India has been provided with a powerful platform by the Commonwealth to improve its relationships with its fellow members, especially the Small States (SS) and Small Island Developing States (SIDS). India is one of the Commonwealth’s significant contributors and has helped the group by providing technical support and strengthening its capabilities. India has already made a pitch for a sustainable development model in this context, representing three steadily and rapidly growing sectors, especially for the African governments, which can assist them in escaping debt traps.
In recent years, India has become a desirable location for FDI due to several variables that have increased FDI (Foreign Direct Investment). The economy of India, which came in at number 68 on the Global Competitive Index, fared relatively well during the pandemic. India was ranked among the top 50 nations as the 48th most innovative nation.
Over the past three years, India’s civil aviation sector has experienced some of the nation’s fastest growth. By 2024, India is anticipated to surpass the UK to overtake it as the third-largest domestic aviation market in the world. (by IBEF Aviation Industry Report, June 2022)
A significant expense, aside from fuel, is the maintenance, repair, and overhaul of an aircraft, which an airline spends between 12 and 15 per cent of its revenue. Due to a scarcity of skilled workers and outdated infrastructure, Indian carriers had to get MRO services from abroad till 2011. Because of WIIA‘s (Western India Institute of Aeronautics) foresight and contribution, Indian airlines may now offer MRO services in their own country, where the MRO market is worth roughly USD 1.7 billion. The requirement for licenced AMEs would significantly expand due to the government’s commitment under the UDAN programme to raise the number of airports in India to 250 by the end of 2024. Our pioneers had begun preparing to meet this need.
WIIA is the only aircraft maintenance engineering institute in India to have its own Boeing 737-200 aircraft on campus along with other aircraft to provide Aircraft Maintenance Engineering Course approved by the Directorate General of Civil Aviation (DGCA) of the Government of India and other skill development courses in the Aviation field with the most delinquent technology and methods.
The WIIA and Indus University leader, Ms Radhika Bhandari , claims this type of engagement at CHOGM 2022 enlightens us about various doorways leading to fresh prospects in all Commonwealth nations. As one of the few women in leadership positions in an Indian aviation organization, Radhika places a particular emphasis on women in aviation. She supports encouraging women to get fundamental technical knowledge and reform the male-dominated aviation profession, where women were previously underrepresented. There are 12.4% female pilots in India, which is higher than the global average of 5.5% and the UK average of 4.7%. Radhika entered this field with the goal of contributing to other aviation fields. The emphasis on growth and opportunity is shifting from affluent countries to developing nations, putting the “Common” in “Commonwealth.”
Electric vehicles (EVs) are gaining popularity worldwide because they help minimize pollution and natural environmental destruction. Nearly 0.32 million automobiles, up 168% YoY, were sold in India in 2021, demonstrating the market’s rapid development. By 2030, the Indian automobile sector, which currently ranks fifth globally, is projected to overtake the United States as the largest (estimated from the IBEF report). According to the India Energy Storage Alliance (IESA), the Indian EV market would grow at a CAGR of 36%.
One of the other companies representing India at the Commonwealth Business Forum in Kigali, Rwanda, was Revamp Moto, an electric vehicle OEM start-up based in Nashik, India. Revamp Moto is developing a novel idea for modular utility platforms that take into account the pain points of hustlers who use two-wheelers for business and utility purposes, such as gig workers, delivery executives, bike-taxi riders, street hawkers, vendors, farmers, and small business owners, fleet operators, and many more. The vehicles and battery pack technologies of Revamp Moto are created and developed in India to establish platforms that will enable all of its users to make a living on a regular basis. Revamp Moto was featured on Shark Tank India in Season 1 and was the 1st Indian start-up to receive funding of ₹2 crores from 4 sharks. Post the funding on Shark Tank India, Revamp Moto closed a pre-seed funding round of $1M from multiple Venture Capital firms and Angel Investors.
Revamp Moto’s co-founders, Mr. Pritesh Mahajan (CEO) and Mr. Jayesh Tope (MD) represented the business. The co-founders’ primary reason for travelling to Kigali was to look into possible partnerships that may aid Revamp Moto in quickly expanding abroad and serving several African nations. Based on different conversations, Revamp Moto is considering a strategic alliance with a company with African roots to support them in ensuring business growth across many African populations. Revamp Moto‘s future is pinpointing these issues and offering world-class solutions that the African market would benefit from with the least amount of work and strategic study. Additionally, they received excellent local assistance from the Indian community settled in Kigali, who was eager to assist the business in various areas to join the African market. Along with a successful business meeting, the team’s perspective of Africa, particularly Kigali, was positively altered when they saw the city’s pleasant climate, cleanliness, and natural beauty.
The drone business in India, which was nonexistent until a year ago, has the potential to propel itself to become the world’s drone powerhouse by 2030. From ₹600 million in 2020–21 to over ₹9 billion in FY 2023–24, the drone manufacturing sector’s annual sales turnover is predicted to increase by a multifold, according to an IBEF report. Over 10,000 direct employment in the drone manufacturing sector are anticipated to be created over this time.
Dronelab is the pioneer organization in developing drone applications in India since its emergence Dronelab has developed a unique platform using cutting-edge tools that integrates a UAV agnostic cloud platform, machine learning, automated flight planning app and AI to automate drone applications. Dronelab is a highly developed company with in-house R&D, design, software, services, and training operations. It offers excellent end-to-end solutions for a variety of needs in many industries. The business is always experimenting and inventing to provide better performance and more dependability.
To educate and empower youth, Dronelab runs an academy with various types of courses like the basis of drones, specialize in agriculture spying, specialize in fixed wing, specialize in land survey, specialize in drone Development, specialize in solar inspection, powerline inspection, wind turbine inspection, drone data processing and drone video analytics. The most recent technological developments, drone uses, and surveillance concerns have all been considered when developing and curating each course. They provide every aspirant, drone enthusiast, business customer, government agency, public safety organization, and person with the finest calibre of drone pilot training through our courses.
Dronelab Academy’s owner Mr Nikhil Methiya is on a mission to train 1,00,000 drone enthusiasts by 2030 as well as to reach all the developing nations with drone training programs and drone services and create more than 25,000 jobs using drones on the field as well as in software development. Dronelab’s specialists are enthusiastic about what they do. In order to provide you with the information you require when you need it, they will continually search for innovative, creative solutions.
India’s Commonwealth Business Forum team had the prestigious opportunity to meet the Commonwealth Secretary-General, Baroness Patricia Scotland, on 9th August 2022, in New Delhi, India.
Essential topics such as the skill development of Indian youth, agricultural modernization to address the nation’s food shortage, technological advancements in numerous sectors, including aviation, drones, and others, as well as the development of an environment that would give women equitable rights to intellectual opportunities, were discussed. During the recent Commonwealth education ministers meeting in Fiji, Scotland emphasized India’s active role and “great generosity,” during which it shared with other member states its Massive Online Open Courses (MOOC) system for education, invention, and change.
India is the new Global Investment Hub of the Decade.
India is a significant contributor to intra-Commonwealth commerce in goods and services. India’s trade with other Commonwealth nations is substantial and expanding. Within the Commonwealth, India can take the lead in initiatives like the Blue Charter and Living Lands agendas, intra-Commonwealth commerce, and improving digital connectivity.
India’s creativity and dynamism present a wide range of possibilities for cooperation with the other 55 members of the Commonwealth family. Additionally, there is a chance to investigate the inherent connections between India and the rest of the Commonwealth. Foreign businesses should invest in India to take advantage of the country’s unique investment advantages, such as tax reductions and substantially lower salaries. In addition to other advantages, this aids India in advancing its technological know-how and generating jobs. Due to the government’s supportive policy environment, thriving business climate, expanding global standing, and economic influence will benefit these investments in India.