India's fundamental growth drivers remain resilient: Boeing India
New Delhi, India's fundamental growth drivers remain resilient and robust, making the country an attractive business destination globally, aerospace majorBoeing said on Thursday.
"India's aerospace industry is persevering through the global pandemic, which has brought significant challenges," Boeing India President Salil Gupte said while giving a brief abut the company's participation at the upcoming Aero India.
"The nation's fundamental growth drivers remain resilient and robust, making India an attractive business destination globally, and Boeing is committed to the advancement of India's aerospace industry."
Accordingly, Boeing will hold discussions with customers and industry partners about its range of capabilities during the upcoming event.
At the exhibit, Boeing will feature F/A-18 Block III Super Hornet, F-15EX, KC-46A, AH-64E Apache, P-8I, Chinook, 737-10 and 787-9.
Besides, the company said that due to the significant impact of Covid-19 on the commercial aviation market, Boeing's forecasts indicate that it will take around three years for air travel to return to 2019 levels and a few years beyond that to return to long term growth trends.
"India's large domestic passenger market relative to total passenger travel (domestic and international) presents an opportunity for a quicker recovery when the Covid-19 pandemic abates," the company's statement said.
"India is expected to grow at a world-leading compound annual growth rate of 5.2 per cent through 2039. This is mainly contributed by the rapidly growing middle class in India."
According to the statement, Boeing announced the 'Boeing India Repair Development and Sustainment' (BIRDS) hub initiative as part of its commitment to supporting and strengthening indigenous aerospace and defence capabilities in the country.
The initiative envisions a competitive MRO ecosystem for engineering, maintenance, skilling, repair and sustainment services of defence and commercial aircraft in India.