Restrictions On Indian Air Space Will Be Eased To Reduce Travel Time And Save Fuel.

Restrictions on Indian air space will be eased to reduce travel time and save fuel, Finance Minister Nirmala Sitharaman said today, in her fourth set of announcements on a mega stimulus package to tackle the economic fallout of the coronavirus crisis on various sectors. She also gave details of six airports to be auctioned to private players.The easing of airspace use would translate to benefits of about Rs 1,000 crore per year for the aviation sector, the minister said. “As of today, only 60% of India’s airspace is free for use. This needs to be increased and optimised. This will not only save cost of fuel, but also save time. This is being done to give civil aviation a boost. This is a sector which has tremendous potential in India,” Ms Sitharaman said.For the creation of more world class airports in India, six more airports have been identified for immediate bidding for private participation.Also, an additional investment of Rs 13,000 crore would be made by private players in 12 airports auctioned in two previous rounds of bidding, Ms Sitharaman said.The Finance Minister also said the tax regime for Maintenance, Repair and Overhaul (MRO) had been rationalized.