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".

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