Budget 2024-25: Fin Minister focuses on India's MRO sector

24 Jul 2024 CW Team

According to statements made today by Finance Minister Nirmala Sitharaman, the Union Budget 2024-25 emphasizes enhancing India?s maintenance, repair, and overhaul (MRO) capabilities for aircraft and ships, alongside continuing policy measures aimed at making India an appealing destination for aircraft leasing and finance. The minister outlined that reforms in ownership, leasing, and flagging would be implemented to bolster India?s position in the global shipping industry and stimulate employment growth. These efforts are particularly significant amidst disruptions in global shipping due to geopolitical conflicts, which have contributed to inflationary pressures.

To promote the domestic aviation and shipping MRO sectors, the finance minister announced plans to extend the duration for exporting items or parts of foreign origin imported into India for repairs. Currently, such components must be re-exported within six months of importation. The proposed extension would increase this period to one year. Additionally, the time limit for re-importing goods for repairs under warranty would be extended from three years to five years.

In alignment with the Maritime India Vision 2030, which aims to develop ship repair clusters across the country, these changes are seen as pivotal in positioning India as a hub for MRO activities. Samir Kanabar, Tax Partner at EY India, commented that extending export and re-import timelines is a crucial step towards achieving this goal and attracting international shipping and aviation entities to conduct repairs in India.

Furthermore, the finance minister highlighted plans to secure legislative approval for facilitating efficient and flexible financing options for leasing aircraft and ships, as well as pooling private equity funds through a "variable company structure".

Infrastructure Urban

30 Jun 2026

Designing Human-Centric High-Rises

The Institution of Engineers (India) (IEI), Navi Mumbai Local Centre, under the aegis of the Architectural Engineering Division Board, organised a one-day national seminar, ‘Reaching New Heights – Overcoming High-Rise Construction Challenges’, at CBD Belapur, Navi Mumbai.The seminar brought together architects, engineers, planners, developers, academicians and industry professionals to deliberate on the design, construction, operation and sustainability of tall buildings in rapidly urbanising cities...To read the full article Click Here ..

Carbon-negative and ultra-low carbon are not just claims!

In an interaction with Construction World, Tarun Jami, Founder, GreenJams, explains how the company is cutting cement’s carbon footprint by 80 per cent through Binder, while scaling innovations such as Agrocrete® and Novastone to make buildings lighter, faster and carbon-negative.Agrocrete® is positioned as a carbon-negative material. What does this mean for developers?For developers, Agrocrete® offers a practical way to reduce embodied carbon at the material level. Since walling forms a significant part of a building’s material footprint, using carbon-negative blocks can bring the net ..

Crushing Goes Green

If the past few years have seen sustainability emerge as a buzzword in the design of commercial spaces, the next few years will see the focus shift to ‘experience’. Workplaces that prioritise superior employee experiences consistently report stronger talent attraction and higher retention rates and productivity, while using resources sustainably.First things first; what sort of experiences are expected from a workplace?As Vandana Dhawan Saxena, Founder and Design Principal, Studio IV Designs, explains, “Offices have grown into environments that need to support various kinds of experience..