Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the better-wp-security domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/wp-includes/functions.php on line 6114
Air India budget allocation increased to $1.6 billion – Bangalore Aviation

Air India budget allocation increased to $1.6 billion

February 18, 2009 Comments Off on Air India budget allocation increased to $1.6 billion 232 Views

In a bid to strengthen the financial position of Air India, the Indian government yesterday substantially increased the allocation for its holding company, National Aviation Company of India Ltd. (NACIL), by about Rs 4,029 crore (approx $806 million) in the interim Budget 2009-2010. Almost the entire increase in allocation for the Ministry of Civil Aviation (MoCA) was cornered by NACIL, with the airline being earmarked Rs 8,165.64 crore ($1.633 billion), up against the revised estimate of Rs 4,136.89 crore for 2008-2009.

MoCA received a total allocation of Rs 12,164.76 crore, compared with the revised 2008-2009 estimate of Rs 7,490.06 crore, a hike of almost Rs 4,675 crore. The move came in the backdrop of Air India seeking enhancement of its equity and a soft loan to meet the growing expenditure on its ongoing aircraft acquisition programme of buying 111 planes.

A provision of Rs four crore was also made, for salaries and other administrative infrastructure was also made in the non-plan budgetary allocation of the Ministry for the newly-created Airport Economic Regulatory Authority (AERA), whose Chairman and two members are yet to be appointed.

About Devesh Agarwal

A electronics and automotive product management, marketing and branding expert, he was awarded a silver medal at the Lockheed Martin innovation competition 2010. He is ranked 6th on Mashable's list of aviation pros on Twitter and in addition to Bangalore Aviation, he has contributed to leading publications like Aviation Week, Conde Nast Traveller India, The Economic Times, and The Mint (a Wall Street Journal content partner). He remains a frequent flier and shares the good, the bad, and the ugly about the Indian aviation industry without fear or favour.

Check Also

In new strategy Etihad invests in Darwin Airlines, re-brands it Etihad Regional

by Devesh Agarwal Etihad Airways, the national carrier of the United Arab Emirates, today announced …

+OK
+OK