Civil aviation ministry receives Rs 23.57 Bn in Budget 2024
AVIATION & AIRPORTS

Civil aviation ministry receives Rs 23.57 Bn in Budget 2024

According to documents from the Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman in Parliament on Tuesday, the budgetary allocation for the civil aviation ministry for the current fiscal year ending next March has been reduced to Rs 23.57 billion. This marks a decrease from the revised budgetary allocation of Rs 2,922.12 crore for 2023-24. The regional air connectivity scheme will receive Rs 5.02 billion during the same period, down from Rs 8.5 billion in the revised budget for 2023-24.

The allocation includes funding for the revival of 22 airports, the commencement of 124 RCS routes, and Viability Gap Funding for North East Connectivity. Additionally, a new scheme has been introduced to enhance air connectivity and aviation infrastructure in the northeast region.

Furthermore, the Production Linked Incentive (PLI) scheme for drones and drone components will see an increased allocation of Rs 0.57 billion for this fiscal year.

An allocation of Rs 0.57 billion has been earmarked in the budget for the Hotel Corporation of India Ltd to fulfill its statutory and other obligations under the ministry.

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

According to documents from the Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman in Parliament on Tuesday, the budgetary allocation for the civil aviation ministry for the current fiscal year ending next March has been reduced to Rs 23.57 billion. This marks a decrease from the revised budgetary allocation of Rs 2,922.12 crore for 2023-24. The regional air connectivity scheme will receive Rs 5.02 billion during the same period, down from Rs 8.5 billion in the revised budget for 2023-24. The allocation includes funding for the revival of 22 airports, the commencement of 124 RCS routes, and Viability Gap Funding for North East Connectivity. Additionally, a new scheme has been introduced to enhance air connectivity and aviation infrastructure in the northeast region. Furthermore, the Production Linked Incentive (PLI) scheme for drones and drone components will see an increased allocation of Rs 0.57 billion for this fiscal year. An allocation of Rs 0.57 billion has been earmarked in the budget for the Hotel Corporation of India Ltd to fulfill its statutory and other obligations under the ministry.

Next Story
Real Estate

Singapore's CapitaLand Plans Major India Expansion

CapitaLand Investment Limited (CLI), one of Singapore's largest real estate investment managers, has announced plans to significantly expand its investments in India. The company aims to more than double its India portfolio by 2028, signaling its confidence in the country?s burgeoning real estate market. Current Portfolio and Growth Target: CLI currently manages assets worth USD 3.3 billion in India. With its sights set on future growth, the company is targeting a dramatic increase in its India investment kitty to over USD 7 billion by 2028. This move comes as part of a broader strategy to ca..

Next Story
Infrastructure Transport

Air India MRO Facility Key Hub

Air India has launched a state-of-the-art Maintenance, Repair, and Overhaul (MRO) facility at Bengaluru Airport City, establishing a crucial hub for aircraft servicing in India?s burgeoning aviation sector. This new MRO facility aims to enhance Air India?s operational capabilities, improve turnaround times for aircraft maintenance, and reduce reliance on overseas servicing. Strategic Importance of Bengaluru: The facility, located at the Kempegowda International Airport (KIA) in Bengaluru, is strategically positioned to serve as a critical aviation hub. Bengaluru is a key center for both domest..

Next Story
Infrastructure Transport

BMC Notifies Properties for Water Tunnel

The Brihanmumbai Municipal Corporation (BMC) has initiated a crucial step in Mumbai's infrastructure development by notifying several properties for its ambitious underground water tunnel project. This project aims to bolster the city's water supply system, ensuring a more reliable and efficient distribution network. Project Overview: The underground water tunnel project is designed to address Mumbai's increasing demand for water by creating a robust network of tunnels deep below the surface. This tunnel system will transport water from reservoirs directly to various parts of the city, signif..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000