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FILE PHOTO: A passenger aircraft is silhouetted against the rising moon in New Delhi May 7, 2009. REUTERS/B Mathur/File Photo
NEW DELHI (Reuters) - India’s finance minister on Monday proposed tax benefits for foreign aircraft lessors, as one of the world’s fastest-growing domestic aviation markets looks to establish a local leasing industry.
Nirmala Sitharaman in her budget speech proposed a tax holiday for aircraft-leasing companies and tax exemptions for airlines paying lease rentals to foreign lessors if they choose to be based in the country’s upcoming international finance hub.
India is developing an offshore finance hub called Gujarat International Finance Tec-City, or GIFT City to attract foreign investors with close to zero tax, and top-notch infrastructure in an effort to compete with Hong Kong and Singapore.
Stocks to watch today on February 12: Sun Pharma, APL Apollo Tube, RITES, Oil India, Power Grid, ACC among others are the top stocks to watch out for in Friday s trading session
DGCA has increased the minimum fare on all seven sectors by 10-12 percent and raised the limit on maximum fare by around 30 percent, as per the government order.
Read more about Sensex, Nifty hit fresh intraday high on Business Standard. The key indices extended gains and hit fresh intraday high in mid-morning trade. Aviation stocks advanced after the government allowed to raising the upper and the lower caps on airline fares. At 11:28 IST, the barometer index, the S&P BSE Sensex,