Union Budget 2012-13: Airports Authority of India to get Rs280 crore

In form of further assistance to Air India, the national carrier for equity infusion, Rs 4,000 crore are allocated in the earlier Budget report of Finance Minister Pranab Mukherjee that was too much high than last year.

While presenting his Union Budget 2012-13 to the Lok Sabha on Friday, Mukherjee said, “Budgetary support of Rs.4,000 crore has been earmarked for equity infusion in Air India Limited.”

Rs 1,200 crore had been proposed in the last budget 2011-12, and as per financial budget the targeted point is to improve the financial performance of Air India in the next fiscal.

The govt. has allocated Rs 280 crore to the Airports Authority of India (AAI) for its operations. From this amount, Rs 80.52 crore has been allocated for major developments of the northeastern states airports.

AAI proves to be a gainer of this Budget 2012-12 that will be starting from April 1, 2012,as GoM’s approval over its debt restructuring plan helps it to raise Rs 7,400 crore via bonds, backed by a sovereign guarantee.

Adding more in Debts, the Directorate General of Civil Aviation (DGCA), has pursued Rs 60 crore to AAI as making a huge record of around Rs 43,777 crore debts that included several indicators like outsiders’ loans, unpaid outstanding dues to vendors like oil firms.