India’s aviation industry suffered Rs. 28,907 cr losses in 3 yrs: Centre
He was replying to a question by Malkajigiri MP Revanth Reddy in the Lok Sabha.
By Newsmeter Network Published on 2 Feb 2023 11:43 AM GMT
Hyderabad: Union minister of state for civil aviation General Dr. V.K. Singh (retd) revealed that in the last three years, the aviation industry suffered losses worth Rs. 28,907 crores. He was replying to a question by Malkajigiri MP Revanth Reddy in the Lok Sabha.
The aviation industry suffered a loss of Rs. 11,658 crores in 2021–22, Rs. 12,479 crores in 2020–21, and Rs. 4,770 crores in 2019–20, the minister said. Gen. Singh said measures such as the reduction of VAT on aviation turbine fuel (ATF) used in airplanes and the reduction of GST on airport maintenance-related matters from 18 to 5% have been taken to recover from the losses.
He said that additionally, for the construction and expansion of new terminals in the next five years, the Airports Authority of India has decided to spend Rs. 98,000 crores. Gen. Singh said the government has also approved the Emergency Credit Line Guarantee Scheme to facilitate easy access to loans for airlines.
