Union Budget 2022: Rs 9,259-crore outlay for Air India debt

 Finance Minister Nirmala Sitharaman said the revised estimate of capital expenditure for this fiscal is Rs 6.03 lakh crore


The Centre has allocated Rs 9,259 crore to Air India Assets Holding Limited (AIAHL), a government-owned special purpose vehicle set up to handle Air India's (AI) debt and non-core assets, for the next financial year starting from April 1, according to a Budget document.

In the Budget speech on Tuesday, Finance Minister Nirmala Sitharaman said the revised estimate of capital expenditure for this fiscal is Rs 6.03 lakh crore.


This includes an amount of Rs 51,971 crore towards settlement of outstanding guaranteed liabilities of AI and its other sundry commitments. In 2021-22, the Centre infused an equity of Rs 62,057 crore to clear AI’s dues before its disinvestment.

Meanwhile, the civil aviation ministry has been allocated Rs 10,667 crore for FY23.


Comments

Post a Comment

Popular posts from this blog

Taxing income doesn't give private cryptos legitimacy

Image
We are not taxing a currency (digital rupee) that is yet to be issued At the customary post-Budget media interactions, Finance Minister Nirmala Sitharaman and her topmost bureaucrats touched upon a number of issues. The minister said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. She also expressed confidence that the Budget targets were achievable. Excerpts: On cryptocurrencies The RBI will be issuing a digital currency. A currency can be issued only by the central bank even if it is a cryptocurrency. Anything outside that though we refer to them as currencies, they are not so. Buying and selling is happening and profits are being made, and nothing stops me from taxing them. Taxing does not confer on them legitimacy. We are not taxing a currency (digital rupee) that is yet to be issued. Everything outside this is an asset created by individuals, and if profits are mad
Read more

Budget 2022: PM Modi hails 'people-friendly and progressive' budget

Image
The prime minister said the Budget is "full of opportunities for more Infrastructure, more Investment, more growth, and more jobs". Prime Minister  Narendra Modi  on Tuesday said the Union Budget was “people friendly, progressive” and full of possibilities for infrastructure, investment, growth and jobs. In a televised statement, Modi said an important aspect of the Budget was welfare of the poor. It seeks to solve contemporary problems and create new opportunities for the common people, he said. “The Budget aims to ensure pucca house, toilet, tap water and gas connection for every poor household. At the same time focus is on modern Internet connectivity also,” the prime minister said. The Budget this year has come with a new confidence of development amidst the once-in-a-century calamity, Modi said, adding that it will create new opportunities for common people along with providing strength to the economy. The prime minister said the Budget is “full of opportunities for more
Read more

When will railways' budget come on track?

Image
While the government's labour to boost semiconductor manufacturing in India is bearing some fruits, it is still toiling hard to bring the railways' expenditure on track. This report explains how In 2016-17, while 11 per cent of Railways capital expenditure (capex) was funded by internal sources, in 2019-20 the ratio dropped to less than 1%. A 2015 Committee on Restructuring Railways had flagged that over-reliance on borrowings could exacerbate the financial situation of railways. Yet, financial ratios have deteriorated over the time. The operating ratio—the amount IR spends to earn Rs 100—has increased drastically over the years. In 2012-13, it spent Rs 90 to earn Rs 100; in 2019-20, it had to spend Rs 98 to earn Rs 100.   For the last two years, CAG has been highlighting how Railways is adjusting advance payments to manage its operating ratio. In 2017-18, for instance, Railways took advance payment for freight from NTPC and IRCON, which helped decrease its operating ratio from
Read more