(Video) Rajya Sabha TV (RSTV) The Big Picture: Jet Set Stop

Topic: Jet Set Stop

Guest:

A.K. Bhattacharya, (Editorial Director, Business Standard)
Ajay Dua, (Former Secretary, Ministry of Commerce & Industry)
Dr. Sanat Kaul, (Former Joint Secretary, Ministry of Civil Aviation)

Topic Description:

After flying for 25 years, Jet Airways on Wednesday announced temporary grounding of operations after the lenders declined a 400-crore rupees lifeline, putting at stake around 20,000 jobs and thousands of crores in passenger refunds, dues to vendors and over 8,500 crore rupees to banks.

Founded by Naresh Goyal, the full-service carrier served tens of millions of passengers for over two-and-half decades, before becoming the seventh domestic carrier to shutter operations in the past five years. However, the once-premier airline flew into deeper turbulence-second in its history after the 2010 crisis– after four back-to-back quarterly losses, leaving it gasping for financial breath and forcing it to default on payments to nearly all–from banks to lessors, to employees, and eventually leading to the shutdown from Wednesday night. On this edition of the big picture we will analyse Jet's fall from grace and implications for the aviation sector