Says banks strong enough to tackle the problem on their own
Domestic air passenger traffic remained 44 per cent lower in the April-December 2021 against the corresponding period of FY20, but saw a jump of 52 per cent year-on-year to 111 lakh in December 2021, according to rating agency ICRA. The total domestic passenger traffic had stood at 73 lakh in December 2020, according to a report by the rating agency. It also said that the emergence of new coronavirus variant and reactionary restrictions impacting air travel remain near term-challenges for the airline industry.
The Supreme Court on Friday made it clear that it would quash the Jet-Etihad Airways deal if there are any irregularities in it.
Coordination between defence and civilian authorities has freed up airspace for commercial airlines in India, resulting in routes becoming shorter and costs coming down, apart from mitigating pollution. "Due to various restrictions of the military, only about 58 per cent of the Indian airspace was being utilised. It is close to 70 per cent now," said an official of the Airports Authority of India (AAI). Officials of the AAI said to date 119 routes had been shortened. Sources said since December 2020 the cumulative savings of airlines had been close to Rs 200 crore while there was a reduction in emission of around 45,000 tonnes of carbon.
UPA key ally Trinamool Congress on Thursday strongly opposed allowing FDI in key sectors like retail, insurance and aviation arguing that it would be harmful for the people of the country.
Over the past eight months, a team of 80 people has been diligently working to harmonise operating procedures across four airlines run by the Tata group, as part of two mergers, revealed Campbell Wilson, Air India's chief executive officer (CEO), on Friday. The Tata group is consolidating its aviation business by merging four airlines into two: Air India and Vistara are merging to form a single full-service carrier, while AIX Connect and Air India Express are combining to create a unified low-cost carrier (as a subsidiary of Air India).
In India, domestic airlines have not secured any relief from the government and are reporting 50-55 per cent loads as domestic air travel resumed on May 25 after two-month suspension.
Let's take a look at cities that are seeing biggest increase in low-cost airlines's seat capacity.
This will be the largest claim in the aviation sector for Indian insurers in the last three years
India's fuel consumption slumped by over 66 per cent in the first week of April as a nationwide lockdown halted economic activity and travel, which eviscerated demand. Petrol and diesel demand is down 66 per cent in April, while aviation turbine fuel (ATF) consumption has collapsed by 90 per cent as most airlines have stopped flying, industry officials said.
From the retail pack, Future Group firm Pantaloon Retail surged 32.61 per cent to Rs 209, while Provogue India gained 17.83 per cent to Rs 18.90 on the BSE.
commercial airlines and air navigation service providers have to carry out random drug tests on at least 10 per cent of their flight crew and air traffic controllers every year.
The Union Cabinet on Thursday cleared the Rs 2,058 crore (Rs 20.58 billion) stake sale deal between Jet Airways and Abu Dhabi carrier Etihad.
Later, there may be some tax relief aimed at the middle class and measures to benefit the sectors worst hit by Covid-19 and the resultant nationwide lockdown.
All airports and air carriers are being informed to be ready for operations from May 25. SOPs for passenger movement are also being separately issued by the ministry of civil aviation.
'From our survey we found that there was a problem in the agricultural sector and drones could solve the problem.'
The parliamentary election result was also to prove that the Maldivians want "autonomy in choosing their future, without foreign coercion," President Muizzu said, without naming any country, according to the Sun.mv news portal.
Govt to introduce new aviation policy on May 15.
Interim Budget, the US Federal policy decision and quarterly earnings will be the major drivers for stock markets which may also see some consolidation this week, say analysts. Besides, investors would also focus on the trading activity of foreign investors and global trends for further cues. From the macroeconomic front, the PMI (Purchasing Managers' Index) data for the manufacturing sector is scheduled to be announced on Thursday.
Describing the over Rs 2,000 crore (Rs 20 billion) business proposal between Jet and Etihad airlines as a win-win deal, Civil Aviation Minister Ajit Singh on Thursday said it will be beneficial for flyers.
As severe cyclonic storm 'Remal' initiated its landfall process between the coasts of Bangladesh and adjoining West Bengal on Sunday evening, authorities took swift action, evacuating over 1 lakh people from vulnerable areas of the state to safety.
The new owner may be allowed to dispose of assets accruing from the 10-26 per cent of the net assets of the company.
The largest domestic carrier IndiGo is set to renew the insurance cover for its fleet this month, Air India and budget airline GoAir's insurance renewal is due for October, while that of Jet Airways is due in next January.
The government on Monday asked airlines to devise a mechanism to ensure reasonable airfares amid a surge in air ticket prices, particularly on certain routes that were earlier served by Go First. In the case of the unfortunate Odisha tragedy, airlines have been advised to provide free carriage (cargo) services to the families of the deceased, the civil aviation ministry said. During an hour-long meeting of the airlines advisory group, Civil Aviation Minister Jyotiraditya Scindia shared his concerns about the steep rise in airfares on certain routes.
India witnessed the highest increase in airfares among the 10 top aviation markets in the Asia-Pacific and West Asia collectively across both domestic and international flights Q4 2019 and Q4 2022 in nominal terms, according to research by Hong Kong-based Airports Council International (ACI). India, where fares went up by 41 per cent, was followed by the UAE (34 per cent), Singapore (30 (per cent) and Australia (23 per cent). The study, which was undertaken in collaboration with Flare Aviation Consulting, examined around 36,000 routes in the top 10 aviation markets in Asia-Pacific and West Asia.
Consumption-related stocks, such as hotels, and quick service restaurants (QSRs), have been hitting the ball out of the park ahead. On the other hand, the Miss World Pageant scheduled for later this year in New Delhi, too, could provide some tailwind to these stocks, especially hotels and aviation. However, analysts suggest investors put their best foot forward and buy these counters only on a decline given the recent rally and economic headwinds.
The ministry and the civil aviation regulator have said the government will consider the airline's request for slots as per existing policy.
IndiGo maintained its lead in Indian aviation sector cornering over 30 per cent market share.
The Indian economy is likely to post better than anticipated growth in the second quarter (July-September) owing to robust urban consumption and expansion in services, a Business Standard analysis of high-frequency indicators showed. While gross domestic product growth in the September quarter is expected to come below the 7.8 per cent print in the June quarter due to a favourable base fading, analysts say the print will be much closer to 7 per cent than the 6.5 per cent anticipated earlier. While the Reserve Bank of India (RBI) had estimated 6.5 per cent growth for July-September, last month Governor Shaktikanta Das said the growth figure would surprise on the upside.
In a bid to cash in on upcoming summer holiday season, low-cost carriers SpiceJet and IndiGo on Tuesday launched the fourth round of price war in the bleeding aviation sector, offering massive discounts on tickets.
Meanwhile, Minister of State for Civil Aviation Mahesh Sharma said that there was no question of any bail out to the beleaguered carrier
A few days after the government made the crucial policy announcement, Tony Fernandes, chief executive officer of Air Asia, the largest low-cost carrier in Southeast Asia, said he would visit India this month.
While a demand for allocation of Rs. 2,000 crore has already been made, sources said provision for Rs. 1,200 crore worth of equity could be made in the Budget.
The government on Wednesday cleared the long-discussed proposal to hike foreign direct investment limit in the telecom sector to 74 per cent from the current 49 per cent, Finance Minister P Chidambaram said after Cabinet meeting.
Govt's decision to allow FDI will attract capital, boost confidence and soothe the nerves, say experts.
The BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.6% and 1.1%, respectively
The aviation regulator DGCA had on May 21 issued seven bands of ticket pricing with lower and upper fare limits.
The Bombay High Court on Friday asked the Directorate General of Civil Aviation to conduct an inquiry into allegations of pilots procuring flying license after submitting forged mark sheets.
The Group of Ministers constituted to review the new civil aviation policy will take up among other things, allowing of private Indian carriers, with three-years experience in the domestic sector, to fly abroad.
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The ministry of civil aviation has disagreed with a proposal of the Prime Minister's Office to explore raising the cap on the number of weekly flights from Qatar in exchange for discounts on additional supplies of liquefied natural gas from there.
