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.
Yield gaps in wheat production in India can be countered with an earlier sowing date, says a University of Michigan researcher. Using a new way to measure wheat yields, Meha Jain, assistant professor at the U-M School for Environment and Sustainability, found that the wheat yie
Kharpariya village, about 50 km from the headquarters town of Madhya Pradesh’s Mandla district, is like many villages in the region, home to the Baiga, deemed a particularly vulnerable tribal group (PVTG) for whom permanent contraception methods are banned to prevent extinction. However, care for p
Somabhai Modi says he remembers only one occasion when he offered his younger brother prime minister Narendra Modi advice regarding work. This, he says, was when Modi was chief minister of Gujarat. After one of his weekly grievance redressal sessions, the then chief minister had enquired after the well-b
Should ration cards not linked to Aadhaar be rendered ineligible?
INS Kiltan, the third anti-submarine warfare (ASW) stealth corvette built under project 28 (Kamorta class), was commissioned into the Indian Navy by defence minister Nirmala Sitharaman at the naval dockyard in Visakhapatnam. The anti-submarine warfare stealth corvet
Maharatna enterprise, Steel Authority of India Ltd. (SAIL) has supplied defence grade micro-alloyed grade of steel (DMR 249A) steel plates for the indigenously built anti-submarine warfare (ASW) stealth corvette INS-Kiltan commissioned into Indian Navy. SAIL’s integ