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September 22, 2023

ICRA Pre-budget Expectations: 2022-23

Expectation Union Budget 2022-2023

“The Indian aviation industry expects financial aid and reduction in levies and taxes in the immediate near term to revitalise operations and boost passenger traffic, which include lowering taxes on ATF and reducing airport charges, parking and landing along with navigation charges among others.

The Union Budget 2022 is expected to reiterate focus on improving regional connectivity through RCS or UDAN. The Budget is also likely to focus on setting up new airports and expanding the existing airport capacities at some key airports to help address the current airport infrastructure constraints faced by the airlines and to improve connectivity with the underserved/unserved airports to boost tourism. The Government is also expected to undertake other measures to boost tourism like developing more iconic tourist destinations and expanding the e-visa/visa on arrival scheme to additional countries.

In line with the Government’s increasing thrust on Atmanirbhar or Make in India initiative, the Budget could focus on incentivising the maintenance repair overhaul (MRO) sector through greater push towards MRO activities in the country and push for building requisite infrastructure for promoting aircraft leasing companies/business domestically.”

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