NewzVille Desk
The Union Cabinet chaired by Prime Minister, yesterday has approved one-time budgetary support of ten thousand crore rupees for Oil Marketing Companies to provide ATF price stabilisation support to Indian Airlines for their domestic and international operations.
The support will be provided to companies to facilitate stable ATF pricing for airlines during the ongoing period of exceptional fuel price volatility arising from the West Asia crisis.
Briefing media in New Delhi, Information and Broadcasting Minister Ashwini Vaishnaw said this is a self-sustaining revolving fund, which will help to stabilise ATF prices for scheduled Indian carriers. He said, the decision will protect 77 lakh jobs dependent on the aviation ecosystem.
A Monitoring Committee comprising representatives of the Ministry of Civil Aviation, Petroleum and Natural Gas and Department of Expenditure will oversee implementation, claim verification, reconciliation and settlement.
ATF price stabilisation support will be in force for a period of thirty-six months. International ATF prices have increased 2.5 times from 60.5 rupees per liter in March to 142 rupees per liter in May this year due to the crisis in West Asia.
Union Cabinet has also approved Scheme for support to National Capital Region Planning Board (NCRPB) for replacement of old trucks and buses in Delhi-NCR area.
The scheme, with a total financial outlay of 9,585 crore rupees seeks to incentivize owners of trucks and buses registered in the Delhi-NCR region that comply with BS-4 or earlier emission norms to replace them with BS-6 or electric vehicles.
It will be implemented in collaboration with the participating States and Union Territories of Delhi, Haryana, Rajasthan, and Uttar Pradesh.
Vaishnaw said, the landmark two-year scheme aims at reducing air pollution in the Delhi-NCR region and promoting cleaner mobility.
He said, around two lakh truck and 16 thousand buses will be replaced under this scheme.
