{"id":90139,"date":"2026-06-05T00:00:00","date_gmt":"2026-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=90139"},"modified":"2026-06-05T10:00:06","modified_gmt":"2026-06-05T10:00:06","slug":"this-afternoon-usd-1-bn-fund-to-subsidize-atf-as-airlines-cut-routes-bond-taxes-scrapped-to-draw-foreign-capital","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/05\/this-afternoon-usd-1-bn-fund-to-subsidize-atf-as-airlines-cut-routes-bond-taxes-scrapped-to-draw-foreign-capital\/","title":{"rendered":"THIS AFTERNOON: USD 1 bn fund to subsidize ATF as airlines cut routes + Bond taxes scrapped to draw foreign capital"},"content":{"rendered":"

Good afternoon, lovely people. <\/strong>We are closing out the week with a heavy focus on the policy maneuvers New Delhi is deploying to shield the economy from the fallout of the regional conflict.<\/p>\n

The big story today:<\/strong> Abu Dhabi\u2019s sovereign wealth fund continues its deep dive into the Indian market, writing a USD 675 mn check to anchor Kotak's new real estate fund while also backing Acme Solar\u2019s institutional placement.<\/p>\n

BUT FIRST- The latest war updates: <\/strong>An Indian national was killed and 13 others<\/a> injured in an attack on Kuwait International Airport on Wednesday. The attack was the first fatal incident in the Gulf since the 8 April ceasefire between Iran, US and Israel. The strike caused extensive damage to the terminal and left dozens injured despite ongoing diplomatic efforts to preserve the truce.<\/p>\n

India shields airlines from fuel shock<\/p>\n

<\/a> USD 1 bn support for airlines: <\/strong>The Indian government is establishing an INR 100 bn (USD 1.05 bn) financial buffer to subsidize aviation turbine fuel (ATF) as the ongoing conflict in the Middle East drives up regional energy costs, according to a Civil Aviation Ministry press release<\/a>.<\/p>\n

The mechanics: <\/strong>The government will issue no-interest credit to oil marketing companies to bridge the widening variance between volatile, market-linked international jet fuel benchmarks and the controlled rates offered to commercial carriers. This move is meant to support domestic and international air carriers in offsetting higher input costs. Aviation turbine fuel traditionally accounts for up to 40% of a commercial carrier's total operational expenditures.<\/p>\n

The backstop lands as major domestic airlines grapple with intensifying fiscal strain.<\/strong> IndiGo, India\u2019s largest airline, reported an INR 25.4 bn (USD 270 mn) loss for 4Q FY 2026<\/a>, with steep ATF prices and a weaker INR pushing expenses up 31% y-o-y. Airlines have warned that a further hike in ATF<\/a> prices could prompt the carriers to suspend operations.<\/p>\n

Route cuts are already hitting the ground as low-cost carrier IndiGo prepares to halt operations to six international destinations starting 1 July<\/strong>, Reuters<\/a> reports. The affected destinations are Hong Kong, Shanghai, Langkawi, Krabi, Ho Chi Minh City, and Siem Reap, with bookings expected to reopen from 1 October, or earlier, if conditions improve. The international pullback follows IndiGo\u2019s move to trim its scheduled domestic operations for June and July by 7-10%. Meanwhile, Tata Group-owned rival Air India took a sharper scalpel to its schedule, slashing domestic capacity by 22% over the same two-month window.<\/p>\n

Tax cuts to boost foreign investment<\/p>\n

<\/a> India has scrapped its 12.5% long-term capital gains tax on foreign portfolio investments in government bonds<\/strong>, as per a government ordinance<\/a>. The exemption is designed to draw overseas capital and prop up the INR, which has faced steady downward pressure from high crude prices and persistent equity outflows that are straining the country's external balances.<\/p>\n

Sweetening the agreement: <\/strong>The government has also scrapped the steep 20% withholding tax that foreign investors currently pay on interest earned from sovereign debt. The exemption applies retrospectively from 1 April, 2026. Alongside the tax changes, the Reserve Bank of India expanded the fully accessible route to include new issuances of 15, 30 and 40-year government bonds, widening access for global investors.<\/p>\n

Why this matters: <\/strong>Removing these taxes could boost net yields on INR-denominated sovereign bonds at a time when the asset class is significantly outperforming Indian equities. While foreign investors have dumped a staggering USD 28 bn in Indian equity markets this year, they have continued to park capital in government debt, injecting USD 1.4 bn this year.<\/p>\n

Incentives for nickel and lithium<\/p>\n

<\/a> India\u2019s Mines Ministry is preparing to unveil a new incentive package worth INR 30 bn (USD 313.4 mn) to scale up the domestic processing of lithium and nickel<\/strong>, Reuters<\/a> reports, citing anonymous sources.<\/p>\n

Why it matters: <\/strong>India remains heavily dependent on China for the critical metals that anchor the electric vehicle supply chain. New Delhi has set ambitious green transition targets to hit 30% electric car adoption and 80% electric two-wheeler penetration by 2030 \u2014 a massive leap from current market shares of less than 10%. Achieving this scale of adoption requires an ironclad domestic supply chain, and the proposed policy explicitly targets this midstream vulnerability by subsidizing the conversion of raw or intermediate minerals into battery-ready inputs.<\/p>\n

The Gulf connection: <\/strong>Boosting local refining capacity is also poised to unlock deeper cross-border supply chains with strategic partners in the Gulf. India-based Lohum is already building a Sharjah facility<\/a> to process lithium-ion battery waste from the Middle East and Africa into black mass, which will be shipped to India for refining. The upcoming INR 30 bn incentive scheme could make similar feedstock and processing partnerships more commercially viable.<\/p>\n

The big story abroad<\/p>\n

Private credit is back under the microscope<\/strong> after renewed second-quarter redemption pressure forced some of the sector's biggest managers \u2014 BlackStone and Partners Group \u2014 to curb withdrawals<\/a> from flagship funds. The pressure is being driven by fears over software exposure, valuations, and limited transparency.<\/p>\n

Elsewhere, SpaceX is telling banks it will not move from its USD 135-a-share IPO price<\/strong> as the firm\u2019s roadshow, which kicked off yesterday, is already seeing what sources are describing as insatiable demand<\/a>.<\/p>\n

Closer to home, Hezbollah has <\/strong>rejected<\/a><\/strong> the ceasefire in Lebanon<\/strong>, while Israel said it would not withdraw troops from the country in another blow to the potential US-Iran agreement. Iran had said there would be no agreement without a ceasefire in Lebanon.<\/p>\n

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Plus: Incentives for nickel and lithium<\/p>\n","protected":false},"author":1,"featured_media":90140,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2403],"tags":[2458,2928,2543,2402,2688,2738,2401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-aviation","tag-bonds","tag-critical-minerals","tag-enterpriseam-india","tag-foreign-portfolio-investors","tag-supply-chain","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"e73aa982-2213-4b5e-a46e-1a6304b36660","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/6\/358.jpg","photo_position":"above","homepage_title":"","full_issue_title":"USD 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