A slowdown in reforms in India over the past five years–and a virtual pause in procurement–may be about to change following renewed optimism and confidence as the new government shows, for the moment at least, that it is serious. As hectic activity takes place in the ministries of commerce, finance and defense, increasing manufacturing, exports and foreign direct investment (FDI) are focus areas of the new regime.
Foreign companies can now own 49 percent of Indian defense companies, following a change announced as part of the country’s budget statement on July 10. The budget was presented by Finance and Defense Minister Arun Jaitley, a member of the newly elected government. It includes an allocation of $38.17 billion for defense, a gain of 12.44 percent. Some $15.76 billion of this (up from $13.15 billion last year) is capital expenditure, used primarily for procurement.
Inadequate infrastructure, excessive government fees, legal barriers and skills shortages are the main factors holding back the growth of business aviation in Africa, according to a policy document published yesterday by the African Business Aviation Association (AfBAA).
Signature Flight Support has promoted Maria Sastre to president. She retains her position as COO. In her new role, Sastre is responsible for the daily operations of Signature’s international network of fixed-base operations and maintenance centers. Her focus as Signature’s COO has been on the development of a service and safety culture. Under her leadership, customer satisfaction ratings have increased significantly over the past three years, Signature has increased its footprint to 115 locations and invested in updating facilities and infrastructure.
Daher Wins Pair of Major Deals at Paris’09
The International Finance Corporation (IFC), a member of the World Bank, is proposing to loan up to $15 million to assist in establishing an on-demand air-taxi service in Russia using a fleet of Russian-made M101T turboprop singles.