Page 4 - mro-business-today-15-08-2024
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INDIA’S SPECIAL STORY
Image Courtesy : airworks.aero/
and South Asia, said, “Through this
partnership with AIESL, we continue to
make strategic investments in India’s
MRO capabilities that enhance mission
readiness rates for the Indian Navy.
Developing local MRO capabilities is
critical for reducing repair turnaround
time and aircraft downtime, thereby
We are committed to improving the mission readiness of
customer fleets.”
ensuring that our MRO This partnership is part of Boeing’s
sector aligns with global broader Boeing India Repair Develop-
practices, making India a ment and Sustainment (BIRDS) hub pro- A landmark GST reform by The gov-
gram, which aims to establish a strong
preferred destination for MRO ecosystem for both defense and ernment of India has unified rates for
international airlines. commercial aircraft in India aircraft parts, reducing them to a uni-
form 5% IGST. This significant change,
The introduction of new Policies and effective from July 15, 2024, simplifies
GST Reform taxation and is expected to drive the
some of the new policies by the gov- MRO industry towards its $4 billion
ernment of India over the years have target by 2031. The Indian MRO market
eased the conduct of MRO business and is estimated at $800 million and is
are expected to reduce the overall cost growing at about 8% annually against a
of MRO services by 10 to 20% over the 4% world average.
next few years. This historic decision, effective from
4 15 Aug, 2024 www.mrobusinesstoday.com
