Key Expectations from Union Budget for Aviation Industry
The Finance Minister, during the presentation of the interim budget, also revealed that Indian aircraft carriers have placed orders for 1,000 new aircraft.
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With the 2024 Budget presentation date nearing, anticipation is soaring in India. Industry leaders and people from different sectors are eagerly awaiting the budget presentation in Parliament, particularly those from the aviation sector.
With the Narendra Modi government coming to power for the third consecutive term, experts from the aviation industry are hoping for better allocation of funds to help the sector thrive.
As per the Interim Budget presented by Nirmala Sitharaman in February 2024, India plans to increase the number of airports in the country to 149. Moreover, India will launch 517 new routes.
The Finance Ministry, during the presentation of the interim budget, also revealed that Indian aircraft carriers have placed orders for 1,000 new aircraft.
According to experts, the recent budget allocations have shown a notable focus on modernisation and indigenisation, driven by the government's "Make in India" initiative.
Industry experts believe that the move will also help boost tourism and enhance the experience of passengers. They have suggested the government allocate funds for enhancing airport infrastructure, which is crucial for the growth of the sector.
To make India a hub for travellers, focus must be placed on maintenance and repairs, supply chain, and cargo.
They also highlight the importance of addressing the issue of talent shortage by setting up training institutes aimed at skill development. Moreover, experts feel promoting technological innovations like AI, IoT, and blockchain will aid in the sector's expansion.
The government initiative UDAN (Ude Desh Ka Aam Naagarik) is also expected to receive continued support.
Finance Minister Nirmala Sitharaman will present the 2024 Union Budget on July 23, 2024 at 11 am in Parliament.
