Prime Minister Narendra Modi Inaugurates Aero India 2023 with hopes of local production boost
Prime Minister Narendra Modi
Inaugurates Aero India 2023 with hopes of local production boost
Why In News
Prime Minister
Narendra Modi inaugurated the 14th edition of Aero India 2023 in Bengaluru, an
event seen to be a great business opportunity when New Delhi is looking to push
indigenous products.
Key Points
·
Prime
Minister Narendra Modi inaugurated the 14th edition of its
flagship aero show in Bengaluru, an event seen to be a great business
opportunity when New Delhi is looking to push indigenous products, modernise
Soviet-era equipment and as domestic carriers add fleet.
·
Aero India
2023: Theme: The
theme of Aero India 2023 is “The Runway to a Billion Opportunities”.
·
Aero
India 2023, Asia’s
largest aero show, will run from February 13 to February 17,
displaying locally-produced equipment and technologies to attract partnerships
with foreign companies.
·
The
event will include aerial displays by aircraft and helicopters, as well as a
large exhibition and trade fair of aerospace and defence companies.
·
About
809 companies from 98 countries are likely to take part in the event.
·
India’s
Defence Indigenisation:
o
India,
which was for decades an importer in defence sector, is now exporting defence
equipment to 75
countries.
o
Defence
equipment exports in the last five years have increased six-fold, Modi said in
his inaugural address.
o
India
has crossed $1.5 billion of defence equipment exports in 2021-2022. “Our target
is by 2024-2025, the defence exports amount will rise to up to $5 billion,”
Modi said.
o
India,
under its “Make
in India” policy, has been keen on manufacturers such as Lockheed
Martin Corp, Boeing, and Airbus to make more than parts in the country and
share technology.
o
The
share of domestic procurement in the total procurement has been on an uptrend.
In 2018-19, the domestic procurement stood at 54% of the total procurement,
this figure jumped to 59% in 2019-20 and to 64% in 2020-21.
o
Government
has also established two Defence Industrial Corridors, one each in Uttar Pradesh and
Tamil Nadu to attract investments in
Aerospace & Defence sector and established a comprehensive defence
manufacturing ecosystem in the country.
Tata Group set to record highest growth in history: N Chandrasekaran
Tata Group set to record
highest growth in history: N Chandrasekaran
Why In News
Tata Group is set to
record the highest growth in its history, with both unlisted and listed
entities growing upwards of 20%.
Key Points
·
Tata
Group is set to record the highest growth in its history, with both unlisted
and listed entities growing upwards of 20%. Importantly, both traditional and
new businesses have lined up large capex plans. Traditional businesses will
fund their own growth through internal accruals.
·
Group
companies are reaping the benefits of focus and scale with well-capitalised
balance sheets, recording the highest-ever growth and also funding growth through
internal accruals and good cash flows.
·
Holding
company Tata Sons chairman N Chandrasekaran spoke to Kala Vijayraghavan and
Bodhisatva Ganguli on plans for new growth businesses such as Air India, Tata
Neu super app, batteries, Tata Electronics and 5G.
·
About TATA
Sons:
o
The
Tata group companies include 29 publicly-listed corporations with a combined market capitalization that exceeded
US $120 billion at the start of 2017.
·
About N.
Chandrasekaran:
o
Natarajan
Chandrasekaran is Chairman of the Board of Tata Sons, the holding company and
promoter of more than 100 Tata operating companies with aggregate annual revenues of more than US $100
billion. He joined the Board of Tata Sons in October 2016 and was appointed
Chairman in January 2017.
o
His
appointment as Chairman followed a 30-year business career at TCS, which he
joined from university. Chandra rose through the ranks at TCS to become CEO and
Managing Director of the leading global IT solution and consulting firm.