India aims to reduce offshore dependence on aircraft leasing and financing, says PM Modi

Bengaluru (Karnataka) [India], January 19 (ANI): India aims to reduce its offshore dependence on aircraft leasing and financing and the International Financial Services Centres Authority (IFSCA) in Gujarat's GIFT City will help in realizing it, said Prime Minister Narendra Modi.

"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," said PM Modi, after inaugurating the new state-of-the-art Boeing India Engineering and Technology Center (BIETC) campus in Bengaluru.

PM Modi today inaugurated the new state-of-the-art Boeing India Engineering & Technology Center (BIETC) campus in Bengaluru. Built with an investment of Rs 1,600 crores, the 43-acre campus is Boeing's largest such investment outside the US.

Boeing's new campus in India will become a cornerstone for partnership with the vibrant startup, private and government ecosystem in India, and will help develop next-generation products and services for the global aerospace and defence industry.

PM Modi also launched the Boeing Sukanya Program which aims to support the entry of more girl children from across India into the country's growing aviation sector. The program will provide opportunities for girls and women from across India to learn critical skills in the science, technology, engineering and maths (STEM) fields and train for jobs in the aviation sector. For young girls, the program will create STEM Labs at 150 planned locations to help spark interest in STEM careers. The program will also provide scholarships to women who are training to be pilots.

India today is the third largest domestic civil aviation market, with volume more than doubling in the past decade, PM Modi said.

"UDAN scheme has helped a lot. In the coming years, the domestic air traffic will further rise. Looking at such a huge demand, our airlines have placed a massive order for aircraft. India will give new energy to the global aviation market."

To further India's aviation market, the central government is encouraging states to reduce taxes on aviation fuel, he said.

"India will one day develop 'aircraft of the future' from this particular centre," he said, congratulating Boeing management.

"Bengaluru is the city which connects aspirations with innovations and achievements. It's the city that connects India's tech potential to global demands. This new Global Technology Centre of Boeing will strengthen the identity of Bengaluru." This campus is a stamp of approval for Indian talents, he added.

"This facility will help Indian youth to learn new skills in the aviation sector. Our endeavour is to raise women's participation in all sectors," he noted.

Talking about women participation in the aviation sector, 15 per cent of Indian pilots are women, which is thrice the global average.

"Be it fighter pilots or civil aviation pilots, Indian women are leading today. I can say with pride 15 per cent of our total pilots are women. To put this into context, this is thrice the global average," he asserted.

PM Modi also apprised the gathering that the number of operational airports in India rose from around 70 to now 150 since year 2014.

"We have not only new airports but also improved our efficiency manifold," PM Modi added.