Jet Airways supports FDI by foreign airlines in Indian carriers

Naresh Goyal, however, said his company does not require any foreign direct investment (FDI)

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Jet Airways Chairman Naresh Goyaltoday came out in support of a proposal to allow foreign airlines to pick up stakes in Indian carriers. 

Goyal, however, said his company does not require any foreign direct investment (FDI). 

"We do not need any FDI. We are doing fine. But we welcome the move," said Goyal who is visiting Pakistan as a part the Indian business delegation led by Commerce, Industry and Textiles Minister Anand Sharma as per a PTI report.

At present, FDI up to 49 per cent is permitted in the airline sector in India, but foreign carriers are not allowed to buy stake due to security reasons. 

Both the Civil Aviation Ministry and the Department of Industrial Policy and Promotion (DIPP) are in favour of opening the sector to international airlines. 

The Civil Aviation Ministry had suggested 24 per cent as the limit for FDI by foreign airlines, while the DIPPhad recommended 26 per cent cap. A Committee of Secretaries has proposed 49 per cent cap. 

The Civil Aviation Ministry would be seeking the Cabinet's approval to allow foreign airlines to buy equity in Indian air carriers. 

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