Air India gets more equity
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Air India will get more equity infusion in the next fiscal year 2014-15.
According to the interim budget presented by P Chidambaram, Minister for Finance in India, Air India has been allocated US$887.52 million (INR5,500 crore) as equity infusion during the year, with the total plan allocation for the Ministry of Civil Aviation (MoCA) standing at INR5,720 crore and its non-expenditure estimated at INR657.98 crore.
The Airports Authority of India (AAI) has been provided budgetary support of INR74.7 crore, including INR22 crore for construction of a new airport in the hilly region of Pakyong in Sikkim. The DGCA has also been allocated INR50 crore to pursue plan scheme, including training projects, IT and e-governance projects, construction of a DGCA Bhavan and setting up a joint training academy.
The Bureau of Civil Aviation Security will receive INR40 crore for procurement of security and IT items along with radiological detection equipment. The Indira Gandhi Rashtriya Uran Akademi in Rae Bareli has been provided a grant of INR5.10 crore.
Tourism sector gets ignored
India’s tourism and hospitality industry have been totally ignored during the interim budget of 2014-15. The Indian Association of Tour Operators (IATO) is disappointed with sector being neglected.
“Even though, it was an interim budget, we expected it will bring some relief to the tourism industry by accepting our long pending demand of extending all benefits which are being given to the physical exporters of goods on the basis of our foreign exchange earnings. This was an opportunity for the government to recognise the tourism sector in view of its contribution in national GDP and employment generation and in spite of giving it due recognition, the budget allocation for the tourism sector has been reduced from INR980 crore to INR907 crore in the present budget which is really disappointing as it will have negative impact on tourism promotion and marketing efforts by the tourism ministry,” IATO president, Subhash Goyal said.
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