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Air India to get equity infusion of Rs 5,500 crore
Air India will get an equity infusion of Rs 5,500 crore (Rs 55 billion) in 2014-15, as per the interim budget presented in Parliament on Monday.
Air India has been allocated Rs 5,500.10 crore (Rs 55 billion) as equity infusion during the year, with the total plan allocation for the Civil Aviation Ministry standing at Rs 5,720 crore (Rs 57.2 billion) and its non-plan expenditure estimated at Rs 657.98 crore (Rs 6.57 billion).
Seven new airports are currently under construction, Finance Minister P Chidambaram said in his budget speech.
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Interim Budget 2014-15: Complete Coverage
Air India to get equity infusion of Rs 5,500 crore
The Airports Authority of India was provided with a budgetary support of Rs 74.7 crore (Rs 747 million), including Rs 22 crore (Rs 220 million) for construction of a new airport in the hilly region of Pakyong in Sikkim.
This ‘token’ provision was made to AAI towards its share of the foreign travel tax collected by the government.
The scheme was discontinued in 2001 following which the state-run airports body was allowed to levy passenger service fee.
Budgetary support of Rs 50 crore (Rs 500 million) was earmarked for the Directorate General of Civil Aviation to pursue Plan schemes, including training projects, IT and e-governance projects, construction of a DGCA Bhavan and setting up of a Joint Training Academy.
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Interim Budget 2014-15: Complete Coverage
Air India to get equity infusion of Rs 5,500 crore
The Bureau of Civil Aviation Security was allocated Rs 40 crore (Rs 400 million) for procurement of security and IT items along with radiological detection equipment.
A provision was also made for restructuring BCAS and construction of its headquarters.
The Indira Gandhi Rashtriya Uran Akademi, located in UPA Chairperson Sonia Gandhi's Rae Bareli constituency, has been provided with grant of Rs 5.10 crore (Rs 51 million).
An amount of Rs 10 lakh (Rs 1 million) each was provided to Hotel Corporation of India for renovation of its hotels and flight kitchen and to the Aero Club of India to strengthen its facilities.
Interim Budget 2014-15: Complete Coverage