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.
In order to resolve a tax-dispute between Indian Oil Corporation Limited (IOCL) and government of Odisha, a meeting was held between minister of state (I/C) for petroleum & natural gas Dharmendra Pradhan and Odisha chief minister Naveen Patnaik in New Delhi. During the meeting, Pradhan
Steel Authority of India Ltd. (SAIL) chairman, PK Singh, during his recent visit to SAIL’s Rourkela Steel Plant (RSP), laid emphasis on product differentiation and said the enterprise has to match the best in quality, variety and standards. “In the present circumstances, only th
Bharat Heavy Electricals Limited (BHEL) has added another feather to its cap by securing export orders from Chile and Estonia. This has helped BHEL to expand and consolidate its footprint in the international market. With maiden orders for transformer bushing from Niquel Electric Ltd, Chile
India uses a mix of two systems in elections. The first-past-the-post system is used in the elections to the Lok Sabha as well as the state assemblies, while proportional representation is used during Rajya Sabha and presidential polls. Now, an all-party Parliamentary panel
Martin Shkreli, a former hedge fund manager who is infamous for overnight spiking up the price of a lifesaving drug by 5,000 percent, was convicted on three counts of fraud in an American federal court on August 4. Shkreli is now staring at an incarceration period of up to 25 years. The order cheered up
The Comptroller and Auditor General (CAG) has noticed irregularities in the way the income tax department (ITD) carried out the assessment of Zero Tax Companies. Several companies that were having large profit from business and distributing substantial portion of the income