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As the eagerly anticipated Union Budget 2024 draws near, the aviation, airline, and drone industries are keeping a watchful eye on Finance Minister Nirmala Sitharaman’s proposals, with expectations of transformative measures that could shape the future of these sectors in India.
Here’s a breakdown of their perspectives:
Kanika Tekriwal, Founder, JetSetGo
As Jetsetgo Aviation Private Limited, we have several expectations from the budget in 2024. Firstly, we hope that the government will address the customs issues faced by Non-Scheduled Operators bringing aircraft on leases.
Currently, there is no clarity on the customs tariff for these imports, and we face difficulties in filing a Bill of Entry. We hope that the government will provide an exemption on customs for Non-Scheduled Operators, similar to what is available for scheduled air operations.
Also, we hope that the government will provide clarity on sale and leaseback transactions in the case of Gift City. Currently, there is no clarity on how custom duty will be applicable in such cases, and we hope that the government will exempt custom duty in case of sale and leaseback transactions involving Gift City companies.
Lastly, we hope that the government will bring aviation fuel under GST. This will greatly reduce the burden on the industry and improve the overall efficiency of our operations.
Overall, we hope that the government will address these concerns in the 2024 budget so that we can continue to provide efficient and reliable charter and helicopter services across India.
Bodhisattwa Sanghapriya, Founder & CEO of IG Drones
As India’s drone industry takes flight, its transformative impact spans across sectors, from defense to agriculture, heralding a new era of technological prowess.
With a keen eye on the future, the government’s commitment to training youth in drones, AI, and coding underscores a strategic investment in the nation’s technological future.
The upcoming budget holds the key to propelling this momentum further, with a focus on production incentives and R&D for drone technology. Also, as we navigate challenges in the startup landscape, particularly in funding, the budgetary spotlight must illuminate the path for ventures like ours in drone technology.
In the dynamic tapestry of India’s startup ecosystem, marked by resilience and innovation, increased funding support and strategic initiatives are the catalysts needed to ensure sustained growth and global competitiveness. The vision is clear – by 2030, India aims to be a global hub for drones, and this budget is the launchpad for that ambitious journey.