New industrial policy soon, says Prabhu
The Government is preparing a roadmap to promote manufacturing of aeroplanes in India to ensure growth of country’s aviation sector, Civil Aviation Minister Suresh Prabhu said at an ASSOCHAM event.
“The growth in aviation would need at least 1,000 aeroplanes to be brought by India, but if we just continue to buy it, over a period of time we will result into becoming the largest importer of aeroplanes,” said Prabhu while addressing the 98th Annual Session of The Associated Chambers of Commerce and Industry of India (ASSOCHAM) on 16 Oct 2018 in New Delhi.
He added, “So we are preparing a plan for manufacturing of aircrafts in India and that will have a huge benefit.”
The minister further said that government’s twin plan of promoting indigenous manufacturing of aeroplanes and construction of 100 airports in 15 years at an estimated cost of US$65 billion would drive aviation sector’s growth in India.
Urging the industry to embrace new ideas, he informed that the new industrial policy, to be announced soon, is focused on modernising the present industry and embracing the newer industry which is going to be the cause of future growth. “Industry should come out with concrete solutions to help government and work together.”
Stating that no country in the world can benefit if global trade declines, the union minister said that while a slowing world economy is a cause of concern for all countries, it is particularly so for a country like India which has got the potential to become US$10 trillion economy before 2035.
“India is the worst sufferer if the world trade does not grow because we have a huge stake, our share in global trade is increasing and in fact we are at a stage where-in more global growth will come from more production within the country,” said Prabhu.
He disclosed: “I have set up some top thinkers to navigate India out of these new emerging trends and how do we become winners despite these challenges.”
Prabhu also informed that his ministry was working on improving business atmosphere in India through initiatives like promoting ease of doing business at district level.
Besides, he said, India’s integration with international trade is very critical to grow at a faster rate.
“We have to ensure that India will continue to be on forefront of growth, not only for helping our people but also contribute to global growth, so one country growing also helps other countries as a co-beneficiary,” he said. fiinews.com
