The Union Budget allocation for the civil aviation ministry has been more than halved to Rs 3,113.36 crore for the next fiscal year, owing mostly to a steep fall in the amount set aside for Air India Asset Holding Ltd.
Union Budget allocation for the civil aviation ministry
The revised budget for 2022-23 is Rs 9,363.70 crore, which is less than the Rs 10,667 crore previously predicted.
Finance Minister Nirmala Sitharaman presented the Budget for 2023-24 on Wednesday, allocating Rs 3,113.36 crore to the ministry. This consists of Rs 3,026.70 crore in income and Rs 86.66 crore in capital.
The steep decrease is primarily due to lesser funds set aside for AI Asset Holding Ltd (AIAHL), a government-created special purpose corporation that holds various assets of national carrier Air India.
Air India Privatisation
In January of last year, Tata Group acquired ownership of Air India as a result of the government’s disinvestment process.
The most recent budget included Rs 1,114.49 crore for AIAHL under the minister’s public sector undertakings category.
AIAHL was initially given a budget of Rs 9,259.91 crore for 2022–23, which was eventually reduced to Rs 7,200 crore. But this funding came from “central sector schemes/projects.”
However, the most recent budget increased funding for regional air connectivity to Rs 1,244.07 crore for the upcoming fiscal year, which begins on April 1.
The budgetary allotments for the Bureau of Civil Aviation Security (BCAS) and the Directorate General of Civil Aviation (DGCA) have been enhanced to Rs 73.74 crore and Rs 309 crore, respectively.
Airports Authority of India (AAI) to raise Rs 3,448.21 crore from internal and extrabudgetary sources in the upcoming fiscal year (IEBR).
“Fifty additional airports, heliports, water aerodromes, and advance landing grounds will be revived for strengthening regional aviation connectivity.”Sitharaman stated
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