 "Air India's projected net loss for 2017-18 less than 2016-17")
Air India’s projected net loss for 2017-18 is estimated at over Rs 35 billion, which was less than the provisional figure for 2016-17, government said in the Rajya Sabha on Tuesday.
Civil Aviation Minister Ashok Gajapathi Raju said in a written reply that the projected net loss of Air India in the budget estimates for 2017-18 (provisional) stood at Rs 35.79 billion as against Rs 36.43 billion (provisional) for the year 2016-17.
During Question Hour, he said the Cabinet Committee on Economic Affairs (CCEA) has only given an “in principle approval” for strategic disinvestment of Air India and a committee of specific alternative mechanism has been constituted which has sought suggestions in this regard.
Replying to supplementaries on the proposed sale of state-owned Air India, Raju said the specific alternative mechanism will guide the process of strategic disinvestment from time to time.
The committee is headed by Finance Minister Arun Jaitely and has Commerce Minister Suresh Prabhu, Transport Minister Nitin Gadkari and Railway Minister Piyush Goyal.
“This panel will take a decision as to what has to happen there. As of now, if any suggestion from any quarter are welcome and the government will take them into consideration. The ultimate idea is to make Air India a vibrant airline with a professional management. Without professionalism in the management, there is hardly going to be any improvement in Air India,” the minister told Rajya Sabha.
In reply to a specific query, Raju said only an “in principle approval” has been given on the disinvestment.
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