India, BRICS Focus at Global Aviation Meet

DUBAI: India's aviation sector is among the world's fastest growing and as per estimates is set to witness 6.6 per cent annual compound growth over the next five years, according to a report.

The Indian government's decision in 2012 to allow FDI in civil-aviation sector up to 49 per cent has enthused new airlines to launch their operations and capitalise on country's 1.2 billion population, a pre-statement to the Global Aerospace Summit said.

"India has recently urged the UAE to direct more foreign investment into the country, especially in sectors such as transport and aviation.

Industry giant Airbus predicts that the global demand for commercial aircraft will reach $ 4.4 trillion over the next 20 years, with India and China driving a significant portion of that demand," it said.

Hosted by Mubadala in Abu Dhabi, the Summit, to be held from April 7-8 will witness increased participation from BRICS countries.

This year's meet is attracting top executives from airlines, aircraft manufacturers, satellite companies, aerospace associations and suppliers from established and emerging worldwide markets.

It will focus on the challenges of driving industrialisation and growth while adapting to global socio-economic change, event organisers said.

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