Jet Airways has launched a cost cutting programme. CEO, Wolfgang Prock-Schauer, in an exclusive interview with CNBC-TV18, said that this will lead to savings of USD 70 million in the next financial year, and USD 22 million in the five months leading up to March 2006.

Wolfgang Prock-Schauer said, “When I said 80%, I said 80% of the costs are not dependent on the business model- be it no-frills or full-service- we have a savings programme in place."

Jet is cutting costs to cope with a fall in load factor, which on a year-on-year basis has gone down by 8% to just over 65%. This means that only 65-70% of seats on its flights are being occupied on an average.