In a bid to address concerns of the civil aviation sector, Indian finance minister Pranab Mukherjee today proposed to allow domestic airlines to borrow up to $1 billion in external loans for a period of one year: “To address the immediate financing concerns of the civil aviation sector. I propose to permit external commercial borrowing (ECB) for working capital requirement for the airline industry for a period of one year subject to a ceiling of $1 billion,” Mukherjee said while presenting the union budget 2012-13 to the Lok Sabha. ECB is of course a financial instrument used by the government

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