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Wednesday, 03 January, 2018, 16 : 00 PM [IST]
Unviable to provide financial support to Air India: NITI Aayog

NITI Aayog has said in its report on the debt-laden Air India that it was "unviable" to provide financial support to the national carrier, the Centre told Parliament Tuesday. Air India has a debt of INR 51,890 crore. The government has initiated a process for strategic disinvestment of Air India as part of efforts to revive the national carrier.

As part of a turnaround plan approved by the previous UPA dispensation, Air India was to receive a bailout package of up to INR 30,231 crore for a period of 10 years, starting in 2012. "NITI Aayog in its report on Air India has stated that further financial support to an unviable non-priority company in a matured and competitive aviation sector would not be the best use of scarce financial re-sources of the government," Jayant Sinha, Minister of State for Civil Aviation, Government of India, told the Rajya Sabha in response to a question.

Source: PTI