IT WAS LITERALLY India's moment at the Le Bourget airport, the site of the famed Paris Air Show. Of more than 1,000 aircraft ordered at the event, 970 were bought by Indian carriers IndiGo and Air India. Coming within five months of the national flag carrier Air India announcing its order for 470 aircraft (the purchase agreement for which was signed at the same air show), IndiGo also finalised an order for 500 aircraft from the Airbus 320neo family. As a result, the Gurugram-based low-cost carrier (LCC) not only surpassed the Air India order, but also established a new record for the single largest purchase agreement in commercial aviation. Reacting to the announcement, British Prime Minister Rishi Sunak said, "This contract is a major win for our aerospace sector. Airbus's deal with IndiGo will be worth billions to the UK and support thousands of jobs across the country-helping to grow the economy."
The new deal takes the total number of Airbus aircraft on order by IndiGo to 1,330 in the past 12 years. According to experts, the delivery of the new 500 aircraft, however, will start only after 2026. In an oblique reference to the carrier's future growth strategy, CEO Pieter Elbers said, "The additional 500 [aircraft]... will help IndiGo move forward, to make sure that we live up to our promise and continue to build our unparalleled network, both domestic (India) and international."
Not to be left behind, the country's newest scheduled carrier, Akasa Air, also ordered four additional Boeing 737-8 MAX jets to support its international foray.
GLOBAL AMBITIONS
This story is from the July 23, 2023 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 23, 2023 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
"OFFER MORE SOPS FOR THE NEW TAX REGIME”
Dinesh Kanabar, CEO of Dhruva Advisors, on the tax-related measures expected in the Budget, reforms, and more
IN SEARCH OF A BOOSTER SHOT
TO BOOST GROWTH, THE GOVERNMENT MAY FOCUS ON INCREASING CAPEX AND BOOSTING DOMESTIC CONSUMPTION, PARTICULARLY TARGETING THE MIDDLE CLASS. THIS COULD PROVIDE A FILLIP TO STOCKS IN THOSE SECTORS
HEALTH BOOST
THE HEALTHCARE SECTOR IS EXPECTED TO RECEIVE A SHOT IN THE ARM IN BUDGET 2025-26, WITH A FOCUS ON PRIMARY HEALTHCARE, DIGITAL HEALTH, AND BOOSTING PHARMACEUTICAL MANUFACTURING AND RESEARCH. BUT CHALLENGES LIKE THE SHORTAGE OF HEALTHCARE PROFESSIONALS REMAIN
"Indian aviation to see double-digit growth for the next 30 years"
Vinay Dube, Founder & CEO of Akasa Air, on the country's aviation sector, why the airline was set up, and more
TIME TO BE SMART
This year could be a good time to take home some profits, reduce risk, and shift to large-cap investments
CLOTHES MAKETH A MAN
THE MEN’S LUXURY MARKET IN INDIA, ONCE A NICHE SEGMENT, IS WITNESSING AN EXTRAORDINARY RISE AND IS THRIVING, THANKS TO SOCIAL MEDIA AND RISING DISPOSABLE INCOMES
Front-running Redux
Ketan Parekh has again been accused by Sebi. This time the allegations are of front-running, an unethical practice in financial markets
Triumph of Engineering
The Udhampur-Srinagar-Baramulla Railway Line in J&K is set to expedite trade and tourism
MAKING A MARK
IN A LANDSCAPE DOMINATED BY THE BIG FOUR ACCOUNTING FIRMS, DHRUVA ADVISORS HAS STRUCK IT BIG ON THE BACK OF ITS TAX AND REGULATORY ADVISORY SERVICES, ASSISTING SOME OF THE MARQUEE DEALS OF INDIA INC.
TIME FOR A TAX BREAK?
INDIVIDUAL TAXPAYERS LOOK FORWARD TO THE BUDGET EVERY YEAR HOPING FOR A BIG TAX BREAK. IT HAS ELUDED THEM FOR YEARS, BUT WITH HIGH INFLATION, MODERATING URBAN CONSUMPTION, AND ROBUST TAX COLLECTIONS, WILL THE MIDDLE CLASS GET A TAX BREAK IN FEBRUARY?
