Air India, IndiGo and SpiceJet seek ECLGS 5.0 funds release
Business
Indian airlines like Air India, IndiGo, and SpiceJet are asking the government to hurry up with the release of much-needed emergency funds under the ECLGS 5.0 scheme.
With flight routes getting diverted because of the West Asia conflict and fuel prices going up, airlines say their costs have shot up and it's getting tough to keep things running smoothly.
ECLGS 5.0 offers 90% loan guarantee
ECLGS 5.0 is a government scheme approved to help businesses hit by disruptions related to the West Asia conflict by offering a 90% guarantee on loans.
The Federation of Indian Airlines (FIA) says it is not asking for extra money, just for banks to finish giving out already-approved funds so airlines can stay afloat during this tricky time.