Air India to get Rs.5,000 crore as budgetary support

February 28, 2013
New Delhi, Feb 28: Finance Minister P. Chidambaram Thursday proposed to pump in Rs.5,000 crore ($909.09 million) into ailing national carrier Air India in the next fiscal. airindia

"Budgetary support of Rs.5,000 crore has been earmarked for equity infusion in Air India Limited," said the expenditure budget presented to the Lok Sabha for the financial year starting April 1, 2013.

In his last budget (2012-13), then finance minister Pranab Mukherjee had allocated Rs.4,000 crore for the flag carrier.

The flag carrier has received substantial support from the government to revive itself under the turnaround and financial restructuring plan which were approved by the union cabinet last year.

Under the turnaround and financial restructuring plans includes equity for cash deficit support of Rs.4,552 crore till fiscal 2021, equity for already guaranteed aircraft loan of Rs.18,929 crore till fiscal 2021.

The national carrier is expected to start generating profits from normal operations by the end of the current fiscal March 31, according to the Economic Survey 2012-13 tabled in the parliament Wednesday.

The survey said that the airline has been able to achieve targets set in the turnaround plan and is expected to become EBIDTA (earnings before income, taxes, depreciation and amoritisation) positive.

Meanwhile, other government aviation bodies such as the Airports Authority of India (AAI) has been allocated Rs.42 crore, out of which Rs.32 crore has been earmarked for its project at Pakyong airport, Sikkim.

The aviation regulator, the Directorate General of Civil Aviation (DGCA), has been allocated Rs.30 crore to pursue its plan schemes.

In last year's budget AAI had been allocated Rs.280 crore, out of which Rs.80.52 crore has been earmarked for airport development in the northeastern states. While, DGCA had been provided Rs.60 crore.

Other provisions in the budget include Rs.10 crore for the Bureau of Civil Aviation, while Rs.5 crore has been provided to Hotel Corporation of India for renovation of its hotels and flight kitchen.

Aero Club of India has been provided grants-in-aid of Rs.eight crore.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 4,2020

Srinagar, Apr 4: Two militants were reportedly killed in an encounter with security forces in Kulgam district of Jammu and Kashmir on Saturday, police said.

The security forces launched a cordon and search operation based on intelligence inputs about the presence of militants in Hardmand Guri village in Kulgam, a police spokesperson said.

"This operation based on a credible police input was launched this morning. Two terrorists have been reportedly killed so far," the spokesperson said, adding that the exchange of fire was going on.

Earlier, the police tweeted on its official handle that three militants had been trapped in the cordon. "Same group of #terrorists trapped who killed 3 civilians recently," the police said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 9,2020

New Delhi, Apr 9: With an increase of 540 positive COVID-19 cases reported in the last 24 hours, India's tally of coronavirus cases has risen to 5,734, said the Ministry of Health and Family Welfare on Thursday.

Out of the 5,734 cases; 5,095 are active COVID-19 cases and 472 cases have been recovered/discharged and one case migrated.
The death toll has also risen to 166 after 17 new deaths were reported in the last 24 hours.

Maharashtra is the worst-hit state 1,135 positive cases so far and while Tamil Nadu is second with 738 positive cases. Delhi's tally has risen to 669 cases. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 29,2020

New Delhi, Mar 29: The battle against coronavirus is a tough one and it required harsh decisions to keep India safe, said Prime Minister Narendra Modi in his first Mann Ki Baat after the 21-day lockdown was imposed in the wake of COVID-19 outbreak.
"The battle against COVID-19 is a tough one and it did require such harsh decisions. It is important to keep the people of India safe. A disease must be dealt with at the very beginning as delay makes it incurable," said Prime Minister Modi.
He said that as the coronavirus has put the entire world in lockdown, so "India is doing the same."
"It is a challenge before everyone, science and knowledge, poor and rich, powerful and weak. It is neither restricted to a nation nor region or particular weather. This virus is bent upon killing human beings, eliminating them. Hence all of us, the entire humanity, must unite and resolve to eliminate it," he added.
Addressing the 63rd edition of his monthly radio programme 'Mann Ki Baat', the Prime Minister had sought forgiveness from all countrymen, and especially the poor, for the nationwide lockdown in the country in the view of the novel coronavirus.
During his address to the nation on March 24, the Prime Minister had announced a 21-day nationwide lockdown to contain the spread of the deadly virus. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.