Air India, which has been posting losses for years now, has a debt of around Rs 46,000 crore
GN Bureau | December 19, 2016
“There is an idea circulating that Air India will do better if its debt is restructured,” union civil aviation minister Ashok Gajapathi Raju told Hindu BusinessLine.
The minister, however, also stressed the need to evolve a consensus on the matter within his own ministry. “Once you convince yourself, it is easier to convince the others”.
Air India has been posting losses for years now and has a debt of around Rs 46,000 crore.
Raju said: “I am not someone who will indulge in ‘Air India-bashing’, but neither am I going to commit the taxpayers’ money for eternity.” He said the central government was willing to help the airline “pull up its socks as they have done India proud on several occasions”.
The minister added that though debt restructuring will throw the national carrier a lifeline, the ministry has to discuss the benefits of such a move.
“We have to discuss the pros and cons and everyone has to be make-up their mind. Within ourselves, we are not democratic. Just because you have the power to overrule does not mean we should use that power. No one is ‘Mr-Know-it-all’. We have to take all their suggestions,” he was quoted as saying.
Raju said the central government is willing to talk to players who may be interested in picking up a stake in Air India.
He noted that the government was willing to help private airlines too, albeit with policy benefits, but they will have to get their economics right. “We did some hand-holding for SpiceJet, and because of that, we were able to save about 5,000 jobs. SpiceJet too has recovered well now,” he said.
Before privatisation and corporatisation, the Indian Railways need to undertake major reforms including commercial accounting, decentralisation and human resource among others, said Bibek Debroy, economist and member, NITI Aayog at Railways Reforms and Governance Conclave organised by Governance Now on Fri
NTPC Ltd has raised Rs 2,000 crore through green masala bonds in overseas market under its $4 billion medium term note programme, union minister Piyush Goyal informed the Lok Sabha. The proceeds of these bonds will be used for financing renewable energy projects in accordance with applicable
It’s been over a month since the power centre in Tamil Nadu shifted from Poes Garden to Greenways Road in Chennai. The thirteenth chief minister of the state, Edappadi K Palanisami, is taking baby steps to bring about a change in the state which has been battling political uncertainty for the past fe
When her husband died last year, 60-year-old Chakkamma was not sure whether she would be able to have some money of her own: she has a son who looks after her, but she wanted to maintain a degree of independence. Opportunity came knocking when the Tamil Nadu government, as part of its Pudhu Vaazhvu (or new
Should Shiv Sena MP Ravindra Gaikwad be arrested for assaulting an Air India employee?
The Railways was unable to meet its operational cost of passenger and other coaching services. During 2014-15, there was a loss of Rs 33,821.70 crore on passenger and other coaching services. The freight services earned a profit of Rs 38,312.59 crore which indicated that 88.28 percent