New Delhi: The Bharat Vayuyan Vidheyak Bill passed by the Lok Sabha on Friday, August 9, 2024, aims to address the gaps in the 90-year-old Aircraft Act, 1934. To be sure, the Aircraft Act has been amended 21 times.
Today, the Lok Sabha passed ‘The Bhartiya Vayuyan Vidheyak 2024’, the first bill I introduced as the Minister of Civil Aviation.
This proposed legislation will mark a significant milestone in the Indian aviation sector, streamlining the ease of doing business within the… pic.twitter.com/JM8RJKOear
— Ram Mohan Naidu Kinjarapu (@RamMNK) August 9, 2024
Why was Bharat Vayuyan Vidheyak Bill introduced?
The new bill aims to regularise the regulations for the aviation industry by introducing detailed clauses and chapters. The new bill will govern the entire life cycle of the travel regulatory framework. It is expected to boost foreign direct investment (FDI) in the aviation sector.
A key component will be the standardisation of aircraft leasing rules, which have assumed greater importance in the aftermath of domestic airline GoAir’s application for bankruptcy.
Key features of new Bill
Civil aviation minister Kinjarapu Rammohan Naidu said the bill aims to:
Address air-fare related issues
Provides for the set up of a prompt grievance redress system
Lays down rules for aircraft design and manufacturing
Aims to promote self-reliance in aircraft production
India ready for take-off
According to the recent Economic Survey, India’s aviation industry is at the cusp of unprecedented changes with a combined jet order book of 1,500 aircraft. India is set to elicit a demand of 2,200 jets by 2042, according to the document. By 2027, India is expected to become the world’s 3rd largest economy, which is expected to provide an added spur to air travel in the country.
A rise in aircraft purchase and leasing activity has led toi a 56 per cent jump in credit flows into the sector, according to the survey. Another important aviation-related industry is the aircraft leasing industry via GOFt Coty where 28 lessors have registered themselves.
The Economic Survey also pointed out opportunities in the aviation maintenance, repair and operations (MRO) space. India’s domestic air traffic jumped 125 per cent to 152 million in 2023 from 67.4 million in 2014, according to DGCA data. International passenger footfall in Indian airports rose to 6.1 million in Fy2 from 4.1 million in FY14, according to AAI data.
Bharat Vayuyan Vidheyak Bill is a new bill that aims to replace the 90-year old Aircraft Act, 1934 which has been amended 21 times, to frame modern aviation rules and regulations. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
