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Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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Aviation Law-II: Project Assignment-I

AIRPORTS ECONOMIC REGULATORY AUTHORITY OF INDIA ACT: ISSUES AND CHALLENGES

Iram Kazi Post Graduate Diploma in Aviation Law and Air Transport Management 2011-2012 Mumbai Center

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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I.

Introduction

According to the data of the Airports Authority of India (AAI) traffic update December 2011, the aircraft movement (traffic) at eleven international airports increased by 10.4% in AprDec 2011-12 with respect to the data for Apr-Dec 2010-11. The same increased by 11.2% for the six JV international airports. The dispersion of air traffic in terms of percentage handled at different categories of airports in the country is shown in the figure below.
70 60 50 40 30 20 10 0 11 Intl. Airports 6JVsIntl. Airports 11Cus tom s Airports 18Dom . Airports O ther Airports

AC M PAX F R E IG H T

Figure 1 Traffic dispersed at Indian airports - December 2011 (Source: AAI Traffic Update Dec 2011)

The above chart shows that seventeen international airports have major share in the countrys air traffic i.e. 79.5 per cent, 84.8 per cent and 96.4 per cent in aircraft movements, passengers and freight traffic respectively. This data shows the growing importance of the need to modernize Indian airports to meet the increasing traffic demand so that passengers are provided with comfortable services. It also shows the impact privatization of airports has had on the traffic trend. It highlights the importance of airports and in a way justifies the steps the government has taken to privatize airports.

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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However, Indian airports, like all other airports before the era of privatization was begun by Margaret Thatcher, were controlled by the government. In fact, Indian airports continued to be managed by the Airports Authority of India alone until about 2006, when the first private airport plan was put into force. Hyderabad and Bangalore were the first two greenfield airports to be built on the BOOT (Build Own Operate Transfer) model and were completely privatized. The Delhi and Mumbai airports were among the first major brownfield airports to be privatized for expansion. However, with airport privatization, came the looming danger of many-fold development fees and other charges that would be imposed upon the passenger and the reason for privatization which was to give modern airports to passengers would be lost, because passengers would be unable to use the airport services if they became too expensive. In keeping with the suggestions of the Naresh Chandra committee and looking at the predicted growth of air traffic, the government did privatize airports; however, the task of establishing a regulator for regulating airport charges was still not achieved.

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I Table 1 PREDICTED AIR TRAFFIC GROWTH

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The central government tabled the Airports Economic Authority of India bill to establish a regulatory authority to monitor and fix tariffs for aeronautical services offered at airports. The AERA Act came into force on 5th December 2008. It established the Airports Economic Regulatory Authority of India, a regulatory authority to fix and monitor the tariffs levied by major airports (those handling above 15 lakh passengers a year) as development fees for aeronautical services offered by airports to recover their cost of development and maintenance of these private airports. The authority was modeled on similar regulatory authorities around the world. The main objective of the Authority is to regulate tariffs and ensure that the passengers are not burdened with excessive charges in the name of development fees. Also, the authority must take steps to ensure healthy competition between airports as too high development fees can discourage passengers to transit through these airports. The Act clearly lays down the functions

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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and powers of the Authority. Among its functions is also the monitoring of airport performances and this it can achieve through audits and checks. However, the establishment of the Authority sparked off many adverse reactions. The private airports that were charging their respective development fees as per the provisions of the contracts they had entered into with the government. The operators that led these consortiums that operated these airports were not willing to comply with the AERA guidelines because there was no provision in their contracts to comply with a regulators directives for tariff determination, since the Authority was not established at the time of the signing of their contracts. These operators filed suits challenging AERAs authority to regulate tariffs. The struggle between AERA and these private airport operators is still underway with new appeals being filed every time AERA comes up with regulations for tariffs. Furthermore, not only are AERA and airport operators at war, the Ministry of Civil Aviation and AERA also are poles apart on their stand regarding the revenue system to be followed by airports. The Authority favours a single-till approach whereas the ministry favours a double or hybrid-till approach. Most airports in the world today follow the dual or hybrid till approaches for revenue generation. Since AERA is authorized with fixing aeronautical services tariffs, it prefers a single till approach where aeronautical and non-aeronautical revenue are treated differently and the non-aeronautical revenue is not used for aeronautical costs. However, with the non-aeronautical revenue increasing to about 40% due to airport privatization, airports now prefer a dual or hybrid till approach wherein better aeronautical services can be offered by using non-aeronautical revenue for aeronautical purposes as well. This clubbing of the revenues is disapproved by AERA. In the subsequent sections, we shall see first the AERA act and understand the powers and functions of AERA. Then we shall see the issues that AERA faces in the fixation of tariffs. We shall also see a real example of the struggle between private airports and AERA by examining the friction between Delhi International Airport Limited and AERA. A brief conclusion follows this example.

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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II.

Overview The Airports Economic Regulatory Authority (AERA) was established by the

Government of India in May 2009 under the Airports Economic Regulatory Authority of India Act to regulate tariff for aeronautical services, determine other airport charges for services rendered at major airports and to monitor performance standards of such airports. It is expected to facilitate a level playing field in the airport sector so as to encourage greater investments. The rationale for regulatory oversight of airports is the fact that it is a natural monopoly and hence, there is a need to provide adequate checks and balances to prevent abuse of power by the monopoly service provider. Airport regulatory frameworks have evolved differently in different countries based on local experience and preferred outcomes of regulatory oversight. In Australia, for instance, regulation of airports was done with the principal objective of achieving pricing outcomes that would meet user expectations of service quality and investor expectations on reasonable return on investment. The objectives of promoting economically-efficient operation of airports, minimizing compliance costs on operators and the government, and facilitating commercially negotiated outcomes in airport operations also prompted the move. Australian airport regulation switched from a heavy-handed price- determination framework to a light-handed price-monitoring framework in 2002. The switch to a light-handed approach was intended to facilitate investment and innovation by airports while retaining some control over misuse of their market power. The other important differentiator in regulatory frameworks globally is the consideration of revenues from non-aeronautical services. Leading airports like Sydney, Heathrow and JFK earn over 40% of their revenue from it. Airport regulators have faced the dilemma of whether to regulate only aero-revenue (dual-till approach) or combined revenue (single-till approach). A global consensus on this matter is yet to be achieved. The dual-till approach runs the risk that the airport operator may focus more on high yielding non-aero assets (hotels, entertainment facilities) and less on airport assets (runways, terminal buildings). Opponents of single-till approach argue that it doesnt encourage maximization of non-aero revenue opportunities, which could have helped cross-subsidize aeronautical expenses and reduce passenger charges.

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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AERAs ambit covers four dimensions of airport operationstariffs, quality of infrastructure & service, operational efficiency and competition. Effective regulation would ensure that right investments are made to provide quality service at reasonable prices while ensuring a fair return on investments for airport operators.

III.

The Act The Airports Economic Regulatory Authority of India Act, 2008 (27 of 2008) was passed

on 5th December 2008. It contains 7 chapters and 1 schedule. Preamble According to its preamble it provides for the establishment of an Airports Economic Authority to regulate tariff and other charges for the aeronautical services rendered at airports and to monitor performance standards of airports and also to establish an Appellate Tribunal to adjudicate disputes and dispose of appeals and for matters connected therewith or incidental thereto. Scope According to the preliminary chapter, the act applies to all airports where air transport services are operated or intended to be operated. The airports and airfields not under its scope are those belonging to or under the control of the armed forces or the paramilitary forces of the Central Government. It applies to all private and leased airports, all civil enclaves and all major airports. Chapter I The first chapter, in addition to the application, also defines important terms such as aeronautical services, airport, airport user, civil enclave, private airport, service provider, etc. it also includes the provision that any term not defined in this chapter shall be deemed to have the definition stated in the Airports Authority of India Act, 1994.

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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Chapter II Chapter II deals exclusively with the Airports Economic Regulatory Authority. It lays down the provision for the establishment of the Authority as follows: The Central Government shall, within three months from the date of commencement of this Act, by notification in the Official Gazette, establish and Authority, to be known as the Airports Economic Regulatory Authority, to exercise the powers conferred on, and the functions assigned to it, by or under this Act. It further defines the constitution of the Authority, the constitution of a Selection committee to recommend its members, terms of office of its members and their conditions of service, powers of the chairperson, removal and suspension of its members, the appointment of a secretary, advisors, experts, and other employees and officers of the Authority. It also lays down the procedure and details of meetings of the Authority, authentications, and conditions for the proceedings of the meetings of the Authority. Chapter III This chapter deals exclusively with the powers and functions of the Authority. It lays down the specific functions of the Authority relating to the fixing of tariffs for the aeronautical services offered at all major airports. It also states the constraints to be considered while determining these tariffs. Section 14 deals with the elaborate powers of the Authority to conduct investigations and call for information, etc. Section 15 states the power of the Authority to issue certain directions and Section 16 deals with its power of seizure. Chapter IV It provides for the establishment of an Appellate Tribunal to be known as the Airports Economic Regulatory Authority Appellate Tribunal to adjudicate any disputes of the nature mentioned in Section 17 of the Act. It also states the persons eligible to apply to the Tribunal for adjudication of disputes and the manner of such applications. Section 19 gives provisions regarding the composition of the Appellate Tribunal and Section 20 gives the provisions for the qualification of its members. Section 21 lays down the terms of office of the members and the subsequent section deals with the terms and conditions of service. Section 23 deals with

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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vacancies in the Appellate Tribunal and Section 24 deals with the resignation and removal of its members. One of the exclusive rights given to this Tribunal is embodied in Section 28, which states that no civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Appellate Tribunal is empowered by or under this Act to determine and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act. The next section lays down the procedures and powers of the Tribunal and the next section lays down the provisions for the right to legal representation. Section 31 lays down the provisions for appeals to the Supreme Court. Section 32 (2) states that the orders passed by the Tribunal shall be executable as a decree. Chapter V This chapter lays down the provisions for the finance, accounts and audit of the Authority. Chapter VI This chapter lays down the offences and the penalties for not complying with the directions of the Authority or the orders of the Tribunal or the directives under this Act. It also lays down the liability for the offences committed by companies and government departments. The penalty for willful non-compliance with the order of the Appellate Tribunal is a fine which may extend up to one lakh rupees, and it may be up to two lakh rupees for continued noncompliance. A similar penalty is prescribed for willful non-compliance with the directions given under this Act or an order of the Authority. Chapter VII This chapter includes miscellaneous provisions. These include directions by the Central government, bar of jurisdiction, protection of action taken in good faith, exemption from wealth

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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and income tax, cognizance of offence, delegation of powers, power of Central Government to supersede the Authority, powers to make rules, etc. Schedule I The schedule to the AERA Acts contains the amendments to the Aircraft Act 1934 and the Airports Authority of India Act 1994.

IV.

The Airports Economic Regulatory Authority (AERA) The Airports Economic Regulatory Authority (AERA) is a statutory body constituted

under the Airports Economic Regulatory Authority of India Act, 2008 (27 of 2008) notified vide Gazette Notification dated 5th December 2008. The AERA was established by the Government vide its notification no GSR 317 (E) dated 12.05.09 with its head office at Delhi. The statutory functions of the AERA as enshrined in the Airports Economic Regulatory Authority of India Act, 2008 are as below: (i) To determine the tariff for the aeronautical services taking into consideration. The capital expenditure incurred and timely investment in improvement of airport facilities. The service provided, its quality and other relevant factors. The cost for improving efficiency. Economic and viable operation of major airports. Revenue received from services other than the aeronautical services. The concession offered by the Central Government in any agreement or memorandum of understanding or otherwise. Any other factor which may be relevant for the purposes of this Act.

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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(ii) (iii)

To determine the amount of the Development Fees in respect of major airports. To determine the amount of the Passengers Service Fee levied under rule 88 of the Aircraft Rules, 1937 made under the Aircraft Act, 1934.

(iv)

To monitor the set Performance Standards relating to quality, continuity and reliability of service as may be specified by the Central Government or any authority authorized by it in this behalf.

(v)

To call for such information as may be necessary to determine the tariff under clause (a).

(vi)

To perform such other functions relating to tariff, as may be entrusted to it by the Central Government or as may be necessary to carry out the provisions of this Act.

Fig. 1 Organizational structure of AERA

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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AERA discharges its functions in accordance with the provisions of the Airports Economic Regulatory Authority of India Act, 2008. The Authority is a body corporate by the name above said, having perpetual succession and a common seal, with power to acquire, hold and dispose of property, both movable and immovable, and to contract, and shall by the said name, sue or be sued. The Authority and its employees use the following rules, regulations, manuals, instructions, and records for discharging its day to day functions: (i) The Airports Economic Regulatory Authority of India Act, 2008;

(ii) The Airport Authority of India Act, 1994. (iii) The Aircraft Rule, 1937. (iv) Rules made under the AERA Act. (v) Guidelines and Consultation papers; as available on the AERA website.

V.

AERA: Issues and Challenges AERAs ambit covers four dimensions of airport operationstariffs, quality of

infrastructure & service, operational efficiency and competition. Effective regulation would ensure that right investments are made to provide quality service at reasonable prices while ensuring a fair return on investments for airport operators. The privately operated airports (Delhi, Mumbai, Bangalore, Hyderabad) are regulated by contract by the government. They are also governed by the AAI Act and the Aircrafts Act, which set out the guidelines for servicing capital funding through levy of development fees and user-development fees. The concession contracts for these airports illustrate the principles of tariff fixation, which considers a hybrid-till approach (for Delhi and Mumbai) and dual-till (for Hyderabad and Bangalore) for determining tariffs. Given this, it is important for AERA to develop a set of guidelines that are consistent with the provisions of the AERA Act and other governing legislation, and, do not violate the provisions of existing covenants.

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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Some of the tariff-related issues that AERA would need to address include deciding the intensity of regulatory control (light v/s heavy handed), definition of aero and non-aero revenue, treatment of non-aero revenue (single v/s dual v/s hybrid till), calculation of the cost of capital, and the extent of differentiation between tariff formulas for different traffic slabs. From a pricing perspective, it is important to recognize that a step jump in quality of airport infrastructure and performance will entail substantial public and private sector funding and hence a corresponding increase in user charges. Private financing in airport projects is still at a nascent stage. It is, therefore, imperative to strike the right balance between regulatory objectives and affordability. While setting quality standards, the choice of benchmarks and norms would be critical. While some may expect our airports to be world class, it has to be seen in the context of the average Indian passengers ability to pay. While infrastructure related to safety and efficient operations should not be compromised, gold plating of capital investments in the name of aesthetics and passenger comfort would need to be identified, discouraged or even penalized by AERA. As evidenced by the experience of airport regulators in the world and regulators in other sectors in India (TRAI, SEBI, IRDA etc.), AERA would need to quickly develop systems, processes, infrastructure and institutional capacity for efficient regulatory oversight. The oversight activity would involve, inter alia, developing the framework for information collection; procuring, archiving, analyzing and evaluating the said information; passing regulatory orders; resolving disputes and proposing regulatory changes (if required). Regular interactions with stakeholders and information sharing with the general public would need to be undertaken to enhance transparency and credibility. The cost of regulation is likely to be recovered from the industry and hence from the travelling public. Care should be taken that the same does not become excessive. Judicious use of experts and academicians would help in keeping AERAs fixed costs low and in having access to a wider knowledge pool. Key members of AERA should be exposed to global best practices through training and interaction with other global airport regulators. The formation of AERA is a welcome step, and a long overdue one at that. The Real Situation

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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Though the Authority has been given the authority to set tariffs and standards for aeronautical services and development fees for major airports, it must do so by considering investments made, economic viability and concession agreements that have been signed. This provision that they must consider both concession agreements and economic viability and investments creates some ambiguity in handling cases where investment needs are unexpectedly high or industry conditions change. Therefore, though AERA is a regulatory authority is challenged by private airports who claim to be under no obligation to accept the Authoritys regulations of airport charges because they are governed only by their contracts which were entered into before AERA came into existence. The Mumbai and Delhi airports were allowed to charge development fee on clearance from the civil aviation ministry when AERA was not established. Moreover, there are also differences between the views of the Authority and the Ministry of Civil Aviation. The ministry is working on a new policy for the economic regulation of greenfield airports, overriding the airport regulators existing guidelines and opening another chapter in their ongoing tug-of-war. The Airports Economic Regulatory Authority (AERA) and the ministry are at odds over the method of calculating revenue for airport operators. While AERA says the 'single till' method favours flyers and airlines by keeping airport charges low, the ministry says it does not create an environment conducive to investments. The ministry believes that the sector needs investors and, therefore, greenfield airports may need a different policy because the proposed 'till' by AERA may not be possible to implement as there are doubts if it can ensure the promised return on equity to operators and attract enough investors. Experts say the new policy may not only exempt GMR-owned Hyderabad and GVKowned Bengaluru greenfield airports from the current method of determining returns, but also subvert a mechanism that AERA has decided on through transparent consultation. Private operators GMR and GVK had moved court last year against AERA's 'single till' model of determining tariffs and investor returns. Under 'single till', revenues from both aeronautical and commercial activities, such as operation of parking lots, hotels, retail and dutyfree shops, are taken into account to determine returns to operators and airport charges.

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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Ministry officials say that private developers are not upbeat about investing in the proposed Navi Mumbai airport as they feel the current regulatory approach cannot give adequate returns. The new policy may even do away with the requirement of a specific kind of 'till' for greenfield airports. AERA officials say that a policy should have been put in place before privatization was started and AERA was formed (in 2008), and not after a 'till' has been outlined. "The 'single till' guarantees an assured rate of return but investors say it doesn't leave scope for an upside in commercial revenues. But when we ask them how much upside they want, they don't know. They want an uncapped upside," AERA chairman Yashvant Bhave said. To illustrate the complexity of the situation, we will consider a few examples from the industry. Delhi International Airport Limited (DIAL) and AERA DIAL had proposed a development fee hike to recover its costs for the development of IGI airport (a PPP was entered into to expand and modernize the IGI airport whose first phase was completed in March 2010). Rejecting GMR-led Delhi airport's proposal for a seven-fold increase in airport charges, sector regulator AERA has suggested only a three-fold rise in these tariffs in a recent consultation paper, causing disappointment to the loss-making private developer. GMR-led consortium Delhi International Airport Ltd (DIAL) had asked the regulator for a 774% increase airport charges, which are levied for aircraft landing and parking, ground safety and handling services for passengers and cargo, and fuel supply for aircraft. But the Airport Economic Regulatory Authority has proposed only a 280% hike in the charges. This difference could translate into a possible revenue loss of almost Rs. 3,000 crore to DIAL from 2009-10 to 2013-14. The tariff increase would be effected from April this year for two years. Tariffs have not been hiked for 10 years. DIAL incurred a loss of 450 crore last fiscal and says it will lose 995 crore this fiscal. DIAL officials argue that the foreign partners in the consortium (Malaysia Airport and Fraport) expect a return of at least 20% on the equity, as the risk is too high in this sector. The regulator and DIAL stand poles apart in their projections and assessments in calculating airport tariffs. According to the AERA, traffic growth at Delhi airport is expected to be around 16% annually compared to 9% projected by DIAL.

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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The AERA in its consultation paper suggests a 16% return on equity to DIAL as opposed to the 24% that the private developer has asked for. The difference accounts for the variation of tariff revision. The Delhi airport's tariffs had been raised by 10% in 2009 as per the operation, management and development agreement (OMDA) it signed with the government and the Airports Authority of India (AAI). Industry experts reckon that every departing domestic passenger from New Delhi airport indirectly pays around Rs. 250 Rs. 280 as airport charges. If the airport regulator accepts DIAL's proposal , these fees could go up to as high as Rs. 1,600 1,800 per passenger. But some analysts, like KPMG's aviation director Amber Dubey, say airport charges have been amended only twice in the last decade, despite a significant increase in capital expenditure and operating costs. Moreover, Indian and foreign airlines have slammed the Delhi Airport operator's demand for an eight-fold hike in tariff, saying it would make the charges here even costlier than those levied at Singapore, Bangkok, Dubai and Hong Kong put together. The airlines, in their representations before the regulatory body AERA, have warned that such a massive hike would lead passengers to move away from Delhi airport. They have asked the government to revisit its revenue-share mechanism with DIAL. Airline representative bodies like the International Air Transport Association (IATA), Board of Airline Representatives in India (BAR-I) and Federation of Indian Airlines (FIA), have opposed the proposal to hike the navigation, parking and other charges known to the AERA. Noting that the proposed increase would lead "passengers choosing to transit through other airports" than Delhi, the BAR-I has made it clear that "the airlines cannot afford these escalating increases in cost and some (foreign) airlines have even started winding up their operations". An analysis of data published by IATA showed that even if a 148 per cent hike suggested by AERA was to go through, Delhi Airport charges in 2012 would be higher than Singapore, Bangkok and Dubai airports combined. If DIAL's own proposal were approved by AERA, then this year itself, it would be 20 per cent higher than the combined charges of the European hubs of London Heathrow and Frankfurt, the IATA data showed. The IATA has suggested that the government "must seriously consider reviewing the existing concession agreement" between

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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DIAL and the Airports Authority of India, under which the former has to give 46 per cent of the revenue earned from airport operations to the latter. The BAR-I also urged the government to consider using its 46 per cent revenue share "in some form or other to reduce the burden both of DIAL and subsequently of the airlines". IATA has estimated the full implementation of AERA's tariff increase proposal will decrease domestic and international traffic by 5.9 and 6.5 per cent, respectively. Defending their case before the AERA, DIAL had said the 774 per cent hike was being sought in accordance with the concession agreement with AAI and claimed that the User Development Fee would rise by an average of only about Rs. 400-500.

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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VI.

Conclusion

In conclusion, we see that the establishment of AERA, though meant to regulate the soaring tariffs of the private airports and create an environment for healthy competition, has created many conflicts among the entire Indian aviation sector. The tug between the Authority and private airport operators, the Authority and MoCA, and the private airport operators and airlines and passengers continues. AERA has been entrusted to find a solution to provide modernized and affordable air transport to passengers, determine appropriate tariffs for airports so that they may continue to offer modern services and make reasonable profits, and keep the tariffs reasonable so that passengers do not choose to transit through other airports. In order that AERA is able to execute these objectives, it purview should be broadened to include regulation of aeronautical as well as non-aeronautical revenue. This will ensure that the Authority is free to exercise its power to achieve the functions it has been established to serve. The regulation is important to ensure that the private sector does not gouge airlines and passengers. A transparent, equitable and future-oriented regulatory regime will help usher in an (A)era of better airports and greater passenger comforts at an affordable cost.

References 1. The Financial Express, http://www.financialexpress.com/news/the-key-issues-andchallenges-for-aera/530612/0 2. www.aera.gov.in 3. The Airports Economic Regulatory Authority (Bare) Act, 2008. 4. N.K. Singh and J.S. Wallack, Moving India: Policies and Priorities in Transport Sector Reform, http://scid-new.stanford.edu/system/files/shared/Wallack-Singh_9-14-09.pdf

Airports Economic Regulatory Authority of India Act: Issues and Challenges Assignment-I

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5. S. Chaudhuri, Impact of privatisation on performance of airport infrastructure projects in India: a preliminary study, International Journal of Aviation Management, Vol. 1, No. 12/2011, pp. 40-57, 2011, Inderscience Enterprises Ltd., doi: 10.1504/IJAM.2011.038292. 6. The Economic Times, Aviation ministry, AERA at loggerheads over method of defining revenues, Feb 13, 2012. 7. The Economic Times, AERA rejects GMR demand for 7-fold hike in airport charges, Jan 5, 2012. 8. The Economic Times, Airlines lambast Delhi International Airport Limited's plea for major hike in airport charges, Mar 4, 2012. 9. Airports Authority of India Traffic Update, December 2011, www.aai.aero

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