Suresh Prabhu Current Affairs - 2019

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Vision 2040 document: Aviation

The Union Minister for Civil Aviation Suresh Prabhu released the Vision 2040 document in the Global Aviation Summit 2019. The Global Aviation Summit 2019 is organized in Mumbai with the theme ‘Flying for All’.

Forecasts of the Vision Document

The forecasts of the Vision 2040 document are:

  • The document estimates that India will need 200 airports and an investment of $40-50 billion to handle at least 1.1 billion passengers flying to, from and within the country.
  • It is estimated that passenger traffic (to, from and within India) for FY 2040 would be 1.1 billion, which is six times the 187 million traffic recorded in FY 2018.
  • Most of the airports’ passenger capacity will saturate in the next 15 years and India will have to nearly double the count from 99 to 200.
  • Even the second airports in regions like Delhi and Mumbai would be saturated by 2040 and will require a third airport.
  • In order to cater to this huge passenger traffic, India will have to holistically develop airports having all stakeholders on board. This has to be coupled with providing quality service to flyers.
  • The scheduled airline fleet will rise from 622, at the end of March 2018, to 2,360 till March 2040.
  • Even though India is a “price sensitive” market, gradual rise in per capita incomes, increased (perceived) value of ‘time’, propensity for leisure and tourism will lead to more and more Indians using airways as a medium to travel.

Recommendations made in the Vision Document

The Vision Document makes the following recommendations:

  • Ushering in amendments to Land Acquisition, Rehabilitation and Restructuring Act, 2013 and adopting “land-pooling” techniques to develop newer airports.
  • Lower Goods and Services Tax (GST) since taxes add pressure on the airline’s bottom line.
  • Aviation turbine fuel (ATF) to be brought under GST.

The Vision document for 2040 also addresses areas of concerns for maintenance, repair and overhaul (MRO), human resource development, aviation safety and security, ground handling mechanism, air navigation and remotely piloted aircraft (drones).

Month: Categories: NationalUPSC

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Partnership Summit to be held in Mumbai

The Partnership Summit provides for a global platform to dialogue, debate, deliberate and engage  Indian and global leaders on economic policy and growth trends in India. The 25th edition of the Partnership Summit would be inaugurated by Vice President of India, M Venkaiah Naidu in Mumbai.

The Partnership Summit is being organized by the Department of Industrial Policy and Promotion, Ministry of Commerce & Industry, Government of India, State Government of Maharashtra and Confederation of Indian Industry. The Partnership Summit 2019 will showcase India in the present landscape of an emerging “New India” and the “New Global Economic Address”.

The sessions will be held on the following themes in the Partnership Summit:

  • Partnering with New India
  • Reforms and De-regulation – Strategies to Boost Investment
  • The Infra Expanse – A Super Imperative for Growth
  • The Inclusion Dynamics – A Digital Wireframe for all

The Summit will be presided by Union Minister of Commerce & Industry, Suresh Prabhu. He will deliver the keynote address. A Special address will be delivered by Minister of Trade of South Korea, Kim Hyun Chong and Minister of Economy of UAE, Sultan bin Saeed Al Mansoori.

Month: Categories: Business, Economy & BankingUPSC

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