Colombo: Sri Lanka's controversial wartime defence secretary Gotabaya Rajapaksa is all set to lead the country after ruling party candidate Sajith Premadasa conceded the hotly contested presidential poll on Sunday, marking the return of the powerful Rajapaksa dynasty known for its pro-China tilt, amidst security challenges following the Easter Sunday terror attacks that killed 269 people.

Rajapaksa, 70, who will succeed President Maithripala Sirisena, urged his supporters to "rejoice peacefully".

"As we usher in a new journey for Sri Lanka, we must remember that all Sri Lankans are part of this journey. Let us rejoice peacefully, with dignity and discipline in the same manner in which we campaigned," the retired lieutenant colonel said in a tweet.

Rajapaksa had vowed to "restore relations" with Sri Lanka's top lender, China, if he wins the election, despite international concerns over the island nation's financial debt to the Asian superpower.

Premadasa, 52, meanwhile, was considered leaning more towards India and the US.

He conceded the presidential election to his rival even before the official results were announced by the Elections Secretariat. He also stepped down as the Deputy Leader of the ruling United National Party (UNP) with immediate effect.

"It is my privilege to honour the people's decision and congratulate Mr. Gotabaya Rajapaksa on his election," Premadasa said.

"I am grateful our citizens who voted for me. I am humbled that you placed your faith in me. Your support has been a fountain of strength throughout my political career," he said on Twitter.

"In light of today's decision by the electorate, I have decided to step down as Deputy Leader of the United National Party (UNP) with immediate effect," he said in a statement.

Rajapaksa stormed ahead of Premadasa in the tightly contested presidential election in the early results declared Sunday morning.

The retired lieutenant colonel, who was the top defence ministry bureaucrat for 10 years, swept the poll in the Sinhala majority districts while Premadasa garnered most of the votes from the Tamil dominated north and east of the country.

Rajapaksa is expected to be declared as the President of Sri Lanka for a five-year term in the evening with a majority of over a million votes, officials said.

The turnout in the election was more than 80 per cent.

Meanwhile, Prime Minister Ranil Wickremesinghe, who is expected to step down after the result, is set to hold his final Cabinet meeting in the afternoon.

The current Parliament cannot be dissolved at least before February next year. Wickremesinghe cannot be removed unless he steps down.

It is believed that Rajapaksa, after taking over as the President, would appoint his elder brother and former strongman Mahinda as the Prime Minister.

Rajapaksa will replace Maithripala Sirisena as the country's next president for a five-year term. Sirisena had ended Mahinda's nearly a decade-long rule in 2015.

Premadasa, the son of assassinated president Ranasinghe Premadasa, is a seasoned politician with an experience of more than 25 years in the power corridors, enjoying the support of the minority Tamils with his 'man of the commoner' image.

Premadasa heavily banked on his 'man of the commoner' image - a legacy of his father Premadasa, the country's president between 1989 and 1993 until the LTTE assassinated him in 1993.

Premadasa senior was considered as the "man of the poor".

The Rajapaska senior's legacy of ending the Tamil separatist war has made him the darling of the Sinhala Buddhist majority. Gotabhaya was his top defence ministry official who supervised the military operations against the LTTE. While doing so, he acquired the reputation of a ruthlessly efficient administrator.

Rajapaksa's victory marks the return of the family to the pinnacle of power in the island after they were surprisingly ousted in the previous presidential poll.

According to observers, with pro-China Rajapaksa in the fray, India is keeping a close watch on the election results as its outcome will have a bearing on the country's presence in the Indian Ocean region where Beijing is increasingly making its inroads.

China, which has acquired Sri Lanka's Hambantota port in 2017 as a debt swap, has been ramping up its ties with the island nation and expanded its naval presence in the Indian Ocean with an established logistics base in Djibouti.

Beijing in July gifted a warship to Sri Lanka, in a growing sign of its deepening military cooperation with the strategically located island nation in the Indian Ocean.

The Lanka election took place nearly seven months after homegrown radicals pledging loyalty to the Islamic State terror group detonated suicide bombs at three churches and three posh hotels, killing 269 people, seriously hitting the tourism industry, one of the main forex earning sectors of the country.

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New Delhi (PTI): The government has exclusive powers in extraordinary circumstances to cap airfares but it is not a single-way solution, Civil Aviation Minister K Rammohan Naidu said on Friday amid rising concerns over high air ticket prices.

Replying to a debate on a private member's resolution on 'Resolutions: Appropriate Measures to Regulate Airfare in the Country' in the Lok Sabha, the minister also mentioned about non-availability of aircraft and that discussions are on to make planes in India.

The resolution, which was later withdrawn, was moved by Congress member Shafi Parambil.

There are multiple levels in the aviation ecosystem and various aspects, including the viability of airlines, he noted.

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Earlier this month, the civil aviation ministry imposed a distance-based cap on domestic airfares in the wake of the IndiGo flight disruptions.

Domestic air ticket pricing remains "on par with other nations" and it would not be feasible for the government to cap airfares across the nation, Naidu said.

According to the minister, a deregulated market ultimately benefits consumers and that ticket prices typically rise during festive seasons.

He also emphasised that deregulation remains central to the growth of civil aviation.

"If we want the civil aviation sector to grow, the first and foremost requirement is to keep it deregulated so that more players can enter the market."

However, the minister also said that deregulation does not give the airlines a free hand and the government retains powers to intervene when needed.

Naidu said that state-owned Alliance Air has started a three-month pilot scheme of fixed airfares and after looking into how much it has benefited passengers as well as the feedback, the ministry might also consider a similar plan for private airlines.

Stressing that capping airfares is not a "single-way solution", the minister said that in comparison internationally, the rate of growth in airfares in India has been negative, in relative and real terms.

"There has been a 43 per cent decrease in airfares when you consider the Consumer Price Index (CPI), inflation...," he said and added that airfares are affordable.

However, Naidu did not mention about the time frame for the comparison.

"The government has exclusive powers in extraordinary circumstances when they feel that when airfares are rising above the normal and becoming abnormal, we are taking it up...," Naidu said.

Listing out the bottlenecks, the minister said the main issue is about the availability of aircraft.

Indian carriers have more than 1,700 aircraft on order but global supply chain problems have been delaying the deliveries.

In this context, Naidu mentioned about the efforts to make planes in India.

"This government has taken a stance that we are not going to wait for these aircraft to be built... We are going to create a programme where aircraft can be built in the country. We should have a Made in India aircraft.

"There is Russian Sukhoi SJ-100 which is a regional aircraft. We are talking with them. HAL is engaging with them. They have (signed) MoU (memorandum of understanding). They are going to get technology here so that we can build the plane here," the minister said.

According to Naidu, talks are also happening with Brazilian aircraft maker Embraer.

"We are telling them to come to India and manufacture here," he said.

Participating in the debate, Congress member Varsha Gaikwad claimed air travel is not for comfort of common man today but a way to harass and loot them.

"There is loot in airfares... A ticket that earlier used to cost around Rs 5,000 to Rs 6,000 now costs Rs 25,000 to Rs 30,000. There are several hidden charges which are imposed on air tickets booking. Several airlines have closed down or merged, which have led to a monopoly of airlines and the repercussions of which are faced by the public, an example of which we all saw last week," she said.

Samajwadi Party MP Ramashankar Rajbhar said when some companies have control of operations, they decide the fares as per their own will which leads not just to competition but fear of overpricing.