SIGN IN SUBSCRIBE

News Update

PM-STIAC discusses accelerating Industry-Academia Partnership for Research and InnovationIndia, Singapore hold dialogue over cyber policy44 bids received under 10th Round of Commercial Coal Mine AuctionsCops arrest former Dy PM of Nepal in cooperative fraud casePuri highlights India's Petrochemical potential at India Chem 2024UN reports record high cocaine production in ColombiaMinister unveils 'Aviation Park' showcasing India's Aviation HeritageED finds PFI wanted to start Islamic movement in IndiaBlocking Credit - Rule 86ASEBI says investors can use 3-in-1 accounts to apply online for securitiesI-T- Penalty u/s 271(1)(b) need not be imposed when assessee moved an adjournment application & later complied with notice u/s 142(1): ITAT4 Kanwariyas killed as vehicle runs over them in Banka, BiharI-T- Accounting principles do not prescribe maintaining of a day-to-day stock register, and the books of accounts cannot be rejected on this basis alone: ITATUN food looted and diverted to army in EthiopiaCus - Alleged breach of conditions for operating public bonded warehouse; CESTAT rightly rejected allegations, having found no evidence of any such breach: HCUS budget deficit surges beyond USD 1.8 trillionST - Onus for proving admissibility of Cenvat Credit rests with service provider under Rule 9(6) of the Cenvat Credit Rules, 2004: CESTATIf China goes into Taiwan, Trump promises to impose additional tariffsRussians love Indian films; Putin lauds BollywoodCus - Classification of goods is to be determined in accordance with Customs Tariff Act & General Interpretative Rules; Country-of-Origin Certificate may offer some guidance, but cannot solely dictate classification: CESTATCus - Benefit of such Country-of-Origin certificates cannot be denied if all relevant conditions are met under the applicable Customs Tariff rules: CESTATCuban power grid collapses; Country plunges into darknessCus - As per trite law, merely claiming a classification or exemption does not constitute mis-declaration or suppression - any misclassification does not equate to willful intent to evade duty: CESTATKarnataka mulling over 2% fee on aggregator platforms to bankroll gig worker welfare fundCus - Extended limitation cannot be invoked in case of assessee who is a regular importer with a consistent classification approach: CESTAT
 
Govt provides ECB leg-up to USD 800 mn MRO industry

By TIOL News Service

NEW DELHI, JAN 14, 2014: MAINTENANCE, Repair and Overhaul (MRO) industry will now be considered as part of the sub-sector of airport in the transport sector infrastructure for the purpose of External Commercial Borrowings (ECBs) in accordance with a policy change announced by the RBI early. Consequently, the MRO industry which is a nascent vertical with an annual turnover of about USD 800 million in the aviation sector, will get a boost.

Global MRO market is estimated to be about USD 50 billion and market analysis suggests that given the right environment, MRO industry in India has the potential to achieve an annual growth rate of 10% for the next 10 years. Expanding fleet size of incumbent carriers and with the entry of more players in the Indian aviation market, MRO industry is set to grow at a faster rate than before. Policy change at this juncture to classify MRO as transport infrastructure is quite timely, feel the industry representatives.

MRO industry is potentially capital intensive, involving substantial import of equipment and related technical knowhow and services. Since MRO has a long gestation period, access to foreign debt is vitally important and critical.

MRO industry will now be able to avail ECBs for long tenure and cheaper debts from international markets. Access to cheaper sources of credit in a high interest rate environment in domestic market will improve viability of the industry and pave the way for robust growth of this high-tech industry in India.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri Samrat Choudhary, Hon’ble Deputy CM & FM of State of Bihar, delivering inaugural speech at TIOL Tax Congress 2024.

TOP NEWS


AR not Afar by SK Rahman

VISION 360



Justice A K Patnaik, Mentor to Hon'ble Jury for TIOL Awards 2024, addressing the gathering at the event.

TII LATEST

TIOLCORPLAWS LATEST