The rule was a "matter of concern," and has been addressed (appropriately), Sharma, who is Minister of State for Civil Aviation, said at an event here.
"(We) have sent the revised 5/20 rule for consultation... it should be back in 10-15 days and then can be taken up by the cabinet anytime," he told reporters.
The existing regulation requires an Indian carrier to have a minimum five years of domestic flying experience and a fleet of at least 20 planes to fly overseas.
Sharma also said Civil Aviation Ministry has already sent the draft aviation policy for inter-ministerial consultation, adding that "it should be taken up by the cabinet anytime."
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All issues relating to the aviation sector will be addressed in new policy, he added.
Measures suggested in the draft policy, which was unveiled last October, seek to give a boost to the Indian aviation sector, which has a high growth potential, and strengthen regional connectivity.
There are other significant proposals such as increasing FDI limit for foreign airlines, setting up of no-frills airports and providing viability gap funding for airlines to bolster regional air connectivity.
Sharma said that the Government was open to re-look at taxations on jet fuel for the states participating in the regional connectivity scheme.
"We have already proposed a haircut to bring taxation to 1 per cent on the regional connectivity scheme," he said.