69-yr-old 'wrong step' of nationalisation of pvt airlines corrected: Scindia

A 69yearold mistake started through the wrong step of nationalisation of an airline that actually belonged to the private sector has been corrected said Union Civil Aviation Minister Jyotiraditya Scindia on FridaySpeaking to ANI on completion of Air India disinvestment process Scindia said that the credit of entire process of disinvestment goes to Prime Minister Narendra ModiIt was only possible because of his dedication resolution and willpower of PM Modi that he took the decision of Air Indias disinvestment he saidPM Modi believes that government should not be there to do business but rather create environment to support enterprises and businesses This transaction can only be completed because of his vision and guidance I would like to say thanks to all persons in Union Finance Ministry who helped in entire process the minister saidThe government formally handed over the airline to Tata Group at a ceremony held in the national capital on Thursday Replying on Tata Group taking control of Government owned Air India he said that it is a winwin situation for all stakeholders concerned for Government and for Tata GroupThis transaction represents a huge quantum jump in terms of capabilities in the Civil Aviation sector It represents culmination of a long process that took almost 20 years to conclude It also sets in perspective a 69yearold history which was started on wrong step by nationalisation of an airline that actually belonged to private sector it is now going back to private sector Scindia saidOn being asked how this disinvestment decision is going to be a turning point in aviation sector he said You will have a player with tremendous capabilities for international and domestic traffic someone who has a game plan and strategy to ensure best value for a customers He also said that today a carrier that was running on loss for last 14 years and more than Rs 85000 crore had a debt burden of close to around Rs 100 thousand crore was earning loss of Rs 20 crores a day which is almost Rs 7500 crore per year that money of taxpayers can be used in areas which requires social development investmentIt will contribute to the countrys economy and at the same time the airline will give tremendous value to its customers he addedReplying to a question on where does the government see Air India in a few years in terms of revenue generation passenger traffic he replied that it completely depends upon the private sectorThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever