THOUGH OPERATING IN ONE OF the fastest-growing airline markets in the world, Air India and Indian have for some years now been in terminal decline. The former is a classic example of a flag carrier plagued by the ills of a bloated workforce and an aging fleet, the latter a largely domestic operation that has ceded market steadily to nimbler privately owned rivals for the past decade. In an attempt to breathe life into them, the Indian government, which owns and operates the airlines through ...

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