Washington : Finance Minister Arun Jaitley feels the failure of Vijay Mallya-led defunct carrier Kingfisher had more to do with the individual company’s business model than the aviation industry, and that every step is being taken to recover the money it owes to banks. ”The airline’s (Kingfisher’s) problem is not a sectoral problem.
This is for the simple reason that most of the other airlines lasted the challenging period, turned around and are now making profits,” Jaitley told reporters here.
”Jet is making profit. Indigo has made huge profits. SpiceJet is making profits. GoAir is making profits,” he said. ”I’m not giving a final opinion. But it could be attributed to the business model of a particular company,” Jaitley said, even as India suspended Mallya’s diplomatic passport for four weeks and the Enforcement Directorate asked a special court to issue non-bailable warrant against him.
The finance minister is here for the spring meetings of the World Bank and the International Monetary Fund, along with Reserve Bank of India Governor Raghuram Rajan, Economic Affairs Secretary Shaktikanta Das and Chief Economic Advisor Arvind Subramanian. Jaitley said his government also had nothing to do with Mallya’s case.
To Read the News in Full 16/04/16 Indo-Asian News Service/India.com
This is for the simple reason that most of the other airlines lasted the challenging period, turned around and are now making profits,” Jaitley told reporters here.
”Jet is making profit. Indigo has made huge profits. SpiceJet is making profits. GoAir is making profits,” he said. ”I’m not giving a final opinion. But it could be attributed to the business model of a particular company,” Jaitley said, even as India suspended Mallya’s diplomatic passport for four weeks and the Enforcement Directorate asked a special court to issue non-bailable warrant against him.
The finance minister is here for the spring meetings of the World Bank and the International Monetary Fund, along with Reserve Bank of India Governor Raghuram Rajan, Economic Affairs Secretary Shaktikanta Das and Chief Economic Advisor Arvind Subramanian. Jaitley said his government also had nothing to do with Mallya’s case.
To Read the News in Full 16/04/16 Indo-Asian News Service/India.com
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