Foreign businesses, especially in aviation, engineering, and construction, are increasingly setting up operations in India. In the fiscal year 2023-24 (FY24), 59 foreign companies registered in India, up from 50 the previous year, according to the Ministry of Corporate Affairs. This trend underscores India’s growing appeal across various sectors, including education, IT, consulting, and electronics.
Notable new entrants include Italy’s flag carrier Italia Transporto Aereo S.P.A., Oman-based SalamAir, Swiss engineering firm Pini Group SA, and Japanese builder Dainichi Consultant Inc. Italia Transporto Aereo began operations in June 2023, while SalamAir established its presence in April 2023, with new routes to Delhi starting 2 July 2024. Uganda National Airlines set up business in September 2023, and Airbus Defence and Space SA began operations in July. Vietnam Airlines joined this list in January 2024.
The Directorate General of Civil Aviation reported a significant rise in travel to and from India. From January to March 2024, 8.5 million people traveled to India, compared to seven million in the same period the previous year, while 9.3 million flew out of India, up from 8.1 million. Projections indicate that by 2040, the region will account for more than half of global passenger demand.
The engineering and construction sectors are also attracting substantial foreign investment due to India’s increased capital expenditure, with firms like US-based Modjeski and Masters and Switzerland’s Pini Group setting up operations