Air India orders 34 trainer aircraft, including 31 single-engine aircraft from Piper Aircraft and 3 twin-engine aircraft from Diamond Aircraft. Delivery of the aircraft will begin in 2025, strengthening Air India’s commitment to power India’s aviation ecosystem in the coming years.
Air India, India’s leading global airline, has placed an order for 34 trainer aircraft as it prepares to start training of cadet pilots at South Asia’s largest Flying Training Organisation (FTO) coming up in Amravati, Maharashtra by the second half of 2025, post regulatory approvals.
The order includes 31 single-engine aircraft from Piper Aircraft in the United States and 3 twin-engine aircraft from Diamond Aircraft in Austria.
Commitment to Aviation Training and Infrastructure
The FTO marks a leap forward in Air India’s commitment to strengthen its training infrastructure under the Vihaan.AI transformation program, cultivating a pipeline of pilots while expanding its fleet and becoming self-reliant.
The trainer aircraft, scheduled for delivery in 2025, will feature glass cockpits, G1000 avionics systems, and Jet A1 engines to provide advanced training for aspiring pilots.
The FTO will be located at Amravati’s Belora airport. It aims to graduate 180 commercial pilots annually.
“The new FTO is a strategic move to exponentially expand our training infrastructure and our commitment to building a self-reliant ecosystem of qualified pilots for both Air India and the Indian aviation industry. With this order of 34 trainer aircraft to support South Asia’s largest Flying Training Organisation, we are delighted to be playing a part in building the aviation infrastructure India needs as one of the world’s fastest-growing aviation markets and to support the government’s vision for an Atmanirbhar Bharat,” said Sunil Bhaskaran, Director, Aviation Academy, Air India.
Air India’s Investment in Aviation Training
As part of its commitment to invest in aviation training, Air India opened its new Aviation Training Academy in Gurugram, spread over 600,000 sq ft, the largest in South Asia. It is also the first airline in India to announce the setting up of an FTO that will complement Air India’s commitment to power India’s aviation ecosystem in the coming years.
At the FTO in Amravati, Air India is developing a state-of-the-art training institute. It will span 10 acres and feature digitally enabled classrooms, hostels, a digitized operations center, and its own maintenance facility. The FTO is curated to deliver best-in-class training with high safety standards. Read about the scrapped India-Russia aircraft deal and fleet upgrades.
About Air India group
The Air India group includes the full-service global airline Air India and the low-cost regional carrier Air India Express. It is leading a new era in Indian aviation. Air India’s journey began in 1932 when JRD Tata piloted its inaugural flight. This opened the skies for Indian aviation. Today, the group employs over 30,000 people. It operates more than 300 aircraft and serves 55 domestic and 48 international destinations across five continents.
In 2022, Air India returned to Tata Sons after 70 years under government ownership. The group is now undergoing a five-year transformation program called Vihaan.AI. As part of this, Air India placed the largest-ever order for 470 new aircraft in 2023. In 2024, Air India merged sister airlines Air Asia India and Vistara into Air India Express and Air India, respectively. The airline also opened South Asia’s largest aviation training academy. A new flying school will open in 2025. Construction of a greenfield maintenance base, to be operational in 2026, is underway. All existing aircraft are being progressively refitted with new interiors.
With transformation underway across all facets of the business and India’s rich legacy of hospitality, Air India is committed to being a world-class global airline with an Indian heart.
The volatile situation in Manipur was overed in these columns earlier; Chief Minister N Biren Singh using Arambai Tenggol (AT), UNLF and police for ethnic cleansing, his cross-border links; the Manipur Tapes saga, no dialogue with Kuki-Zo MLA’s; rape, torture and killing of Zosangkim Hmar, followed by 10 suspected Kuki insurgents killed by the CRPF unleashing fresh wave of ethnic violence; gunfights, arson and shutdowns rocking Manipur despite additional central forces pumped in; AT caught on camera giving orders to the CRPF, NSCN (IM) general secretary threatening to resume armed resistance, and the like.
Post-mortem reports of 10 Kuki-Zo youths allegedly killed in an encounter with the CRPF on November 11 shows they received multiple fatal bullet injuries – most of them fired from behind. The bodies were brought to a hospital in Assam only on November 14 were in early stages of decomposition; four bodies each had one eye missing – indicating torture. The Indigenous Tribal Leaders’ Forum (ITLF) maintains they were village volunteers. After the burial ceremony, with a Mizoram delegation in attendance, in Manipur’s Churachandpur District on December 5, 2024, the ITLF reiterated its demand for a separate administration in Manipur.
If the encounter involved the Army, there would have been hell to pay, a string of court martials and the mainstream media rubbing the Army’s face in mud. But central and state administrations remain soft and silent on police forces for reasons well known. Not surprising that the Telangana High Court has ordered a second post mortem of suspected Naxalites killed by the CRPF in an encounter amid allegations that the victims were poisoned and/or sedated and shot dead in cold blood.
Extortion and anarchy in Imphal Valley by the AT became the order of the day amid the ongoing violence with shopkeepers and businesses hurt the most. There were numerous extortion threats by the AT, especially in urban areas such as Imphal city and the district headquarters in Churachandpur and Kangpokpi during October 2024, as reported by locals to the media. The Centre has pumped in 288 additional companies of central forces in Manipur but violence and extortion continues. On November 25, 2024, Lashiram Kamal, a Meitei went missing from the Army Camp at Leimakhong and is still missing.
The takeover of Imphal by AT armed cadres roaming freely in vehicles is on record, with no security forces in sight under obvious instruction of Biren Singh. Same was the case when the AT forced the MLA’s and a junior union minister to congregate and take an oath of allegiance, Biren Singh can hardly absolve himself of this default with a large number of security forces at his disposal.
Now the AT chief Korounganba Khuman Is reportedly on the radar of the National Investigation Agency for the above with the Supreme Court transferring the case from the NIA Court in Imphal to the NIA Special Court in Guwahati. Khuman and eight others are also involved in two other cases (shifted from Imphal to Guwahati) of attacks on police, looting arms and accusations by Kuki-Zo groups of orchestrating attacks on their community since the start of ethnic violence in May 2023.
With the strong bond between Biren Singh and the Korounganba Khuman-led AT, all these cases are expected to be shoved under the carpet. The so-called “looting” of arms from police/IRB armouries happened in mid-2023 with full knowledge of the state administration and according to ground sources these 4,000 plus weapons and 50,000 rounds of ammunition were “distributed” to Meitei militants (read AT) – looting was misnomer.
Concurrently there is news of action being taken against three AT cadres for extortion and possessing firearms. Is this to show a semblance of justice? AT maintains it began as a youth group of valley-dominant Meitei and took up arms when violence broke out in May 2023. But how did the organization expand to an incredible armed strength of 10,000 plus? Biren Singh will not dump AT although a lawyer indicates he has raised another group (EYOOM); his personal elite 200-250 strong militia of well trained, heavily radicalized fighters drawn from police commandos and foreign trained outfits . The veracity of this would be known to Biren Singh and the Centre but EYOOM was raised in January 2024 as a socio-cultural group. Will it be expanded and armed like the AT?
#ManipurCrisis
After phenomenal Arambai Tengol-UNLF-Meitei Leepun onslaught, @NBirenSingh proudly presents Eyom, his personal elite militia. A unit of 200-250 well trained, heavily radicalised fighters drawn from Commando units and foreign trained outfits. No accountability.
A dicky bird in the core of the national hierarchy says our aim is that every Hindu must be armed. Fair enough, but why in Manipur alone, why not pan-India and why by looting police/IRB armories? Why not systemize it and tap the illegal weapons business in the country, imports included like narcotics under political patronage? Is Gaffar Market in New Delhi still selling Soviet-origin AK-47 and AK-74 assault rifles and cheaper ones of Bulgaria, Pakistan or China origin?
In a recent article, GK Pillaii, former union home secretary with a reputation of being an upright officer, has called for criminal charges to be filed against CM N Biren Singh. But this is not possible by any stretch of imagination because Biren Singh is the blue-eyed boy of the Centre, especially of the union home minister. Despite the burning state, Manipur doesn’t even have a full-time Governor, giving a free hand to the chief minister. Not only this, nothing will come of the Manipur Tapes which purportedly show Biren Singh giving instructions for ethnic cleansing and related actions.
The story earlier circulated was that Islamists under the interim Bangladesh regime are helping the Kuki-Zo; indicating the spin doctor’s brain was dislocated – radical Islamists assisting Christians instead of killing them? Having fallen flat, Biren Singh posed like a movie star, accusing P Chidambaram the root cause of the crisis in Manipur and the entire northeast.
The question is what has Biren Singh done as chief minister in the last seven years (since 2017) other than branding indigenous tribals as infiltrates and indulging in ethnic cleansing? Does he realize killings of tribals in Manipur affected outcome of the recent elections in Jharkhand?
Biren Sigh began his chief ministership as Santa Claus of the Meitei but never realized that the Kuki-Zo, being tribal fighters, will not take it lying down; the backlash was inevitable. So, now the Meitei are also suffering and call him the “Bad Santa of Manipur”. Multiple questions are being raised by them, like – we don’t understand what is the policy of the Centre – why the intransigence to burning Manipur – why the prime minister is scared to visit Manipur when he picks out small countries to visit in Africa – is it because we cannot honour him with the highest Manipur Award which Biren Singh perceives as tribal-free Manipur?
Finally, Manipur’s future is difficult to predict with the Centre and Biren Singh giving no indication of changing their stance, other than political chest thumping about developing the northeast. Continuing the game of ethnic cleansing of tribals, placing more restrictions on them and abrogation of the SoO agreement will only exacerbate the situation.
The author is an Indian Army veteran. Views expressed are personal.
Setting a benchmark in Global Innovation with World Beating Design, Tech and Performance
Mahindra has rewritten the rules of electric mobility with the launch of its flagship Electric Origin SUVs, the BE 6e and XEV 9e. They are built on a grounds-up revolutionary electric origin architecture INGLO and are powered by MAIA, the fastest automotive mind in the world. These vehicles embody Mahindra’s vision of “Unlimit India“— an era where Indian innovation and design not only challenge global benchmarks but set new ones. The introductory prices* of BE 6e and XEV 9e were announced at the Global Premiere today.
Building a lifestyle brand
Mahindra’s brand strategy is built on the commitment of creating vehicles that resonate deeply with those who seek experiences that align with their aspirations and unlimit their potential. The BE 6e, with its sporty, performance-driven appeal, is crafted for explorers and achievers who love pushing boundaries, embodying the thrill of adventure and precision. The XEV 9e, on the other hand, redefines indulgence, offering unparalleled luxury with refined elegance.
With class-leading range, intelligent ride dynamics, cutting-edge safety features, and a cinematic in-cabin experience, these Electric Origin SUVs are not just vehicles—they are expressions of a bold, authentic lifestyle.
Heartcore Design
Mahindra’s Electric Origin SUVs embody the Heartcore Design philosophy, crafting an emotional bond with their owners through bold innovation and modern luxury. With commanding exteriors and thoughtfully curated interiors, the BE 6e and XEV 9e set new benchmarks in aesthetics and functionality. The BE 6e flaunts edgy, athletic silhouette and race-inspired agility, whereas the XEV 9e exudes sophistication with its suave SUV coupe design, blending indulgent luxury with dynamic performance.
Veejay Nakra, President – Automotive Sector, Mahindra & Mahindra Ltd.and Joint Managing Director, Mahindra Electric Automobile Limited, said:
“The insight that inspired our brand idea is rooted in the most powerful human emotion – Love, which is eternal, inspires our deepest choices and defines who we are. Our electric origin SUVs, BE 6e and XEV 9e are about Unlimit Love that will inspire our customers to live a life without limits, filled with experiences that will make them feel alive. Crafted for unmissable presence, unparalleled technology and unrivalled performance, our electric origin SUVs will set new global benchmarks. The BE 6e, with its edgy, athletic silhouette and race-inspired agility, is designed for those who thrive on performance and adrenaline while the XEV 9e exudes sophistication with its suave SUV coupe design, seamlessly blending indulgent luxury with dynamic performance.”
*Introductory price; Price does not include charger & Installation cost; Two charger options of 7.3 kWh and 11.2 kWh will be made available on chargeable basis.
R Velusamy, President – Automotive Product Development, Mahindra & Mahindra Ltd. and Joint Managing Director, Mahindra Electric Automobile Limited, said:
“The BE 6e and XEV 9e are the next Indian icons that will be world beaters. The difference between a vehicle that is made-electric and these two Born Electric SUVs is that one you have seen before, and the other one is unlike anything you have seen before. One just about matches industry standards of performance while one sets a new standard for performance in the industry. One has tech that will soon be history, while one has tech that will make everything history. These two products built on our grounds up revolutionary electric origin architecture INGLO and powered by MAIA, the fastest automotive mind in the world embody Mahindra’s vision of Unlimit India, setting new global benchmarks.”
INGLO Electric Origin Architecture
Certified Range of 682 km (MIDC P1+P2) for BE 6e and 656 km (MIDC P1 + P2) for XEV 9e with 79 kWh advanced LFP battery pack.
Lifetime battery warranty for both 79 kWh and 59 kWh battery packs. Valid for first registered owners only and applicable only on private registration. In case of ownership change, warranty on high voltage battery will be 10 years or 200,000 km, whichever is earlier from the first ever date of delivery of the vehicle. Full Details will be available at time of booking.
3-in-1 integrated powertrain delivering up to 210 kW power.
Acceleration of 0-100 km/h in 6.7 s for BE 6e and 6.8 s for XEV 9e.
Fast charging: 20-80% in under 20 min (with 175 kW fast charger).
i-Link front suspension, 5 link rear independent suspension with Intelligentsemi-active dampers.
Brake-by-wire technology with Integrated electronic booster (IEB)
High Power Steering with Variable Gear Ratio (VGR) that enables tight TCD of 10 m.
MAIA: Mahindra Artificial Intelligence Architecture, the most powerful mind in the automotive world.
Software Defined Vehicle: Built on next-gen domain architecture with ethernet backbone.
220 k DMIPS, 51 TOPS with over 80 bn+ transistors and 130+ Million lines of code.
Qualcomm Snapdragon 8295 – fastest chipset in automotive grade
24 GB RAM, 128 GB storage, and an ultra-fast 6th generation Adreno GPU for cockpit domain.
Wi-Fi 6.0, Bluetooth 5.2, and Quectel 5G enabling connectivity and real-time updates.
ADAS L2+ with Mobileye EyeQTM6 chip with 2 GB RAM & 8 MP camera.
60+ apps for music, entertainment, OTT movies, podcast, shopping and productivity.
Over-the-air updates ensure the BE 6e and XEV 9e evolve and stay ahead of the curve.
Hero Features
Wide Cinemascope in XEV 9e: Three 31.24 cm screens, creating an immersive 110.08 cm wide spectacle.
Race-Ready Digital Cockpit in BE 6e.
VisionX: Augmented-reality Heads Up Display (HUD).
Infinity Roof and LightUpMe.
Sonic Studio by Experience Mahindra: 16-speaker Harman Kardon sound system with Dolby Atmos.
LiveYourMood: Pre-set themes (Calm, Cozy and Club) with signature sonic tunes curated by AR Rahman, custom driver seat, ambient light & climate control adjustments.
Multi-Drive Modes: Range, Everyday and Race.
ADAS Level 2+: Equipped with 5 radars and 1 vision camera with ability to detect animal, pedestrian, barricades and different types of vehicles.
EyeDentity: The Driver and Occupant Monitoring System (DOMS) to track driver fatigue. This also doubles as selfie camera for clicking pictures and for video calls.
Secure360: Detects and records surroundings with 360-degree camera and inside with in-cabin camera and stores in the vehicle. It also provides live view via mobile app.
Autopark: Features 12 ultrasonic sensors enabling perpendicular, angular & parallel parking along with reverse assist and remote-controlled option.
₹ 4500 Crore is the allocated investment out of the total ₹ 16,000 Crore investment in the F22-F27 cycle (as already announced) which includes powertrain development, two product top hats including software & tech and manufacturing capacity.
Mahindra’s go-to-market strategy for the Electric Origin SUVs will roll out in a phased manner in the latter part of January 2025. Deliveries are expected to commence towards the end of February or early March 2025.
Redefining Ownership Experience:
500 specialists from luxury and premium brands to provide pre-purchase drive experience.
Around 400 Tech Experts for seamless customer experience with dedicated support from Mahindra Research Valley (MRV).
Over the Air (OTA) update for a seamless product and ownership experience
CHARGE.IN, a dedicated charging vertical with 350+ experts and industry-first relationship manager for a hassle-free charging experience.
• 500 specialists from luxury and premium brands to provide pre-purchase drive experience
• Around 400 Tech Experts for seamless customer experience with dedicated support from Mahindra Research Valley (MRV)
• Over the Air (OTA) update for a seamless product and ownership experience
• CHARGE.IN, a dedicated charging vertical with 350+ experts and industry-first relationship manager for a hassle-free charging experience.
Social Media Addresses for Mahindra Electric Origin SUVs:
Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility SUVs, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate.
The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise. Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates subscribe to https://www.mahindra.com/news-room.
News in the mainstream media on Manipur is as ambiguous as the Chinese intrusions during April-May 2020 in eastern Ladakh and the recent India-China deal to resume patrolling in the region. News about Manipur is what Manipur Chief Minister N Biren Singh administration wants. Clampdown on reporting ground truth persists, and spin-doctoring includes a disinformation barrage, for example, accusing tribals using drones to drop bombs/grenades (including such a post on X by Biren Singh) until the Army Chief publicly nailed the lie.
The Centre’s subterfuge came into focus on November 10, 2024, when 10 Kuki MLAs from Manipur (including of BJP) called a “blatant lie” Solicitor General (SG) Tushar Mehta’s submission in Supreme Court on November 8 that Biren Singh is meeting all Kuki MLAs and trying to restore peace. Mehta perhaps said this to avoid SC examining audio recordings (termed ‘Manipur Tapes’) indicting Biren Singh’s role in ethnic cleansing in Manipur since May 2023.
All Kuki MLAs denied having met Biren Singh since May 3 last year. Their joint statement, referring to the recent killing of Zosangkim Hmar in Jiribam district despite heavy security presence in the area, said, “We strongly condemn the barbaric killing of a defenceless woman by the Meitei militias”. The MLAs also said they wouldn’t meet Biren Singh in future also since “he is the mastermind behind the violence and ethnic cleansing of our people from the Imphal valley”. The post mortem report of Zosangkim Hmar (mother of three) indicates rape, torture and burning to death. Last year, three Kuki women were raped by a mob of Meitei radicals and paraded naked.
The killing of Zosangkim Hmar was followed by news reports of at least 10 suspected Kuki insurgents shot dead in an encounter with CRPF and one CRPF person injured. The Committee on Tribal Unity (CoTU) said the 10 shot dead were village defence volunteers, who have been on the ground since the violence began. The Hmar Students’ Association condemned the incident in a statement as “premeditated massacre of Hmar Village Volunteers.” The Kuki-Zo Council called for a total shutdown in the hilly areas of the state to express collective grief and solidarity; demanding an immediate thorough investigation bringing the perpetrators to justice. The incident crated unrest in Assam and Mizoram, with the Mizo National Front terming it “extra judicial killings”.
It is no secret that Biren Singh has been using Arambai Tenggol, UNLF and other Meitei radical organization to attack the Kuki-Zo, although not acknowledging Arambai Tenggol even exists and has used Manipur police commandos for ethnic cleansing
Centre is always seen bending to demands of Meiteis in #Manipur be it border fencing, delisting #KukiZo from ST list or replace Assam Rifles while failing to acknowledge existence of Arambai Tengol private armed terror group and their heinous crimes because BJP/RSS is entangled. https://t.co/VDMxOHdj6a
But Biren Singh is blue-eyed boy of the Centre who consider the Kuki-Zo “infiltrators” though they have been living in Manipur for decades, as pointed out by a former DG Assam Rifles.
Gunfights, arson and shutdowns have been rocking Manipur ever since. 20 more companies of central forces have been rushed to Manipur indicating utter failure of the state administration. But tribals fear this additional force may be used to accelerate ethnic cleansing. Posts on social media show Arambai Tenggol ordering the CRPF.
Centre is always seen bending to demands of Meiteis in #Manipur be it border fencing, delisting #KukiZo from ST list or replace Assam Rifles while failing to acknowledge existence of Arambai Tengol private armed terror group and their heinous crimes because BJP/RSS is entangled. https://t.co/VDMxOHdj6a
The Armed Forces Special Powers Act (AFSPA) has been reimposed only in “parts” of Imphal Valley. But central forces and Manipur police are deployed in most places where Biren Singh’s writ runs.
Biren Singh also wants to flush out or kill tribals from 6,000 hectares of land for palm plantation by a corporation, having taken advance money already. Then there is also the Rs 50,000 crore annual trade in narcotics according to a report by the Editor’s Guild of India, of which a part goes up the pipeline to the Centre. The tribals are Christians and the NSCN (IM) had earlier s issued a warning to Arambai Tengoll not to target Christians (https://www.ifp.co.in/manipur/nscn-i-m-cautions-arambai-tenggol). Now the NSCN (IM) general secretary has threatened to resume armed resistance against India if the Centre rejects his demand for third party intervention in the Naga peace talks.
Recall the prime minister-led grand ceremony at New Delhi in 2015 signing the Framework of the Naga Peace Accord with the NDCN (IM). What did the Centre promise the NSCN? Was heralding it a monumental achievement a charade with no follow up considered necessary? Now the propaganda that NSCN is being supported by Bangladesh and Pakistani Islamists is utterly stupid – radical Islamists supporting Christians instead of killing them?
Biren Singh represents the true face of our politicians. It is on record that Manipur MLA Thaounaojam Shyamkumar Singh, heading a mob of 1200-1500 women, forced an Indian Army Infantry column to release 12 armed KYKL terrorists in Itham Village on June 24, 2023, which included the mastermind of an ambush, killing 18 Army soldiers on June 4, 2015. The MLA obviously had the backing of Biren Singh and also the Centre.
The same terrorist organization ambushed and killed Colonel Viplav Tripathi, CO 46 Assam Rifles, his wife and young son in 2021.
Humble tributes to
Col Viplav Tripathi
46 Assam Rifles / 2 Kumaon
Mrs Anuja Tripathi
Master Abeer Tripathi
This day, 13 Nov, in 2021, they were immortalised in Manipur.
Col Tripathi considered that 13 was a very significant number in his life. And 13 it was.… pic.twitter.com/Stq47ZgzGI
Why has this terrorist MLA not been prosecuted and where are these terrorists? The question doing the rounds is do our ministers having photo-ops of putting sweets in the mouth of soldiers on Diwali feel any shame? It is said that shame is not in the lexicon of politicians but then we have a defence minister who not only lied about the Chinese ingress in Ladakh but blatantly lies in Parliament about other issues as well.
The Manipur Tapes proving Biren Singh’s complicity in the ethnic cleansing came at a time when the Centre had set up a Commission of Inquiry to look into the Manipur violence. The 48-mnute audio tape, released on social media, has been provided to the Commission of Inquiry. The SC is to examine these tapes but the SG will probably say these are AI-generated fakes.
Anything and everything that happens in India is linked to vote-bank politics, with ideology added to polarize societies for electoral benefit. But it is ironic that while on one hand we are eulogizing tribals, latest example being Birsa Munda, simultaneously we are ethnically cleansing tribals in Manipur? Also, the government would be looking for support by the new American government to stop the killing of minorities in Bangladesh. In fact, Tulsi Gabbard, now appointed Director National Intelligence by Donald Trump, has been talking of Hindu killings in Bangladesh. But how would the Trump administration react to the torture, rapes and killings of Christians in Manipur?
The author is an Indian Army veteran. Views expressed are personal.
India’s aviation sector is in the booming phase. As the third-largest domestic aviation market globally, and projected to become the third-largest worldwide by 2026, India presents a significant opportunity for aircraft leasing companies. The International Financial Services Centre (IFSC) in GIFT City, Gujarat, offers a unique and attractive platform for Indian companies to capitalize on this growth. This article will explore how Indian businesses leverage the IFSC’s unique regulatory environment and tax incentives to benefit substantially from the burgeoning aircraft leasing market.
The Booming Indian Aviation Market: A Landscape of Opportunity
India’s aviation sector’s rapid expansion is driven by a combination of factors: a growing middle class, increasing disposable incomes, improving infrastructure, and government initiatives promoting air connectivity across the country. The International Air Transport Association (IATA) forecasts substantial growth in passenger and cargo traffic in the coming years. This robust growth translates into a significant increase in demand for aircraft, making aircraft leasing a highly attractive investment opportunity.
India is amongst the fastest growing aviation markets and is expected to cater to 520 million passengers by 2037
Estimated Growth in Fleet Size (YoY): 8 9%
India’s commercial fleet is forecasted to expand to 1100 by 2027
The IFSC Advantage: A Tailored Regulatory Environment
The IFSC in GIFT City was established to provide a globally competitive financial ecosystem, catering to both domestic and international players. For aircraft leasing, the IFSC offers a distinct advantage with its carefully designed regulatory framework, administered by the International Financial Services Centres Authority (IFSCA). This framework is characterized by:
Light-Touch Regulation:
The IFSCA adopts a light-touch regulatory approach, aiming for efficiency and ease of doing business while maintaining robust oversight. This contrasts with the often more stringent regulations in other jurisdictions, making the IFSC an attractive destination for aircraft lessors.
Comprehensive and Consistent Framework: The regulatory environment is designed to provide clarity and consistency, reducing uncertainties for businesses and promoting investor confidence.
Global Best Practices: The IFSC’s regulatory framework aligns with global best practices, making it easier for international aircraft leasing companies to operate in India.
Tax Benefits: A Key Incentive for Aircraft Leasing in the IFSC
The IFSC offers an extremely attractive tax regime designed to stimulate investment and growth in the aircraft leasing sector. This includes:
100% Corporate Tax Exemption: Aircraft leasing companies can benefit from a 100% corporate tax exemption for up to 10 out of 15 consecutive years. This provides a substantial financial incentive, making the IFSC a highly competitive location compared to other jurisdictions.
Zero Capital Gains Tax and Stamp Duty: The absence of capital gains tax on the disposal of aircraft and the waiver of stamp duty on acquisition represent significant cost savings for leasing companies.
No Withholding Tax on Lease Payments and Interest: This provision further reduces the tax burden and simplifies the financial management of aircraft leasing operations.
Minimum Alternate Tax (MAT): While a MAT provision exists, concessional rates apply, and with the new tax regime introduced in April 2020, the MAT is effectively inapplicable for many.
These tax incentives, when combined, significantly improve the profitability and attractiveness of aircraft leasing within the IFSC and could encourage Indian Companies to dive into the Aircraft Leasing, that they been shying away all this while.
Benefits Beyond Tax: Access to a Vibrant Ecosystem
The IFSC offers more than just favorable tax policies. It provides access to a thriving financial ecosystem, including:
Global Banks and Financial Institutions: The presence of numerous global banks and other major financial players within the IFSC simplifies transactions and facilitates access to capital.
Professional Service Providers: A comprehensive range of professional services, including legal, accounting, and auditing firms, supports businesses efficiently.
Global Talent Pool: The IFSC attracts a diverse and skilled workforce, ensuring access to the talent needed to manage complex aircraft leasing operations.
Extensive Double Taxation Avoidance Agreements (DTAAs): India’s extensive network of DTAAs provides further tax efficiency for international transactions.
Setting Up an Aircraft Leasing Entity in the IFSC: A Straightforward Process
Setting up an aircraft leasing entity in the IFSC is a relatively straightforward process. It involves submitting an application to the IFSCA for registration and, in most cases, approval for entry into the Special Economic Zone (SEZ). Upon approval, the entity can begin operations. The entire procedure is designed to be efficient and transparent, making it easier for businesses to establish a presence in the IFSC quickly.
Salient features for Aircraft Leasing Framework
Eligibility:
To become a Lessor for undertaking permissible activities in IFSCs, the applicant must meet the eligibility criteria outlined in the Finance Company Regulations. This includes setting up operations in IFSC in the form of a Company, LLP, Trust, or any other form specified by the IFSCA.
Permissible Activity:
Operating/Finance lease for an aircraft or an aircraft ground support equipment including the sale and lease back, purchase, novation, transfer, assignment and any such other similar transactions in relation to aircraft lease; Asset management support services for assets owned or leased out by the Lessor or by its wholly owned subsidiary in IFSC and any other related activity with the prior approval of IFSCA.
Capital Requirement:
Aircraft lessors in IFSC are required to maintain minimum own funds at all times. The minimum owned fund requirement for entities undertaking operating lease and for those undertaking financial lease or hybrid of operating and financial lease are USD 0.2 million and USD 3 million respectively.
Prudential regulations:
FCs intending to undertake finance lease in IFSCs must comply with prudential norms such as capital ratio, exposure ceiling, and liquidity coverage ratio. However, entities intending to undertake operating lease are exempt from these norms, provided they have a Board approved prudential policy and meet the fit and proper requirement set out by the Authority. All entities, regardless of the type of lease, must comply with KYC, AML, and corporate governance requirements as set out in the FC Regulations.
Setting Up At A Glance
Registrations Status – Leasing Entities with IFSCA
The first Aircraft leasing entity was registered with IFSCA on May 06, 2021, and the first aircraft was leased by an IFSC entity to a lessee in India on August 19, 2021, marking the beginning of onshoring the offshore aircraft leasing services through GIFT IFSC.
As on March 31, 2023, there are 15 lessors registered with the Authority. Further, four lessors have been granted in‐principle approval and one application is under process. As on March 31, 2023, the lessors based at GIFT IFSC have leased 26 aviation assets including aircraft, engines, etc.
The last Annual Report 2022-23 was released in Aug 2023. Going by the trend, the Annual Report 2023-24 is expected anytime from IFSCA.
Challenges and Considerations
While the IFSC offers immense opportunities, businesses should be aware of potential challenges. These may include navigating the regulatory landscape and ensuring compliance with all applicable laws and regulations, managing foreign currency transactions effectively, and carefully understanding all aspects of the tax regime before committing. Thorough due diligence and expert advice are essential for mitigating potential risks.
Conclusion:
To conclude we can say that the IFSC in GIFT City presents a compelling opportunity for Indian companies seeking to benefit from the rapid growth of the aviation sector through aircraft leasing. The combination of a favorable regulatory environment, significant tax incentives, and access to a vibrant financial ecosystem makes the IFSC an attractive destination for establishing and expanding aircraft leasing businesses. By understanding the opportunities and mitigating the potential challenges, Indian companies can leverage this platform to unlock significant growth and contribute to the further development of India’s aviation industry. Prospective investors and businesses are strongly advised to seek professional advice before making any decisions regarding investment in this domain.
Referring to the India-China agreement to end the standoff in eastern Ladakh US ambassador to India, Eric Garcetti has said the US has always supported India’s efforts to safeguard its strategic interests and respect of its borders. Garcetti is the blue-eyed boy of the US Administration for whom the post of ambassador was kept vacant for two years.
Declassified US documents of 1962 reveal that when Jawaharlal Nehru sought American military assistance in the wake of China’s invasion, the US administration said; give them some weapons but make sure India and China never join hands. In 1972, using Pakistan as intermediary, Nixon, and Kissinger visited China; creating the Chinese Frankenstein, which it may end up fighting.
Garcetti is shrewd enough to understand that the India-China agreement is primarily to resume patrolling, China reverting to the pre-April 2020 posture is out of the question, and PLA dismantling permanent structures is unlikely notwithstanding the hype of disengagement in the media. External Affairs Minister S Jaishankar, who announced “disengagement is completed on October 21, changed tack on October 26 by terming the” breakthrough agreement on patrolling” as disengagement – can it get more absurd? Long-winded narratives claim India has restored the sanctity of the LAC, which is contrary to the prime minister saying no one entered our territory.
China anyway has never adhered to agreements it has signed and the same goes for global norms, which it does not respect. Recall that within a month of the India-China pullback at Doklam, PLA was back in developing defences, occupying North Doklam and establishing dual-use villages. Akso, Tapir Gao, BJP MO from Arunachal had told Parliament that the PLA has occupied territory more than 60 km deep inside Arunachal Pradesh and that the next Doklam, if it happens, will be in Arunachal Pradesh – yet there is no word on it either from the government or the media.
Indian production capabilities are hinged on critical raw material, technology, spares and technical support – for which it cannot decouple from China. Where India is welcoming Chinese investments, India is also investing in China; for example ,the Shanghai-based Adani Energy Resources Company (AERCL) incorporated on September 2, 2024. Also, despite booming Indian economy and $689.5 billion FOREX reserves in the limelight, India ranks 105 in Global Hunger Index (GHI); facing severe food insecurity and malnutrition, while 83 million Indians (of the 1.45 billion) live below the poverty line, subsisting daily on ess than $2.15,
The West has been trumpeting that Russia’s economy in the dumps for the past few years, which the IMF now calls 4th largest economy in the world. Similar is the Western hype over China’s economy, as if it will disintegrate like the Soviet Union. But yes, the Chinese economy is not in good health, which is why China wants to regain its hold on Indian markets and increase contacts at all levels to further its national interests. Besides, China is already benefiting $100 billion annually through trade with India, the accumulated total of which since 2000 exceeds $1.4 trillion.
In the 16th BRICS Summit held Russia during October 2024, Chinese President Xi Jinping announced the BRICS new payment system, saying, “There is an urgent need to reform the international financial architecture, and BRICS must play a leading role in promoting a new system that better reflects the profound changes in the international economic balance of power.” Russia’s President Vladimir Putin introduced the creation of a BRICS investment platform to facilitate mutual investment between BRICS countries. The blockchain-based BRICS pay system, like the SWIFT payment platform, would facilitate nations within the group to promote the use of their currencies for trade.
The above summit was held in the shadow of: the US-led West arbitrarily seizing funds in the Central banks of Afghanistan and Russia and weaponizing the SWIFT system. The US-led G7 has now sanctioned an allotment of $50 billion to Ukraine out of Russian frozen finds – a case of extreme highhandedness amounting to economic terrorism. The latest is that 159 out of the 193 countries are said to have signed up to use the new BRICS settlement system bypassing the SWIFT system.
The Western media largely ignored the BRICS Summit; while some have voiced that western financial hegemony will remain significantly unaffected. Jim O’Neill, former Goldman Sachs chief economist, told Reuters: Western attempts to isolate Russia over the Ukraine war have failed and that Russia is building ties with the rising powers of Asia. BRICS now accounts for 45% of the world’s population and 35% of its economy in terms of purchasing power parity (PP), though China accounts for more than half of its economic might; China and India are actually really trying to agree on things, rather than effectively trying to confront each other all the time.
Jim O’Neil doesn’t see a challenge to the dollar but he did not comment on latest news that 159 out of the 193 countries have signed up to use the new BRICS settlement system. More important is what if the India-China economic engagement continues to increase, keeping the border issue aside – which China has been stressing for many years? Would this not be the most serious concern of the US, even though the BRICS is still dabbling in creating an exclusive currency for the bloc that will hasten de-dollarization?
To say that the US is happy with the economic rise of India would be the height of foolishness; one has to just examine the political shenanigans of Eric Garcetti and his posse before India’s general elections earlier this year to understand the implications. Jeffery D Sachs explains how America changed regimes in Pakistan and Bangladesh, which it is doing globally pretty frequently; using CIA and the National Endowment for Democracy (NED) – a CIA-funded NGO established in 1983 (headed by CIA Director William Casey) in the garb of strengthening democratic institutions through its worldwide grants program.
British investigative journalist Kit Klarenberg has described how the CIA and NED operate to down governments (less the failed $1 billion effort to overthrow the government in Syria) and how the regime change was effected in Kiev in 2014 to install Volodymyr Zelensky as the President of Ukraine.
Interestingly, while giving credible explanation of the US involvement in downing the Imran Khan government in Pakistan, Jeffery D Sachs sats the US did not like Imran playing the game with the US, Russia and China simultaneously. The Indian media terms the India-China patrolling agreement a geopolitical signal by Prime Minister Narendra Modi to the US – not to take India for granted. But wouldn’t the US view Modi playing the same game as Imran Khan?
We may call this Modi’s acumen of tightrope walking but the CIA-NED would be working overtime under Donald Lu, Assistant Secretary of State for South Asia and Central Asia in the US State Department; Donald Lu being the carbon copy, if not worse, of Victoria Nuland who orchestrated the regime change in Ukraine. Garcetti may be bamboozled for not doing enough. This would be the priority of the US notwithstanding how tight Modi hugs the POTUS – present or the next one.
The author is an Indian Army veteran. Views expressed are personal.
Manipur’s State Security Advisor Kuldip Singh said in a press conference on September 20 that government’s intelligence inputs indicate entry of “900 Kuki militants” from Myanmar. These inputs were shared by Chief Minister N Biren Singh’s office with DG Police and the Security Advisor in the previous week.
The 398-km Manipur-Myanmar border is guarded by the Assam Rifles (AR), which is under the operational control of the Indian Army. The Army has asked the Security Advisor for details of this infiltration, to which he is yet to respond. Army’s Spear Corps posted on X:”These inputs have very serious security implications and the office of the Security Adviser has been requested to share the details so that appropriate necessary action can be taken at the earliest.”
Speculation is that the said inputs may have been “imagined: by Biren Singh since Union Home Minister Amit Shah has been saying that the violence in Manipur is only because of infiltrating Kuki militants who are not Manipuris, which certainly is not the case. The move to accord scheduled tribe to the entire majority Meitei community triggered the violence in May 2023. It is only in February 2024 that the Manipur High Court has ordered deletion of a paragraph from the March 2023 order that urged the state to consider including the Meitei community in the Scheduled tribe, saying the paragraph was in conflict with the Supreme Court’s constitutional bench stance.
Reasons why Manipur is heading towards civil war can be read here. Violence is continuing, while protests and disinformation have reached a new high. Defying curfew, student protesters clashed with the police. Many students were reported injured in an attempt to storm Raj Bhavan. The protestors demanded removal of “Centre-appointed” State Security Advisor Kuldip Singh and DG Police Rajiv Singh. The agitation intensified after a rocket bomb attack in Bishenpur and the gunfight in Jiribam in which six people were killed; including the lynching-killing of former Indian Army soldier Limkholoi Mate (Kuki-Zo) by Meitei militants.
There is little doubt that the student protests (all Meitei) were engineered by Biren Singh’s administration. Their demand seeking the resignation of 50 MLA’s from the Imphal Valley (not the 10 Kuki MLAs) is evidence enough. Seeking the removal of the State’s Security Advisor and the DGP is to give Manipur police and the Meitei militant groups (Arambai Tenggol included) free-hand in continuing the ethnic cleansing.
To add credence to the theory of Kuki/foreign hand behind the student protests, a huge poster of Prime Minister Narendra Modi in the heart of Imphal was allowed to be torn down – first time incident across India since Modi came to power in May 2014.
All out efforts are on to downplay the ethnic cleansing by Biren Singh – posing that the violence is not a Hindu-Christian problem. However, this is true perhaps only on following two counts: deal signed with a Centre-favoured corporate (advance money taken) for palm plantation on 6,000 hectares of land in Manipur, from where Kuki-Zio were shooed away; taking full control of the narcotics trade, annual turnover of which is assumed to be Rs 50,000 crore.
Ethnic cleansing remains Biren Singh’s main agenda. He denies the existence of Arambai Tenggol but his photographs with them in media proves he is hand-in-glove with the organization. Ironically, Prime Minister Narendra Modi has not visited Manipur (perhaps on the advice of Amit Shah), nor has the NSA Ajit Doval, who claims to have stayed in Myanmar under cover with Mizo rebels for a few months in his youth.
In a media interview, Lt. Gen. PC Nair, former DG Assam Rifles (till July 31, 2024) has said that the news about drones dropping bomb was fabricated, in that, no bombs were dropped by drones.
Gen Nair has also reportedly spoken to the Chief of Army Staff on the issue, according to a post on X:
Lt Gen Nair who was DG Assam Rifles till 31 July has said in an interview that no ordnance was dropped from the drones, contrary to the claims of the Manipur govt and police. He said that he had spoken to the army chief who had confirmed it. pic.twitter.com/kvjpMW0eJt
Being in uniform, the Army and Assam Rifles deployed in Manipur cannot speak on the issue. But multiple ground sources confirm no bombs/grenades were dropped by drones in Manipur. Manipur’s Police IG (Ops) LK Muivah has countered what Gen Nair has said. But Muivah is part of the Biren Singh administration and has no option but to abide by the official narrative; under fear of being sacked or done away with.
The disinformation campaign includes that the Assam Rifles is giving an absolutely free hand to the Kuki-Zo, 3000-6000 veteran Assam Rifles (Kuki-Zo) are joining the Kuki-Zo militant factions, the US is supporting the Kuki-Zo, China is supplying them arms. It is also being said that Kuki-Zo attempted to loot a police armoury, whereas, over 4,000 weapons and some 50,000 rounds of ammunition purportedly looted from police/IRB armories in May 2023 were “distributed” to Meitei militants as per ground sources.
The Manipur Police have been recently equipped with MMGs, which the Indian Army is not even allowed to carry when called out for restoring law and order in internal security situations; owing to the principle of using ‘minimum force”. But Biren Singh probably believes in employing “maximum force” for effective ethnic cleansing.
The Army is rendered ineffective in Imphal Valley in absence of the Armed Forces Special Powers Act, which is by design. Biren Singh wants to abrogate the SoO agreement with all the 25 Kuki-Zo-Hmar groups and himself chair the Unified Command of all security forces in Manipur; to get the Army/AR to abide by his sinister designs?
The former Governor of Manipur had reportedly informed the Centre that the ground situation in Manipur is worse than what is being reported in the media. The present situation in Manipur is so bad that AFSPA needs to be immediately re-imposed in all Manipur, including in the Imphal Valley.
General VP Malik, former Chief of Army Staff has suggested that President’s rule should be imposed in Manipur. Earlier, he had also posted on X: Dividing India on the basis of language, religions, castes, flags and so on as vote banks. We forget India’s historical lesson of ‘fighting within’ and which enabled foreigners to rule us for centuries. India’s national security and collective development at stake
Dividing India on basis of language, religions, castes, flags, so on as vote banks. We forget India's historical lesson of 'fighting within' and which enabled foreigners to rule us for centuries. India's national security and collective development at stake
But the Centre appears intent on compounding the mess made by Biren Singh since May 2023. Manipur doesn’t even have a full-time governor; Governor of Assam holds the additional charge of Governor Manipur. The Centre appears to believe that the wounds of Manipur will heal by themselves. It is the same Ostrich Policy that was followed when the Chinese invaded Eastern Ladakh during April-May 2020.
The author is an Indian Army veteran. Views expressed are personal.
