GET Stock QuotesNews18 APP
Independence Day India | News18.com
»
2-min read

Air India Must Only be Sold to an Indian Player, Says RSS Chief Mohan Bhagwat

Bhagwat said nowhere in the world has any country allowed a stake of more than 49 per cent to foreign investors in national carriers, and specifically mentioned Germany, where foreign ownership is capped at 29 per cent.

PTI

Updated:April 17, 2018, 7:38 AM IST
facebookTwittergoogleskypewhatsapp
Air India Must Only be Sold to an Indian Player, Says RSS Chief Mohan Bhagwat
File photo of RSS chief Mohan Bhagwat. (PTI)
Loading...
Mumbai: RSS chief Mohan Bhagwat today said Air India should be owned by an Indian player who can run it efficiently, amid the government initiating the disinvestment process for the debt-laden national carrier.

Cautioning the government against "losing control and ownership of its skies", Bhagwat said Air India's operations have not been managed properly.

"Air India should be handed over to anyone who can run it efficiently. The new operator must be an Indian player," the RSS supremo said, delivering a talk on 'Indian Economy and Economic Policies: Long-term Perspective' here.

Bhagwat said nowhere in the world has any country allowed a stake of more than 49 per cent to foreign investors in national carriers, and specifically mentioned Germany, where foreign ownership is capped at 29 per cent.

He also advocated confiscation of shares if the foreign holding breaches the 49 per cent mark and selling it to domestic investors, as is done in some countries.

While valuing Air India, one should not look only at tangible assets and get bogged down by the accumulated debt of Rs 55,000 crore, but also look at aspects like the landing rights at 30 global airports and availability of trained manpower, he said.

"One has to view Air India's losses in contrast to the assets it has. Air India's operations haven't been managed properly," Bhagwat said at the event at leading stock exchange BSE.




The government has come out with a detailed preliminary information memorandum, detailing plans to offload up to 76 per cent stake in Air India and transfer the management control to private players.

The proposed disinvestment will include profit-making Air India Express and joint venture AISATS. The latter is an equal joint venture between the national carrier and Singapore-based SATS Ltd.

Talking about the economy, the RSS chief said going "completely cashless" was not practical and possible for everyone. "Some component of cash is going to be there in our transactions," he added.

"India will have to use 'less cash' model during the transition period (to cashless economy) to benefit from the good initiatives taken so far (by the central government)," he said.

"There will be some cash, you people here may use cashless (digital) currency, but everyone cannot use it," the RSS chief said.

Bhagwat also cautioned against India limiting its view to any 'ism', like capitalism or communism, and suggested that to make any policy a success, one should focus on its intent, not data or numbers. "Don't become a slave to any one theory," he said.

Also Watch

Read full article
Loading...
Most Active
Company Price Change %Gain
Sun Pharma 601.80 +37.90 +6.72
Tata Steel 578.95 +10.15 +1.78
SBI 294.90 +0.75 +0.25
Dewan Housing 658.20 +35.95 +5.78
TCS 2,003.55 +3.40 +0.17
Company Price Change %Gain
Tata Steel 578.90 +9.70 +1.70
Sun Pharma 601.65 +38.90 +6.91
Tech Mahindra 671.15 +12.40 +1.88
Shriram Trans 1,320.20 -31.15 -2.31
SBI 294.70 -0.10 -0.03
Top Gainers
Company Price Change %Gain
Sun Pharma 601.80 +37.90 +6.72
Yes Bank 382.50 +11.80 +3.18
Lupin 836.75 +24.80 +3.05
Bajaj Finance 2,830.20 +69.80 +2.53
UltraTechCement 4,299.10 +104.90 +2.50
Company Price Change %Gain
Sun Pharma 601.65 +38.90 +6.91
Yes Bank 381.75 +10.65 +2.87
ICICI Bank 332.30 +7.05 +2.17
Axis Bank 618.30 +13.00 +2.15
Reliance 1,210.95 +23.80 +2.00
Top Losers
Company Price Change %Gain
UPL 610.45 -14.95 -2.39
Hero Motocorp 3,266.35 -41.85 -1.27
Larsen 1,253.25 -15.80 -1.25
HPCL 270.05 -3.05 -1.12
Adani Ports 373.15 -4.00 -1.06
Company Price Change %Gain
Hero Motocorp 3,263.00 -42.60 -1.29
Larsen 1,253.50 -15.05 -1.19
Adani Ports 373.35 -4.00 -1.06
NTPC 156.95 -1.10 -0.70
Bharti Airtel 366.50 -2.45 -0.66
Loading...
Loading...