<div>Indian airlines will no longer require prior permission to import aircraft as the Civil Aviation Ministry plans to do away with the norm to facilitate ease of doing business.<br /><br />The move is part of a slew of initiatives taken to improve business conditions in the domestic aviation sector.<br /><br />The Ministry also expects to soon unveil the much-awaited aviation policy that would help attract more investments into the sector, which is bleeding for years together due to red tapism and over regulations.<br /><br />Officials said the Ministry is actively considering to do away with the prior approval requirement for importing aircraft.<br /><br />The idea is to bring down the procedural steps in order to improve the ease of doing business.<br /><br />At the same time, it would be ensured that security and other key aspects are not compromised, they added.<br /><br />The Ministry has already written to the Commerce and Industry Ministry as well as the RBI on the matter, they said.<br /><br />At present, domestic airlines should have approval in place from the Ministry before they seek clearance from the Commerce and Industry Ministry, and the RBI.<br /><br />When asked for his views about the proposal of shelving prior approval need for aircraft import, no-frills carrier SpiceJet's Chief Operating Officer Sanjiv Kapoor said reducing the red tape is always good.<br /><br />To cater to the rising number of travellers, carriers are looking to expand their fleet.<br />Leading aircraft makers -- Airbus and Boeing -- have projected increased demand from India for new aircraft in the coming decades.<br /><br />Last month, Airbus had said that growing passenger traffic in India and other emerging markets would help generate aircraft demand worth USD 5 trillion in 20 years.<br /><br />Besides, India is projected to be the world's third-largest aviation market by 2029, according to International Air Transport Association (IATA).<br /><br />"We see the potential for that to increase to nearly 280 million by 2029, by which time India would hold the rank of the world's third-largest market, and by the end of our forecast period in 2034, we see a further rise to 360 million passengers.<br /><br />"That amazing growth will bring even more benefits to India's development," IATA Director General and CEO Tony Tyler had said recently.</div>
<div>Indian airlines will no longer require prior permission to import aircraft as the Civil Aviation Ministry plans to do away with the norm to facilitate ease of doing business.<br /><br />The move is part of a slew of initiatives taken to improve business conditions in the domestic aviation sector.<br /><br />The Ministry also expects to soon unveil the much-awaited aviation policy that would help attract more investments into the sector, which is bleeding for years together due to red tapism and over regulations.<br /><br />Officials said the Ministry is actively considering to do away with the prior approval requirement for importing aircraft.<br /><br />The idea is to bring down the procedural steps in order to improve the ease of doing business.<br /><br />At the same time, it would be ensured that security and other key aspects are not compromised, they added.<br /><br />The Ministry has already written to the Commerce and Industry Ministry as well as the RBI on the matter, they said.<br /><br />At present, domestic airlines should have approval in place from the Ministry before they seek clearance from the Commerce and Industry Ministry, and the RBI.<br /><br />When asked for his views about the proposal of shelving prior approval need for aircraft import, no-frills carrier SpiceJet's Chief Operating Officer Sanjiv Kapoor said reducing the red tape is always good.<br /><br />To cater to the rising number of travellers, carriers are looking to expand their fleet.<br />Leading aircraft makers -- Airbus and Boeing -- have projected increased demand from India for new aircraft in the coming decades.<br /><br />Last month, Airbus had said that growing passenger traffic in India and other emerging markets would help generate aircraft demand worth USD 5 trillion in 20 years.<br /><br />Besides, India is projected to be the world's third-largest aviation market by 2029, according to International Air Transport Association (IATA).<br /><br />"We see the potential for that to increase to nearly 280 million by 2029, by which time India would hold the rank of the world's third-largest market, and by the end of our forecast period in 2034, we see a further rise to 360 million passengers.<br /><br />"That amazing growth will bring even more benefits to India's development," IATA Director General and CEO Tony Tyler had said recently.</div>