Prime Minister Narendra Modi's strong commitment to India's development, particularly in the aviation sector, has garnered praise from Boeing CEO David L. Calhoun commended PM Modi's ambitious vision for the country's airline industry and highlighted the impressive progress in airport development in India, which has opened up significant international opportunities.
"The most important takeaway is the PM's passion for India's development. He has a specific interest in aviation and aerospace, and it is indeed a big vision," stated Calhoun. He emphasized the crucial role India can play not only within the country but also across the broader region in the field of aviation and aerospace.
Calhoun expressed his desire for India to have a significant impact on the region, aligning technological advancements and opportunities with the leader's vision for the country. The Boeing CEO lauded the welcoming environment for business and investment in India, which he believed spoke volumes about PM Modi's vision.
"At Boeing, we wholeheartedly support this endeavor. India possesses a massive domestic market that needs to be fulfilled. The pace of airport development in the country is unprecedented, and the international opportunity is even more significant, with Air India making substantial investments in new equipment, skills, and talent to cater to the international traffic it deserves," added Calhoun.
The aviation industry in India has witnessed a remarkable resurgence, with major deals announced by the world's leading aircraft manufacturers. Air India's agreements with Boeing and Airbus, valued at around $100 billion, will see the purchase of a total of 470 passenger planes, contributing to India's aspiration to become a global leader in aviation. These developments are expected to position India as the third-largest player in the aviation sector and create new opportunities for aerospace manufacturing under the 'Make in India-Make for the World' vision.
Boeing, in particular, finalized an order for up to 220 commercial jets for Air India, with the option for an additional 70 planes. This significant deal, along with the record-breaking order of 500 Airbus A320 passenger jets by budget airline IndiGo, further underscores the rapid growth and potential of India's civil aviation market.
With India's aviation sector projected to quadruple in size to approximately 2,500 aircraft by 2038, it is poised to become a major driver of economic growth, contributing to India's goal of achieving a $5 trillion economy by 2024.
The meeting between PM Modi and Boeing CEO David L. Calhoun highlighted the shared commitment to India's aviation industry and recognized the immense potential for growth and development in the sector, both domestically and internationally.