GIFT City taking off as aircraft leasing hub : Civil Aviation Minister

Benefits of the Capetown Convention

The Capetown Convention is an international treaty that aims to reduce the costs of leasing aircraft. The convention, which was adopted in 1993, sets out a framework for the leasing of aircraft, including the terms and conditions of the lease, the payment of rent, and the rights and obligations of the lessor and lessee.

The convention establishes a standardized framework for the leasing of aircraft, which helps to reduce costs and increase efficiency.

The convention sets out clear guidelines for the payment of rent, including the amount of rent, the frequency of payment, and the method of payment.

The convention also establishes the rights and obligations of the lessor and lessee, including the rights of the lessee to inspect the aircraft and the obligations of the lessor to maintain the aircraft.
Impact of the Capetown Convention on the Aviation Industry

The Capetown Convention has had a significant impact on the aviation industry, particularly in the area of aircraft leasing.

Key Highlights of the Minister’s Speech

The minister emphasized the importance of the Indian civil aviation sector, highlighting its rapid growth and potential for expansion. The government has taken several initiatives to support the sector, including the roll-out of various tax incentives for companies leasing out aircraft. • The minister also discussed the need for a robust and efficient air traffic management system to ensure safe and efficient flight operations. • The government has been working to improve the country’s air traffic control infrastructure, with a focus on modernizing existing systems and implementing new technologies.