Finance Minister P. Chidambaram has said that the government is ready to tweak FDI norms in the aviation sector if there are "willing buyers and willing sellers".
According to the reports, Chidambaram said, "What is there to tweak, we have allowed 49 per cent. Let us see whether there are potential investors. These are executive decisions, they can always be tweaked."
India announced 49 per cent FDI in aviation in September which allowed an investor to pick up stake of up to 49 per cent of paid-up capital in domestic airlines. However, the response hasn't been good enough.
"See, merely because you raise it (the 49 per cent limit) to 51 per cent does not mean somebody is going to come. There may be a willing buyer, there has to be a willing seller also. The Indian company must be willing to yield control. And (there is) no evidence of that. There are only half a dozen players in the sector," Chidambaram said.