A High-Level Committee, headed by Prime Minister Manmohan Singh decided to set up a Special Purpose Vehicle (SPV) for development and production of a civilian aircraft, of a 70-100 seater range.
According to the proposal, the proposed SPV would gain design capabilities from National Aerospace Laboratories (NAL), Hindustan Aeronautics Limited (HAL) and other institutions in the country.
Once the decision is implemented, India may have indigenously-built 70-100 seater civilian aircraft ready in about seven years, reports indicate.
The committee decided to approve this long-delayed strategic project in a recent meeting. According to the original proposal, the design and development of the aircraft was expected to cost Rs 4,355 crore and series production would entail further expenditure of Rs 3,200 crore.
Addressing the meeting, Singh said, “I agree that we should start working for the future, even if it takes time and even though there are uncertainties on the horizon.
The project envisages development and production partnerships with Indian private sector firms as well as overseas institutions.
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