Open to strategic investor in Air India: Finance Minister Arun Jaitley

NEW DELHI: Union Finance Minister Arun Jaitley has said the government is exploring all options with regard to state airliner Air India, which has run up a debt of Rs 50,000 crore, including a strategic investor. “If there is a good management that comes forward, the government has a very good view on this. Out of the Rs 50,000 crore, about Rs 20,000-25,000 crore is the valuation of the aircraft, and for rest of the debt there are some assets of Air India. Therefore, the Civil Aviation Ministry is exploring all options,” he said. If 86% of the flying can be handled by the private sector, they can handle 100% as well, the minister added.

“Today, they have a market share of 14% and a debt of Rs 50,000 crore. Your money does not go into private sector airlines such as Indigo, Spicejet, GoAir, Jet Airways; then why should you put Rs 50,000 crore in running Air India? Government money means your money. This money can be used for education,” Jaitley said during a panel discussion on Doordarshan News. The finance minister also indicated that the government would look at creating large entities in the banking sector by merging existing ones. He said decision on this regard would be announced soon.

On tension on the Line of Control with Pakistan, Jaitley, who also handles the defence portfolio, said Indian forces have the upper hand. “On the LoC and the border, our forces have a dominance. I don’t think there is any need to announce everything but we have domination and necessary steps are being taken by the army to prevent any infiltration,” he said, adding that Pakistan which has indulged in mutilation will have to pay a price for these acts.

The minister said India’s borders and the Line of Control are secure. “Our forces are ready. I cannot disclose all the details. Our borders and the Line of Control are fully secure and the army’s only priority is clear: that they will not allow any infiltration. Daily infiltration attempts are being made and daily our forces have to take action,” he said.