Lucknow: In order to transform Uttar Pradesh into the hub of the aviation industry, the Yogi government is set to launch a new scheme this month on one thousand acres of land near Noida International Airport Limited (NIAL) being built in Jewar.
Under the scheme, assembling and manufacturing units for aeroplane parts, as well as entire aeroplanes, will be established here. Along with Indian companies, many foreign companies, including those in America, are also eager to set up their units.
It is noteworthy that Asia’s largest airport is being built here by NIAL. By becoming an aviation manufacturing hub, not only can India repair its own aircraft, but it can also offer maintenance and repair services for aircraft from other countries. Till now, India has had to get its planes repaired in other countries.
Units will be set up on 5 acres each
Arunvir Singh, the CEO of Yamuna Expressway Industrial Development Authority (YEIDA), said that the process of acquiring 1,365 hectares of land in the second phase of Noida International Airport is going on. This area will be developed as a Maintenance Repair and Overhaul (MRO) and an Aviation Hub.
He informed that Lyal has made the decision to establish this aviation hub, which will span one thousand acres and consist of individual units of 5 acres each. Additionally, larger plots of land will be made available for anchor units. To facilitate this development, an Aviation Manufacturing Scheme will be introduced in the near future. This scheme will encourage aeroplane assembling companies, engine manufacturing firms, nozzle manufacturing companies, and other aircraft equipment manufacturing companies to establish their units.
Singh further added, “Numerous companies are eager to invest in this project. Discussions and meetings have already taken place with many companies through the American Embassy.”
Foreign companies will get the benefit of FDI policy
Arunvir Singh said that the UP Cabinet recently issued an FDI policy, aiming to provide benefits to foreign companies. According to FDI policy, foreign companies will receive a 75 percent land subsidy, capital subsidies of up to Rs 100 crore, a 100 percent state GST reimbursement for a period of 10 years, and financial support of Rs 5,000 for seven years for up to 500 individuals engaged in patenting, training, and skill development.
Additionally, customs exemptions will be granted for the import of equipment from foreign countries. Singh emphasized that this is a favorable opportunity for aviation hubs and foreign investment. This policy opens the door for foreign companies to enter the market.
The work of making the layout for developing the aviation manufacturing industry at Jewar International Airport has been handed over to PwC. As soon as its layout is prepared, a meeting of the NIAL Board will be called to make decisions regarding the implementation of this scheme. The initiative is expected to generate employment opportunities and fulfil the vision of aviation manufacturing and MRO hub will also be fulfilled, he added.
