In the letter addressed to PM Modi, the CPI lawmaker warned the government that hasty economic policies have often boomeranged.
"The government should remember the consequences of other ill-thought out and hasty economic policies, which had boomeranged. I strongly advise the government to have a complete debate and let public opinion be formed on this issue. Hasty sell-off of Air India will have long term negative consequences for the country," Mr Raja wrote in the letter.
Air India is not an organisation suffering from a lock-out or in a state of inaction, he added.
The government took the decision "without weighing the social costs of selling off Air India" which would be a major setback to India's image, he claimed.
There is a need to "avoid haste, and ponder over the negative impacts of selling off Air India on the civil aviation sector", D Raja added.