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Mallys says interim budget unexciting

business Updated: Feb 16, 2009 21:16 IST

PTI
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UB group and Kingfisher Airlines Chairman, Vijay Mallya, on Monday described the interim budget as "unexciting" and said that he had expected some announcements to stimulate demand.

"The interim budget was unexciting," Mallya said in his reaction to the budget in a statement in Mumbai.

"I would have expected some announcements that would have stimulated consumer confidence and spending, particularly when the Government claims that banks have enough liquidity."

Mallya, whose airlines posted losses to the tune of Rs 626-crore in Q3 FY-09, is hankering for foreign investment in his airline to tide over the financial crisis.

While the present FDI norms do not allow foreign air-carriers to pick stake in domestic ones, both the Civil Aviation Ministry and Department of Industrial Policy and Promotion, have urged the Government for a fresh look at the issue.