Promoters of SpiceJet do not have funds to bail out the airlines of dire consequences.
India's industrial output unexpectedly contracted 4.2 percent year-on-year in October, dragged down by a fall in the manufacturing and the capital goods sector, government data showed on Friday.
The government holds stakes ranging from 56% to 84% in 27 state-run banks.
SpiceJet has cut the size of its fleet to 22-24 Boeing planes from 35 and will keep it this way for few months.
Official GDP data for the second quarter of the current fiscal year ending March are due to for release this Friday.
In a speech, Jaitley said that while he expected to hit targeted levels for direct taxes, reaching the goal for indirect taxes would be a "challenge".
Road projects alone worth $10 billion face delays over land disputes and other clearances.
October shipments to India, the world's No.2 gold consumer behind China, jumped to about 150 tonnes from less than 25 tonnes a year earlier and 143 tonnes in September, a finance ministry official said last week.
India and the United States settled a dispute on Thursday that had paralysed the World Trade Organization and risked derailing a $1 trillion package of reforms.
The company solf the frequent flyer business.
Officials say a fall in global oil prices will reduce the government's subsidy burden, giving it a greater chance of hitting its ambitious fiscal deficit target of 4.1 percent of gross domestic product in the fiscal year to March.
BJP's success in two state elections gave Modi room to cut through a thicket of regulations and state controls.
IndiGo's ascent is not without its risks, however.
British India Corporation employs about 1,800 people
Lower crude prices mean less government outlay for India,
Power and Coal Minister Piyush Goyal warned that it would take years to alleviate coal supply shortages, which have reduced stocks at thermal power stations to their lowest since a huge blackout in 2012 cut off 620 million people.
The landmark bill to liberalise the insurance industry, which marks Prime Minister Narendra Modi's first stab at legislative reforms, will now go to a parliamentary committee, which will submit a report later this year.
ndia has said it is ready to sign the global trade deal as early as next month if other WTO members agree to its demand for concessions on food subsidies.
Introduced in 2012, the General Anti-Avoidance Rules, were aimed at companies routing money through tax havens such as Mauritius, but implementation was delayed after an uproar from investors who feared harassment from tax authorities.
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