According to officials, the government has made it clear that the state-owned airline has to improve its performance if it is looking out for more grants from the former
GN Bureau | December 21, 2016
National carrier Air India will get only Rs 80 crore as additional budget support in the current financial year from the government – much below its demand of Rs 2,200 crore, reported The Business Standard.
The government has agreed to release a ‘meagre’ grant despite the fact Air India’s chairman and managing director Ashwani Lohani had written to the former that funds crunch might derail the turnaround process of the state-run airline.
“Civil aviation ministry’s concerns over requisite funds were accepted by the finance ministry but the latter expressed its inability to accept the full demand,” the newspaper quoted a civil aviation ministry official.
According to AI officials, though, the Rs 80 crore being offered is too negligible an amount to be invested in an airline. The government has made it clear that the state-owned airline has to improve its performance if it is looking out for more grants from the former.
“The money comes from the Consolidated Fund of India. Every company has to show some performance to get more funding,” said an official.
The newspaper further reported that Lohani had written to the civil aviation ministry in November saying that because of the airline’s huge debt burden, a reduced equity infusion would put the airline’s expansion plan in jeopardy.
He underlined that the airline would be forced to raise temporary loans from the banks to bridge the liquidity gap, thus endangering the liquidity and survival of the company.
Air India has debt of Rs 46,000 crore and has annual interest outgo of around Rs 4,000 crore, the report said.
Public sector undertakings (PSUs) can become more efficient only through discipline, said Anil Swarup, secretary, department of school education and literacy, ministry of human resource development. Speaking at the 2nd India PSU IT Forum organised by Governance Now on Wednesdaty, Swarup laid
Tejas Express, a semi-high speed train, is supposed to run at 200 kmph. But, on its inaugural run between Mumbai to Karmali (Goa), it touched a maximum speed of 110 kmph. A few days before it was flagged off by railway minister Suresh Prabhu on May 22, Indian Railways claimed that the train
The National Human Rights Commission has issued a notice to the Jharkhand government and sought a report over 1,000 children being reportedly abducted and recruited by Maoists over the past few years. The commission cited a news article and said that it brings forth the sta
In 1998, as a 12-year-old, I was fascinated by the spectacle on display in the streets of Chandni Chowk, where I grew up, during the Chaudhvin Ka Chand festival, which recreated the Mugh
What restricts MOOCs’ acceptance despite having credits? It is just a matter of time. India has been used to the traditional way of education. However, the fact that India is the second biggest learner base for edX, after the United States, speaks volumes ab
Sameer Srivastava, a school topper from Meerut in Uttar Pradesh, wanted to study in an IIT like any other engineering aspirant. But getting into an institution where only less than one percent of the applicants are selected was a big hurdle. Not cutting the IIT mark, Sameer decided to settle for an