Indian Airlines Look For $1.5 Billion Interest-free Line Of Credit From Government

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    Indian Airlines Seek $1.5 Billion Interest-free Credit Line From Government

    Indian airline companies have actually looked for interestfree credit of at least $1.5 billion from the government to allow them to handle the loss of earnings from the coronavirus pandemic, the country’s aviation minister stated on Wednesday.

    • Reuters
    • .

    • Last Updated: September 16, 2020, 8: 18 PM IST
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    BRAND-NEW DELHI: Indian airlines have looked for interest-free credit of at least $1.5 billion from the federal government to enable them to manage the loss of revenue from the coronavirus pandemic, the country’s aviation minister said on Wednesday.

    Airlines consisting of IndiGo, Vistara, a joint venture in between Tata Sons and Singapore Airlines, SpiceJet and state-run provider Air India, likewise desire the federal government’s assistance to convince airplane lessors to ease renting terms, along with a deferment of taxes and abolition of import tax duty on air travel fuel, Hardeep Singh Puri said in a written statement to the parliament.

    Incomes of Indian airline companies fell to around $500 million in the April-June quarter from about $3.5 billion in the same quarter a year back, Puri said in his declaration.

    Puri said to help Indian providers the federal government routinely engaged with foreign aircraft lessors and financiers to ensure there were no early withdrawals of rented airplane, and it developed bilateral air travel links with nations like Canada, France, Germany, U.K. and the United States.

    Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has actually not been evaluated by an editor

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