The Aviation Ministry saw a 115 per cent dip in its budgetary allocations this year as the outlay for the ministry stood at Rs 4,500 crore for the FY 2019-20 against Rs 9,700 crore during the last year, reports The Economic Times.
The Centre has released Rs 480 crore for the regional connectivity scheme (RCS) UDAN, which is set up for the revival of 50 airports and filling the viability gap in the Northeast. The UDAN scheme was given 441 crore in 2018-19.
Interestingly, the Center has allocated a mere Rs 1 lakh for the revival of Air India which was granted Rs 3,975 crore last year. However, a special purpose vehicle (SPV) has been set up with the aim of financial restructuring of the debt-trapped national carrier.
Air India’s SPV has been earmarked with Rs 2,600 crore this year, double of Rs 1,300 crore allotted last year Air India had a total debt of over Rs 58,300 crore by the end of 2018-19.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.