Reform-oriented India taking big decisions: PM Modi at Safran event

Hyderabad: Highlighting India’s investment potential, Prime Minister Narendra Modi on Wednesday said the country is a trusted partner and investors are co-creators.

After virtually inaugurating French major Safran’s Maintenance, Repair and Overhaul facility for LEAP engines used in commercial aircraft, in the city, Modi said the facility will also help provide job opportunities for the youngsters.

Asserting that India has decriminalised hundreds of business-related provisions, he underlined that the National Single Window System has brought numerous approvals onto a single platform.

He noted that GST reforms, faceless tax assessment, new labour codes, and the insolvency and bankruptcy code have all made governance simpler and more transparent than ever before.

“Because of these efforts, India is now seen as a trusted partner, a major market, and a rising manufacturing hub. India today has rapid growth, a stable government, a reform-oriented mindset, a vast young talent pool, and a large domestic market. And most importantly, for those investing in India, the country considers them not merely as investors but as co-creators, stakeholders in the journey of Viksit Bharat,” he said.

In the last few years, India’s aviation sector has taken a huge leap and today the country is one of the fastest growing domestic aviation markets in the world, Modi said adding that India’s domestic market is the third largest in the world.

As the aspirations of the people of India are on a new level, the demand for air travel in India is continuously increasing prompting Indian carriers to continuously increase their active fleet. India’s airline companies have ordered more than 1,500 new aircraft, he said.

With the rapid expansion of India’s aviation sector, the need for MRO facilities has also increased, he further said adding that nearly 85 percent of India’s MRO work has been taking place outside the country, which led to higher costs, longer turnaround times, and aircraft remaining grounded for extended periods. He said that such a situation was not suitable for a vast aviation market like India. Therefore, the government is developing the nation as one of the world’s major MRO hubs, he said.

Referring to the Safran’s facility, Modi said now, for the first time, a global OEM is establishing Deep Level Servicing facility in the country.

In addition, the partnership of Team Safran’s global training, knowledge transfer and India’s institutions will create a workforce that will give a new direction to the entire MRO ecosystem in the coming years, he said adding with the facility, there will be many opportunities for the youth of South India to get employment.

The facility in the city will be operational in 2026.