AUGUST 20249INDIAN GOVERNMENT IMPLEMENTS MEASURES TO IMPROVE AVIATION PROWESSINDIAN COMPANIES SEEK OUT INTERNATIONAL OPTIONS FOR GROWTHAs the economic landscape in India continues to shine with optimism, Indian companies are increasingly turning their gaze towards international markets, seeking new avenues for growth, according to a CRISIL report. This surge in global expansion is anticipated to drive Expanding the helicopter industry presents a significant opportunity and the government is set to advance towards manufacturing helicopters, Union Aviation Minister Kinjarapu Rammohan Naidu said on Friday. India is an increase in revenues for both global and domestic banks providing cross-border support.In recent years, Indian corporations have significantly ramped up their international operations. Currently, approximately 83 per cent of large India-based corporations utilize at least one bank for cross-border trade and payments, a rise from 71 per cent two years ago.This increase reflects a broader trend of Indian firms seeking to leverage domestic economic strength to capitalize on global opportunities.Ruchirangad Agarwal, Relationship Director and Head of Corporate Banking - Asia and Middle East at Coalition Greenwich highlighted this trend and said, Not only large corporations are venturing abroad; approximately 75 per cent of mid-sized Indian companies are also engaging with banks for international trade needs.These businesses primarily use banking services for traditional trade, cross-border payments, and managing receivables from global suppliers and clients.Historically, Indian corporations have relied heavily on foreign banks due to their extensive global networks and competitive funding options. However, large domestic banks are now aggressively vying for a larger share of the cross-border banking market. This shift is driven by advancements in digital banking capabilities and a more competitive pricing environment. poised for a significant transformation in its aviation sector with the introduction of the Bhartiya Vayuyan Vidheyak Bill, 2024, he said.The Bill was moved for passage in the Lok Sabha on Friday.It promises to enhance the country's aviation capabilities, including helicopter manufacturing and the introduction of seaplanes.In a speech delivered while introducing the Bill, the minister highlighted the potential for growth in India's helicopter industry, noting that the country operated just 250 helicopters at present."This is a great opportunity to tap into. We are going to manufacture helicopters and the state-of-design element in the Bill will improve the establishment of manufacturing plants and designs," he said.The minister expressed confidence that once the necessary infrastructure was established, state governments would lend their support to these initiatives.Naidu also announced plans to introduce seaplanes as part of a broader strategy to expand air travel options."Certain policies have been made and we have taken industry feedback and made some changes, which will open a whole new area of air travel. We can connect places with dams, lakes and seas through this initiative," he explained.
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