: Boeing eyes manufacturing expansion in India with 737 freighter conversion facility #FinanceIndia #StockMarketNEWS Boeing eyes manufacturing expansion in India with 737 freighter conversion facility

@StockMarketNEWS Mon 13 Mar, 2023

Posted in: #FinanceIndia #StockMarketNEWS

Boeing eyes manufacturing expansion in India with 737 freighter conversion facility #FinanceIndia #StockMarketNEWS
Boeing eyes manufacturing expansion in India with 737 freighter conversion facility New Delhi, Mar 11 (KNN) Boeing Co announced on Friday that it would set up a 737 passenger planes converting into freighters facility in India.

It aims to tap into regional and global demand for the service.

Adding to the record plane order by flag carrier Air India, this investment marks the US manufacturers further expansion into India.

This announcement is in line with central government’s vision to boost domestic manufacturing and endorse Atmanirbhar Bharat.

The International Air Transport Association (IATA) said global cargo demand in January fell almost 15 per cent year-on-year.

Air freight rates are 28 per cent below the levels seen at the same time last year, data provider WorldACD said on Thursday.

But in India growing e-commerce demand and manufacturing of smart phones and other electronics for domestic use and export is strengthening the outlook for freighters, Salil Gupte, Boeings India president told reporters in New Delhi.

Gupte said there was demand to convert more than 1,700 passenger planes globally into freighters over the next 20 years, with about 600 coming fr0m Asia.

"So it is only fitting that we have the capability to have a line to make those freighters here in India, not just for India, but for the region and for the world," he said. (KNN Bureau)