Economy

In its bid to encourage air service operators to carry out aircraft maintenance activities within the country, the Ministry of Civil Aviation (MoCA) in September announced a new policy, which includes leasing of land through open tenders and abolishing royalty charged by the Airport Authority of India (AAI) for the Maintenance Repair and Overhaul (MRO) business. Besides, as per the policy announced by civil aviation minister Jyotiraditya Scindia, land allotment for entities setting up MRO facilities will be for a period of 30 years from the current three to five years as the government aims to make India a “global MRO hub.”

As a result of this pioneering initiative, the first ever STS Operations of LPG in Indian Coast was undertaken by BPCL on 15th October, 2021. BPCL engaged service provider M/s Fendercare Marine to render the services at the offshore STS location.

The country’s foreign exchange reserves rose by $2.039 billion to $639.516 billion in the week ended October 8, according to RBI data. In the previous week ended October 1, the reserves had dipped by $1.169 billion to $637.477 billion. The reserves had surged by $8.895 billion to a lifetime high of $642.453 billion in the week ended September 3.

The proposed service from Bengaluru to San Francisco will be operated with Boeing 787-9 Dreamliner aircraft.

India stayed at the third position in the 58th edition of EY’s Renewable Energy Country Attractiveness Index’ (RECAI), which classifies the world’s top 40 markets on the attractiveness of their renewable energy investment and deployment opportunities.