The Union Budget 2022-23 is right upon us and as an industry that is trying to recoup from the turbulence caused by the pandemic, the aviation sector is pinning its hopes on the Budget that is slated to be presented by Finance Minister, Nirmala Sitharaman, on February 1, 2022.
The aviation sector witnessed a series of highs and lows in the previous financial year as it was confronted with the second wave of the pandemic right when it started recovering from the impact of the first one and is now enduring the consequences of a third wave that has been triggered by the omicron variant.
Against this backdrop, the aviation sector is looking forward to the Budget with the hopes of receiving fiscal incentives and concessions to steer the sector on the path of economic revival.
The last year’s Union Budget introduced a slew of reforms, such as the announcement of a tax holiday on capital gains and exemptions on payment of aircraft lease rentals and royalties paid to foreign lessors, to promote a homegrown aircraft leasing and financing industry in India’s first International Financial Services Centre established at the GIFT City.
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