Indian airlines to cut domestic fares by 5-20 pct - govt

• An aerial view of Air India planes parked at Bombay airport August 4, 2005. REUTERS/Punit Paranjpe/Files

NEW DELHI (Reuters) - Indian airlines have proposed slashing airfares in the highest fare bracket on domestic routes by between 5-20 percent, a government statement said on Monday.

"Whereas passenger traffic has seen a downward swing in May 2012 over the corresponding period of last month, the airfares have seen a disproportionate spurt," the statement said.

"Airlines have been directed to address the above issues in a time bound manner," the statement, issued after a meeting of the sector's regulator and chief executives of local airlines, said.

Source:- http://in.finance.yahoo.com/news/indian-airlines-cut-domestic-fares-123444935.html