FDI is only useful and attractive if the government in the country lets it be. India is quickly losing it's attractiveness as a place to do business, especially regarding aviation. Corruption, infrastructure, regulatory chaos make India very unatractive to businesses from an investment stand point. Even if FDI is passed I think it will be so convoluted and protection positioned that most will stay away even with the potential market India has.
A perfect example is the feeder requirement, which is none of the governments business unless they plan on paying for it. How about the large fuel tax or not letting private companies charge what they want for tickets? These and many other things will make FDI not work in India.