source="keywords">Tharsis volcanic region</keyword>, we might stumble upon a sign reading "Hilsa," followed by the faint strains of a familiar tune, the ever-popular Bhojpuri song Lollypop Lageli, drifting through the thin air. The team at PRL stumbled upon three craters in Mars’ Tharsis volcanic region, near the equator in the western hemisphere of the Red Planet. Among these, the largest, a behemoth spanning 65 kilometres, has been named "Lal Crater" after the esteemed Professor Devendra Lal, a former PRL director who left a lasting legacy in cosmic ray physics and space research. Adjacent to Lal Crater lie two smaller craters, each 10 kilometres wide. These bear the names "<keyword id="22039731" type="General" weightage="20" keywordseo="Mursan-crater" source="Orion">Mursan Crater</keyword>" and "<keyword id="22039732" type="General" weightage="20" keywordseo="Hilsa-crater" source="Orion">Hilsa Crater</keyword>," a heartening tribute to the <keyword id="22043228" type="General" weightage="20" keywordseo="Indian-towns" source="keywords">Indian towns</keyword> of Mursan (Uttar Pradesh) and Hilsa (Bihar). Mursan Crater honours the town of Mursan in Uttar Pradesh, the birthplace of Dr. Anil Bharadwaj, PRL's current director. Similarly, Hilsa Crater pays tribute to the town of Hilsa in Bihar, the hometown of Dr Rajeev Ranjan Bharti, a key PRL scientist involved in the discovery. This prestigious recognition by the <keyword id="20208943" type="General" weightage="20" keywordseo="International-Astronomical-Union" source="keywords">International Astronomical Union</keyword> (IAU), the ultimate authority on celestial body names, marks a significant milestone for India's growing role in planetary exploration. The true scientific significance, however, lies beneath the surface. Using NASA's Mars Reconnaissance Orbiter (MRO) equipped with the powerful SHARAD radar, the team peered through the Martian crust. What they found beneath Lal Crater was a game-changer: a massive 45-metre thick layer of sediment! This discovery is a scientific Rosetta Stone, unlocking secrets about Mars' watery past. The presence of such a thick layer of sediment strongly suggests that water once flowed freely on the Red Planet, carrying and depositing vast quantities of material over time. "This discovery confirms that Mars was once wet and water has flown on the surface," said Dr Anil Bhardwaj, Director of PRL. "It is a significant step in unravelling the planet's geological history and potential for harbouring life." In other news, scientists have also detected water frost at Mars' equator for the first time ever despite the thin atmosphere. This frost appears on Martian volcanoes in the morning and disappears quickly due to sunlight. The frost is very thin but could be a water resource for future astronauts! Meanwhile, the PRL team's findings, published in the Astrophysical Journal, not only add valuable pieces to the Martian puzzle but also showcase India's growing prowess in space exploration.

UP, Bihar towns on Mars? Indian scientists name newly discovered Martian craters Mursan and Hilsa

The first of the <keyword id="2573" type="General" weightage="80" keywordseo="air-india" source="Orion">Air India</keyword> aircraft with GE engines are expected to be service ready in 2023 itself, Vikram <keyword id="142" type="General" weightage="50" keywordseo="rai" source="Orion">Rai</keyword> - Country Head, South Asia and Indonesia of GE Aerospace said on Thursday. Air <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, part of Tata group, had signed an order for 40 GE engines, plus a multi-year engine services agreement. "The first of the new aircraft will enter service in late-2023, with the bulk to arrive beginning mid-2025," Rai said in an exclusive interview with ANI. "Air India already has started taking delivery of 36 leased B777 and A320 aircraft to accelerate its fleet and network expansion." Terming Air India's engine order as a "big opportunity" for the jet engines and systems suppliers company, he said it reflects continued confidence in GE Aerospace technology --which has been powering Air India's carriers for more than 40 years. Earlier this month, Air India, in a historic deal, announced it will buy 250 aircraft from Airbus and has also selected Boeing for the purchase of up to 290 planes as part of its growth strategy. Air India was looking for a mix of aircraft to boost their domestic and international network through recent orders. Soon after the divestment of the airline, the airline indicated it was going for a historic order. "This order further deepens that relationship," Rai added. When asked how GE sees Indian aviation space becoming a key player in the coming years with multiple stakeholders or companies looking to expand its base, he said the majority of the aircraft that domestic carriers have on order right now is expected to be powered by engines from GE Aerospace and CFM (a joint venture between GE Aviation and Safran Aircraft Engines). "Approximately 1,100 of the 1,200 aircraft that are currently on order will be powered by GE or CFM." India is the third-largest civil aviation market and it has the potential to expand exponentially with an increasing number of flyers and the country's economic growth story. "There are currently more people in the middle class--around 440 million--than the entire population of the US. But India has only 700 commercial aircraft, compared to the US's over 5000 aircraft. The potential to grow the commercial aviation market is huge. We are happy to help local airlines and also partner with airframers to bring the best of our technology to this market," he said. In the same breath, he said India is not just a market for GE Aerospace as it is also where it innovates on aerospace technology at its engineering centre in Bengaluru, in partnership with industry and academia. "We also source engine parts from 13 Indian manufacturers and from our own factory in Pune for our global supply chain," Rai added. India aims to develop itself as a Maintenance, Repair and Overhaul (MRO) hub for defence equipment and systems. "GE helped set up Air India's MRO facility that includes GE90 testing capabilities in <keyword id="4072" type="General" weightage="50" keywordseo="nagpur" source="Orion">Nagpur</keyword> in 2018-19. We are keen to help our partners set up service and maintenance capabilities locally," he told ANI. On a question posed what is GE's medium and long-term plan for Indian aviation space and also has been in touch with any other Indian carriers for similar deals, he, without getting into specifics, said, GE engages with various Indian carriers from time to time. "Other than this historic Air India order some of our notable previous orders for GE and our joint venture partner CFM includes: <keyword id="11911527" type="General" weightage="50" keywordseo="akasa-air" source="Orion">Akasa Air</keyword> with CFM for its LEAP-1B in 2021; IndiGo LEAP-1A order for 310 Airbus A320neo family aircraft in 2021; IndiGo for LEAP-1A to power 280 Airbus A320neo and A321neo aircraft in 2019; Vistara order for GEnx-1B engines for six Boeing 787 aircraft in 2018," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/oyo-plans-to-add-approximately-1800-premium-hotels-in-2023/articleshow/98180189.cms">OYO plans to double premium hotels in 2023 as biz travel surges</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/data-privacy-labels-for-most-top-apps-in-google-play-store-misleading-mozilla/articleshow/98181627.cms">Data privacy labels for most top apps in Google Play Store misleading: Mozilla</a>

First GE-made Air India aircraft to be service ready in 2023 itself

<ul class="summary-list"><li><keyword id="6360409" type="UNKNOWN" weightage="60" keywordseo="Nasa">NASA</keyword>'s <keyword id="47638" type="COMPANY" weightage="60" keywordseo="Mars">Mars</keyword> Reconnaissance Orbiter spotted Curiosity climbing a rocky outcrop known as Mont Mercou. </li><li>The photo was taken at an altitude of 167.5 miles above the rover. </li><li>The hills beyond the area, which gained its nickname from a French mountain, are rich in sulfates.</li></ul> <ul class="summary-list"></ul><a href="https://mars.nasa.gov/mro/mission/instruments/hirise/">NASA's Mars Reconnaissance Orbiter (MRO)</a> snapped a dramatic image of the <a href="https://www.businessinsider.com/nasa-mars-photos-ingenuity-helicopter-legs-curiosity-rover-selfie-2021-3">Curiosity</a> rover climbing Mont Mercou, a terrene near the centre of Gale Crater, <a href="https://www.uahirise.org/ESP_069031_1750">according to the Lunar and Planetary Laboratory at The University of Arizona</a>. MRO captured the image on April 18 using its High-Resolution Imaging <keyword id="41551" type="ENTERTAINMENT" weightage="100" keywordseo="science">Science</keyword> Experiment tool (HiRISE), which can spot features as small as a kitchen table. So, even at an altitude of 167.5 miles above the rover at the time, the car-sized Curiosity rover was in plain sight, <a href="https://www.uahirise.org/ESP_069031_1750">according to the HiRISE team's image description</a>.Since 2014, Curiosity has been climbing the 3-mile-high Mount Sharp, the central peak of the Gale Crater. Its mission has been to scour the red planet for past signs of microbial life. In early March, Curiosity began approaching Mont Mercou, which is named after a mountain in France, <a href="https://www.businessinsider.com/nasa-mars-photos-ingenuity-helicopter-legs-curiosity-rover-selfie-2021-3">as Insider reported</a>.In its first two years on Mars, Curiosity confirmed that the Gale Crater was a lake filled with the chemical ingredients suitable for life. Since then, Curiosity has unearthed organic material, <a href="https://mars.nasa.gov/news/8452/curiositys-mars-methane-mystery-continues/?site=msl">sniffed out mysterious spikes in the Martian atmosphere's methane levels</a>, and discovered evidence that <a href="https://mars.nasa.gov/news/8522/nasas-curiosity-rover-finds-an-ancient-oasis-on-mars/?site=msl">small, salty ponds</a> remained as Mars dried out. Curiosity will likely uncover more secrets about Mars' past as it explores Mont Mercou. The hills just beyond Mont Mercou are prolific in sulfates, "so that is where we're headed," said Curiosity's deputy project scientist Abigail Fraeman, of NASA's Jet Propulsion Laboratory in Southern California, in a <a href="https://www.youtube.com/watch?v=Mv52Bm4QUHs" target="_blank" rel="noopener">video update.</a>

NASA has captured an aerial shot of the Curiosity rover scaling Mont Mercou on Mars

<ul class="summary-list"><li>The <keyword id="11898248" type="UNKNOWN" weightage="60" keywordseo="sp-500" source="Orion">S&amp;P 500</keyword> has returned 30% in 2021, helped by stellar corporate earnings and loose monetary policies.</li><li>So far this year, the benchmark index has notched 69 record closing highs.</li><li>Top performers include shale producers as oil prices rebounded sharply.</li></ul>It has been a wild year for US stocks, which have been whipsawed by the meme frenzy, reopening rallies, supply-chain woes, and new coronavirus variants.Still, the <keyword id="30287" type="UNKNOWN" weightage="60" keywordseo="sp" source="Orion">S&amp;P</keyword> 500 has notched 69 record closes for 2021 and returned around 30% year to date, thanks in part to stellar corporate earnings and loose monetary policies.Some of the biggest gainers were shale producers, which have benefited as oil prices surged more than 50%.Here are the top 10 best-performing S&amp;P 500 stocks of the past year as of Tuesday's close, based on data by Koyfin.10. <a href="https://markets.businessinsider.com/stocks/nue-stock">Nucor</a> Ticker: NUE Market Cap: $32.72 billion YTD Performance: +118%<div type="image" title="Nucor Corp YTD stock performance" height="515" width="832" msid="88571002" hostid="261"></div>9. <a href="https://app.koyfin.com/charts/g/eq-ngp1q3?i=ghttps://markets.businessinsider.com/stocks/mrna-stock">Moderna</a> Ticker: MRNA Market Cap: $98.01 billion YTD Performance: +130%<div type="image" title="Moderna, Inc. YTD stock performance" height="515" width="829" msid="88571005" hostid="261"></div>8. <a href="https://app.koyfin.com/charts/g/eq-0naxnz?i=ghttps://markets.businessinsider.com/stocks/bbwi-stock">Bath &amp; Body Works</a> Ticker: BBWI Market Cap: $17.77 billion YTD Performance: +131%<div type="image" title="Bath &amp; Body Works YTD stock performance" height="517" width="829" msid="88571007" hostid="261"></div>7. <a href="https://markets.businessinsider.com/stocks/fang-stock">Diamondback Energy</a> Ticker: FANG Market Cap: $20.07 billion YTD Performance: +132%<div type="image" title="Diamondback Energy YTD stock performance" height="516" width="824" msid="88571010" hostid="261"></div>6. <a href="https://markets.businessinsider.com/stocks/nvda-stock">NVIDIA</a> Ticker: NVDA Market Cap: $761.13 billion YTD Performance: +132%<div type="image" title="NVIDIA Corporation YTD stock performance" height="517" width="839" msid="88571012" hostid="261"></div>5. <a href="https://markets.businessinsider.com/stocks/f-stock">Ford Motor</a> Ticker: F Market Cap: $82.93 billion YTD Performance: +137%<div type="image" title="Ford Motor Company YTD stock performance" height="519" width="830" msid="88571014" hostid="261"></div>4. <a href="https://markets.businessinsider.com/stocks/sbny-stock">Signature Bank</a> Ticker: SBNY Market Cap: $19.69 billion YTD Performance: +141%<div type="image" title="Signature Bank YTD stock performance" height="519" width="835" msid="88571018" hostid="261"></div>3. <a href="https://markets.businessinsider.com/stocks/ftnt-stock">Fortinet</a> Ticker: FTNT Market Cap: $59.81 billion YTD Performance: +146%<div type="image" title="Fortinet YTD stock performance" height="519" width="833" msid="88571022" hostid="261"></div>2. <a href="https://markets.businessinsider.com/stocks/mro-stock">Marathon Oil</a> Ticker: MRO Market Cap: $12.92 billion YTD Performance: +150%<div type="image" title="Marathon Oil Corporation YTD stock performance" height="521" width="836" msid="88571026" hostid="261"></div>1. <a href="https://markets.businessinsider.com/stocks/dvn-stock">Devon Energy</a> Ticker: DVN Market Cap: $30.22 billion YTD Performance: +198%<div type="image" title="Devon Energy Corporation YTD stock performance" height="519" width="831" msid="88571028" hostid="261"></div>

These were the 10 best-performing stocks in the S&P 500 in 2021

<keyword id="6354785" type="General" weightage="20" keywordseo="france" source="Orion">France</keyword> wants to be <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s "best partner" in boosting its <keyword id="2377476" type="General" weightage="20" keywordseo="defence-manufacturing" source="Orion">defence manufacturing</keyword> and has decided to share the <keyword id="15204665" type="General" weightage="20" keywordseo="best-technologies-and-equipment" source="Orion">best technologies and equipment</keyword> in sync with the growing "trust" between the two sides, French Ambassador Emmanuel Lenain has said. Without divulging specific details, the envoy said French and Indian companies are working together on "equipment of the future", platforms and engines. "I do not think any country provides India with the same level of technology. The progress is also due to the fact that we recognise that India wants to boost its strategic autonomy, wants to build its industrial base and we want to be India's best partner in this move," he told PTI. Indo-French strategic ties have been on a major upswing after India inked an inter-governmental agreement with France in September 2016 for the procurement of 36 Rafale jets at a cost of around Rs 59,000 crore. "Defence has always been a very strong component of our cooperation because there is a lot of trust between our two countries. When you want to work on these issues, you need trust because you commit yourself for 10, 20, 30 years," Lenain said. "This trust is the main asset that we have. Defence cooperation has been developing very well because we are very comfortable with India and we have decided that we could share our best technology, state-of-the-art equipment, best-in-class technology," he said. The two sides are now looking at further bolstering the strategic partnership in view of the evolving global geo-political landscape triggered by the crisis in Ukraine and developments in the Indo-Pacific region. "From the beginning, we were the best partners in the Make-in-India policy. Now that India is switching to the Atma Nirbhar policy, we are also there for India," Lenain said. He said France is ready to co-develop equipment with India and share know-how. "Our companies are working together on the equipment of the future, on engines, on different sorts of equipment. It is very positive for both industries," he said. Lenain chose not to give a direct reply when asked about the possibility of the Indian Air Force procuring additional Rafales and whether France was also looking at supplying the naval version of the jet to the Indian Navy. "We are talking, and again, we are very much willing to provide state-of-the-art equipment. Everything is on the table and we do our best," he said. French aerospace major Safran has already set the ball rolling to set up its biggest maintenance repair and overhaul (MRO) facility in Hyderabad with an investment of around USD 305 million. "It is a partnership of equals and it is a partnership to boost each other's strategic autonomy," Lenain said. Ways to expand defence and security cooperation figured during French Foreign Minister Catherine Colonna's visit to India last month. In December last year, Defence Minister Rajnath Singh said France has agreed to jointly build aircraft engine with India. In 2017, India unveiled the ambitious strategic partnership (SP) model to facilitate joint ventures between select private Indian firms and foreign defence majors to build military platforms like submarines and fighter jets in India. The SP model aims to create a vibrant defence manufacturing ecosystem in the country through joint ventures between Indian corporates and global defence majors. The government has initiated a series of measures in the last few years to boost domestic defence manufacturing. In March, the defence ministry said it plans to procure military equipment worth Rs five lakh crore from the domestic industries in the next five to seven years in line with its policy of promoting indigenous defence manufacturing. India has been one of the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend around USD 130 billion (one billion is equal to 100 crores) in capital procurement in the next five years. The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing. The defence ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing in the next five years, including an export target of USD 5 billion worth of military hardware. SEE ALSO:

France wants to be India's best partner in defence manufacturing: French envoy Lenain

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> announced measures that will benefit both airline operators like IndiGo and SpiceJet, as well as developers like GMR, GVK, and Adani Group.</li><li>India opened up more of its airspace for airlines to ply, decided to put up more airport development projects for bidding. </li><li>Another major investment was Sitharaman’s bid to make India an MRO hub – Maintenance, Repair and Overhaul.</li></ul>India opened up more of its airspace for airlines to ply, decided to put up more airport development projects for bidding, and ease taxation as well as restrictions on maintenance and repair to bring down costs for aviation firms. These reforms announced by Finance Minister Nirmala Sitharaman will benefit both airline operators like IndiGo and SpiceJet, as well as developers like GMR, GVK, and Adani Group. <div type="image" title="indigo." msid="75775924" hostid="261"></div> <div type="image" title="spicejet." msid="75775928" hostid="261"></div> The government estimates airlines will save about ₹1,000 crore a year by flying shorter routes. “60% of the Indian airspace is freely available, because it is fairly restricted for civil and defence purposes, so we have been taking longer routes. This has to be rationalised for optimum utilization of time and fuel. Customers can get to their destinations quicker and cheaper,” Sitharaman said. More airport projects up for grabs The second step taken was that six more airports will be put up for auction by the Airports Authority of India and will be built on public private spaces. “Additional investments will be made by private players in 12 airports where investments are already present. The financial implications will be on the AAI. The first and second round of investments to get ₹13,000 crore,” said Sitharaman. India currently has several airport projects under construction – the Jewar international airport in Greater Noida, the Mopa Airport in Goa, Navi Mumbai international airport in Maharashtra, Sabarimala airport in Kerala among others. In April 2020, GMR got the go-ahead for the Bhogapuram airport in Andhra Pradesh. In February 2019, the Adani Group won a tender to operate all six government-owned Indian airports located in Ahmedabad, Jaipur, Mangaluru, Trivandrum (Thiruvananthapuram), Lucknow, and Guwahati. Making India an airline maintenance hub Another major investment was Sitharaman’s bid to make India an MRO hub – Maintenance, Repair and Overhaul. “Most Indian aircrafts go abroad for their repair works and spend there. But India has all the capacity – manpower and soft skills to set up an MRO hub here. India can be the centre for many of the flights for South East Asia as well as westwards,” she said. This will be a major step that we want to make sure India benefits from, she added. Not just the civil sector but defence aircrafts will also benefit from it. Through this, maintenance will also be cheaper for the aviation sector. The issue the MRO industry used to face because of the aircraft used to fly to other countries for repair. "In India we have a promising civil aviation sector, so we want the MRO sector to be located in India and much of the repair work should be done here. The problem they used to face was competitiveness was in GST. GST rate used to be 18%, so the meeting held in March the rate has been brought down to 5% with full input tax credit and that is something that will make the MRO industry very competitive," said the government. The coronavirus pandemic has left the Indian airlines sector stranded on the runway. All domestic and international flights have been suspended ever since the lockdown. “It will take 2-3 years for air travel to return to 2019 levels and a few more years to return to long-term growth trends according to Boeing,” said a Centrum Broking report last week. The <keyword id="34987" type="ORGANIZATION" weightage="20" keywordseo="aviation-industry">aviation industry</keyword> is staring at losses to the tune of ₹25,000 crore, according to a CRISIL report. “These are preliminary estimates, and aggregate losses could increase if the lockdown is extended beyond the first quarter. As and when operations resume, overall operational capacity will hover at 50-60% for the rest of the fiscal. Consequently, mergers and acquisitions of airlines, and relook at expansion plans of private and upcoming greenfield airports would be possibilities," <a href="https://www.livemint.com/news/india/covid-19-impact-indian-aviation-may-incur-rs-25-000-crore-losses-says-crisil-11588838896045.html">said Jagannarayan Padmanabhan</a>, director and practice leader, transport &amp; logistics, Crisil Infrastructure Advisory. <a href="https://www.thehindu.com/opinion/op-ed/will-the-aviation-industry-recover-from-the-pandemic/article31359708.ece">Globally</a>, the industry’s revenues could be cut by $252 billion in 2020.

Indigo and Spicejet get shorter routes, cheaper fuel bills while Adani, GMR, and GVK get more airport projects to bid for

New Delhi, May 16 () The government's announcements for civil aviation sector breathe some life into the coronavirus pandemic-hit sector and will provide overall positive sentiment, experts said on Saturday, even as some of them emphasised the need for support for airlines. On Saturday, Finance Minister Nirmala Sitharaman announced plans for managing airspace efficiently, making the country a MRO (Maintenance Repair and Overhaul) hub, and auctioning of six more airports on PPP model. GMR Group Chairman G M Rao said India is leading the growth of civil aviation sector globally and is generating significant economic impact. According to him, rationalising Indian airspace is a significant step that would benefit not only the entire sector but also bring down travel time for passengers. Privatising six new airports under public-private partnership (PPP) model would generate significant economic effect and would lead to creation of new jobs. "Likewise, tax incentives for the MRO sector will not only bring foreign investment into India and impact the economics of the airlines but will also open up new opportunities for youth to build careers. The investments being made in airports, privatised in the first two phases, are already leading to enhanced job creation in both aero and non-aero areas," he said. GMR Group manages two airports -- Delhi and Hyderabad -- through PPP model. Welcoming the announcements, GVK Group founder and Chairman G V K Reddy said the move to have PPP model for six more airports would provide the Airports Authority of India (AAI) resources to develop smaller airports across the country. "The plans to make India a global MRO hub will ensure savings of precious foreign exchange and enable Indian airlines to get their aircraft serviced locally," he said. GVK Group manages Mumbai airport through PPP model. Consultancy EY India's Transaction Partner Kuljit Singh said the announcements are good initial first steps and this might be followed by a second phase of reforms package. "... the second phase may need to have more reforms in taxes on fuel, subvention for airport charges, government guarantees for additional unsecured borrowings of private airlines etc," he noted. Law firm Cyril Amarchand Mangaldas' Partner Ajay Sawhney said that today's announcement breathe some life into the pandemic-hit civil aviation sector, but no mention of bailouts on an immediate basis may attract mixed response from the industry. "Though, easing curbs on airspace would certainly bring in long term efficiency, and on an immediate basis some relief to the airlines, but a more meaningful intervention may be required if the aviation sector is not on the recovery path soon," he noted. Travel portal EaseMyTrip.com Chairman and CEO Nishant Pitti said the announcements would definitely provide positive sentiments for the industry overall. "In addition for industry to withstand the recovery period, government will need to support the backbone, airlines, in these turbulent times through tax relief or relaxation in multiple charges paid by airlines to reduce their costs," Pitti said. Vasudevan S, Partner (Infrastructure Government and Healthcare) at consultancy KPMG in India said the aviation sector is the hardest hit because of the global pandemic with an estimated USD 500 billion loss in airline and airport revenues in FY20. Airport PPP transactions will help unlock value for AAI and state governments, given current investor interest and long-term potential of the Indian market. "Rationalising the MRO tax structure has been a long pending demand of the industry and it is good to see that happening finally, but more needs to be done to create a level playing field, attract foreign investment and make it profitable," he noted. Care Ratings Chief Economist Madan Sabnavis said aviation sector has incentives as six airports would have PPP model, but the "question is who will invest now when future of airlines is uncertain". Consultancy Deloitte India Partner Peeyush Naidu said the initiative for private sector participation for operations, management and development of airports is well-intentioned. IAS GDK RAM RVK

You Searched For "mro" and got 10 results

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

ANI

NASA spacecraft captures unusual circles of sand dunes on Mars

IANS

Lower GST rate on aircraft MRO to boost local business, say service operators

PTI

UP, Bihar towns on Mars? Indian scientists name newly discovered Martian craters Mursan and Hilsa

Ashmita Gupta

First GE-made Air India aircraft to be service ready in 2023 itself

ANI

NASA has captured an aerial shot of the Curiosity rover scaling Mont Mercou on Mars

Zahra Tayeb

These were the 10 best-performing stocks in the S&P 500 in 2021

Isabelle Lee

France wants to be India's best partner in defence manufacturing: French envoy Lenain

PTI

Indigo and Spicejet get shorter routes, cheaper fuel bills while Adani, GMR, and GVK get more airport projects to bid for

Sanchita Dash

Govt measures will provide positive sentiment for civil aviation sector: Experts

PTI

Popular Keywords

Buying Guides