PM Modi explores lucrative ways to attract investors
In a bid to attract investment in Air India Ltd., India is considering a plan to exclude more than half of US$ 11 billion of debt of the struggling carrier. Last year, the government failed to attract any bidder for the carrier last year. The government is eager to sell the company in order to bridge a widening fiscal deficit following dismal tax collections and cuts to corporate tax rates worth US$ 20 billion. According to some insiders familiar with this development, the government has pumped in INR 56,000 crore in the last decade in a bid to keep the carrier afloat.