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Established lessors are likely to stay where they are as a new breed of local aviation leasing and financing companies is setting up shop in India, experts tell Dominic Lalk.
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May 27, 2021
The groom, Rakesh, ties a sacred thread around the neck of the bride, Dakshina.
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The Indian airline SpiceJet is feeling the heat after a young couple chartered one of its jets for a mid-air wedding ceremony with more than 160 guests, many of whom flouted Covid-19 restrictions.
Photographs and video footage of the wedding have gone viral on social media, prompting widespread criticism of the couple and the Indian aviation regulator to de-roster the crew and direct the airline to make a formal complaint against the passengers.
Critics say the ceremony on Sunday was particularly insensitive given India is grappling with a devastating second wave of Covid-19 pandemic in which it has been reporting more than 200,000 infections per day. The couple’s hometown of Madurai, in the state of Tamil Nadu, is reporting more than 1,300 cases a day, while the state itself reported more than 34,000 cases and 468 Covid-19 deaths on Tuesday alone
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FILE PHOTO: A passenger aircraft is silhouetted against the rising moon in New Delhi May 7, 2009. REUTERS/B Mathur/File Photo
NEW DELHI (Reuters) - India’s finance minister on Monday proposed tax benefits for foreign aircraft lessors, as one of the world’s fastest-growing domestic aviation markets looks to establish a local leasing industry.
Nirmala Sitharaman in her budget speech proposed a tax holiday for aircraft-leasing companies and tax exemptions for airlines paying lease rentals to foreign lessors if they choose to be based in the country’s upcoming international finance hub.
India is developing an offshore finance hub called Gujarat International Finance Tec-City, or GIFT City to attract foreign investors with close to zero tax, and top-notch infrastructure in an effort to compete with Hong Kong and Singapore.
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