India's aircraft MRO market to touch USD 4 billion by 2031: Civil aviation minister
K Rammohan Naidu said India is set to be a preferred destination for aircraft maintenance; MRO activities set to save up to USD 15 billion in foreign exchange
Hyderabad, Nov 26 (PTI) India's aircraft maintenance, repair and overhaul market is projected to be worth USD 4 billion by 2031 providing unprecedented opportunities, Civil Aviation Minister K Rammohan Naidu said on Wednesday.
Speaking at the inauguration of French major Safran's MRO (Maintenance, Repair and Overhaul) facility in the city, Naidu said the country will become a preferred destination for aircraft maintenance activities.
The Safran Aircraft Engine Services India (SAESI) facility in the city will be operational in 2026 and will be a major boost for the country's indigenous capabilities in the fast-growing aviation sector.
Naidu also noted that carrying out aircraft MRO activities within the country will help save up to USD 15 billion in foreign exchange in the coming years.
The cost savings of the airlines will be passed on to the passengers, the minister added.
India is one of the world's fastest growing civil aviation markets and domestic carriers have over 1,500 planes on order.
Asserting that India is on the way to be a global aviation hub, Naidu said the country's MRO sector is expected to be worth USD 4 billion by 2031 at a growth rate of 8.9 per cent. PTI