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Siddaramaiah woos US aerospace firms to ‘Make in Karnataka’

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Bengaluru: Pitching for investments to boost the state’s growth story, Chief Minister Siddaramaiah on Wednesday urged US aerospace firms to make products and components for domestic and global markets in Karnataka.

“I appeal to this august gathering of industry to invest in the aerospace sector and be part of ‘Make in Karnataka’,” Siddaramiah said at the US-India aviation summit here.

Noting that Bengaluru was India’s aerospace hub with 65 percent of the country’s investment in the sector, the chief minister said Karnataka was the first state to have an aerospace policy (2013-2023) to attract investments and new technologies.

“The growth potential of aerospace and defence industry has attracted global majors like Boeing, Honeywell, Airbus, EADS, Pratt & Whitney, Rolls Royce and UTC Aerospace to set up their engineering and design services in this tech hub,” Siddaramaiah told at least 300 delegates participating in the three-day event.

Assuring the prospective firms of the state government’s support to facilitate their investments with incentives, Siddaramaiah said a dedicated Aerospace Park has been formed near the Bengaluru international airport at Devanahalli on 984 acres of land, with a special economic zone (SEZ) and the country’s first aerospace SEZ at Belagavi in the state’s northern region, about 500 km from Bengaluru.

Home to the state-run Hindustan Aeronautics Ltd. (HAL) and other major defence units such as Bharat Electronics Ltd. (BEL), Aeronautical Development Agency (ADA), Aeronautical Development Establishment (ADE), National Aerospace Laboratories (NAL) and Defence Research and Development Organisation (DRDO), Bengaluru has pioneered the growth of the aerospace industry across the country.

“Growth potential of our aerospace and defence industry is making global majors to set up their subsidiaries in India and collaborate with our industry for joint ventures, as the defence offset policy offers a huge opportunity to make for us and exports,” Siddaramaiah pointed out.

In this context, the chief minister said Maintenance, Repairs and Operations (MRO) segment in the civil aviation sector was estimated to be Rs.1,300 crore by 2020.

“Given the labour-intensive nature of MRO, leading MRO firms, Original Equipment Manufacturers (OEMs) and international airlines are looking forward to outsource this work to Indian firms, as they are being done outside the country in Dubai, Sri Lanka and Singapore,” Siddaramaiah added.

The state has recently launched e-udyami, an online one-stop shop which allows investors to apply for approvals and monitor status of their projects’ implementation.

Union Civil Aviation Minister Ashok Gajapathi Raju and US Ambassador to India Richard Verma addressed the gathering at the inaugural session.

Sponsored by the US Trade and Development Agency in partnership with the central government, the summit is meant to assist Indian stakeholders to identify and specify US technology and practices to suit their expansion and modernisation needs.

The Indian civil aviation market is expected to be $110 billion by 2020, as the country is projected to become the world’s third largest aviation market, handling 336 million domestic and 85 million international passengers.

The summit is also aimed at promoting sale of US equipment and services in a competitive Indian aviation market.

(IANS)

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Reasons For Bigger Houses In America

Here's why houses are getting bigger in America

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Americans prefer houses that have big and open spaces in them. Pixabay

BY DORA MEKOUAR

Americans have long been drawn to big, open spaces, so perhaps it’s no surprise that houses built in the United States are among the most expansive on the planet.

And they keep getting bigger.

The size of the average house has more than doubled since the 1950s. In 2019, the average size of a new single-family home was 240 square meters (2,584 square feet), according to the National Association of Homebuilders.

Deeply held feelings about one’s home may be rooted in America’s homesteading, pioneering past.

“The appeal of the house for Americans, going back into the 20th century, was that it signified autonomy. You know, every home is a castle,” says Louis Hyman, an economic historian and assistant professor at Cornell University. “So, it has these echoes of signifying independence and achievement.”

The federal government has pushed the idea that a nation of homeowners is ideal.

The 1934 establishment of the Federal Housing Administration revolutionized home ownership. By creating the financial mortgaging system that Americans still use today, the FHA made home buying more accessible for millions of people. At the time, most Americans rented. Homeownership stood at 40% in 1934. By 2001, the figure had risen to 68%.

In the 1940s, President Franklin D. Roosevelt equated homeownership with citizenship, saying that a “nation of homeowners, of people who own a real share in their own land, is unconquerable.”

Today, the homeownership rate in the United States stands at around 65%.

Houses
The average newly built house is now twice as big as the average new home in 1945. Pixabay

The ability to invest in their homes has helped mask economic stagnation for many Americans. Although unemployment is near a record low, real wages — the number of goods and services that can be bought with money earned — haven’t budged in decades for U.S. workers.

“As Americans find that their wages are stagnating after the 1970s, they’re able to make money by investing in houses,” Hyman says. “The houses become a way for average Americans to get financial leverage, which can multiply their returns. There’s no other way for Americans to get access to financial leverage outside of houses. You can’t do it in the stock market if you’re just a normal person, and so this is a way to basically speculate in housing.”

For some Americans, owning a big home is a status symbol, physical proof that they’ve succeeded in life.

“This kind of classical example of the big suburban home has been a very powerful idea for many, many decades now,” says architectural historian William Richards. “People sometimes want specific rooms that have specific functions —a mud room; everybody gets their own bedroom; there’s no bunking up; a dedicated laundry room.”

And spacious houses are more financially attainable than they used to be.

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For many Americans, a large home is not only a status symbol, but also an investment. Pixabay

“In the design and construction, there are greater efficiencies now for all sorts of reasons so that it’s less expensive to build a bigger house now,” Richards says.

But do bigger houses, sometimes called McMansions, make people happier? Not according to a recent paper that Clément Bellet, now an adjunct professor at INSEAD, a European business school, wrote as a postdoctoral fellow.

“Despite a major upscaling of single-family houses since 1980, house satisfaction has remained steady in American suburbs,” Bellet writes in the report.

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People living in larger houses, however, do tend to be more satisfied with their property, according to Bellet, but that satisfaction plunges when even more massive houses are built nearby. (VOA)