A source said that the lenders have proposed to change the management of the beleaguered air carrier as they feel it is not possible to run the company with present management.
Seeking to spur foreign investments, Finance Minister P Chidambaram has said the Union Cabinet will decide on raising FDI caps in different sectors in the third week of this month.
There was an environment of "indifference" towards the use of technology in governance before 2014 due to which the poor and the middle class suffered the most, Prime Minister Narendra Modi said on Friday. He asserted the current government has ensured last-mile delivery of services with the help of technology, including drones. Addressing a gathering after inaugurating India's biggest drone festival in Delhi, he said, "At a time when we are celebrating Azadi ka Amrit Mahotsav, it is my dream that everyone in India should have a smartphone in his or her hand, every farm should have a drone and every house should have prosperity." The enthusiasm being seen in India about drone technology is amazing and indicates possibilities of an emerging sector of employment generation, the prime minister said.
Scheduled international passenger flights have remained suspended since March 23, 2020 in the wake of the pandemic and they will now restart from Sunday.
India remains at the top with 8,401,253 passengers, a year on year growth of 14.3 per cent compared to 7,347,270 in 2012.
The civil aviation ministry received 20 applications and it granted NOCs to sixteen companies between 2009 till now
These could include strengthening the public-private partnership (PPP) dispute resolution mechanism, uniform PPP institutional framework, easier terms for infrastructure companies accessing bond markets, and tax sops, Business Standard has learnt. Investment in infrastructure projects with high multiplier effect has been the Centre's main plank to revive the economy, create employment and boost consumption.
Billionaire Gautam Adani's group is said to be planning a surprise entry into the race to acquire telecom spectrum, which will pitch it directly against Mukesh Ambani's Reliance Jio and telecom czar Sunil Bharti Mittal's Airtel, sources said. Applications for participating in the July 26 auction of airwaves, including those capable of providing fifth-generation or 5G telecom services such as ultra-high-speed internet connectivity, closed on Friday with at least four applications. Jio, Airtel and Vodafone Idea -- the three private players in the telecom sector -- applied, three sources with knowledge of the matter said.
The task force, to be headed by Finance Minister Nirmala Sitharaman, will look at measures to limit economic hardship caused by the Covid-19 pandemic, he said in his address to the nation.
Promoters of SpiceJet do not have funds to bail out the airlines of dire consequences.
So should airlines play the keening, trance-like Siddi folk music from the Kutch peninsula? The Sufiana Kalam of Kashmir? Carnatic music? Rabindra Sangeet? Bihu melodies? Classical music from the Hindustani gharanas? Ghazals? Bhajans? Bollywood hits?... asks Kanika Datta.
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Privatising public sector companies would have encountered significant opposition from their managers as well as from strong unions.
Although Gorakhpur is the largest urban centre and trading hub in Eastern UP, catering not only to the neighbouring district but also the adjoining Bihar and Nepal, it had been lacking in proper infrastructure of road and air connectivity, impeding the harnessing of its socioeconomic potential.
Be it roads, railways, ports, civil aviation, energy or electricity, the Narendra Modi govt has invigorated all these sectors since it took over, says Arvind Panagariya.
NPA ratio declined to 3.4% of total loans outstanding, from 3.6% in the Jul-Sept quarter last year.
While there were concerns about the security aspect of drones, top government officials were of the view that restricting the drone industry would stifle a sunrise sector which holds significant promise for future, reports Arindam Majumder.
It has been a slow 2022 thus far for the primary markets. In the last 8 months, only 16 companies have raised Rs 40,311 crore via the initial public offer (IPO) route, data from PRIME Database suggests. In comparison, 63 companies had raised a cumulative Rs 1.18 trillion via the IPO route in 2021. A large part of the funds raised in 2022 were on account of the two IPOs - Life Insurance Corporation of India (LIC) and logistics firm Delhivery - that raised a total of over Rs 26,000 crore between themselves.
The job market saw an uptrend in the March quarter (Q1), with job interviews increasing 13.71 per cent quarter-on-quarter (QoQ) to over 30 million, according to Apna.co, India's largest jobs and professional networking platform. It recorded a 42 per cent QoQ growth in its employer base. As a result of the second wave of Covid-19 last year, sectors such as healthcare, delivery, and e-commerce were booming while others had fairly low employment.
One reason is that airlines have ramped up capacity and expanded their presence in tier-II markets. The first of a three-part series analyses how the aviation industry is an outlier in the midst of an overall economic slowdown.
Terming investment in infrastructure "quintessential" to boost growth, the Economic Survey on Friday said post unlocking of the economy, infra sectors are poised for growth and construction of roads is expected to return to the high pace attained before COVID-19. The infrastructure sector will be the key to overall economic growth and macroeconomic stability, the Survey said emphasising that the year after the crisis (2021-22) will require sustained and calibrated measures to facilitate the process of economic recovery and enable the economy to get back on its long-term growth trajectory. "Basic infrastructure facilities in the country provide the foundation of growth. In the absence of adequate infrastructure, the economy operates at a suboptimal level and remains distant from its potential and frontier growth trajectory.
With the FIPB giving approval to the Tata-Singapore Airlines joint venture to start a full-service carrier, Tata Group Chairman Emeritus Ratan Tata on Friday met Commerce and Industry Minister Anand Sharma.
'Earlier, when they were selling tickets at Rs 1,000, a family of five could travel by flight.' 'When it comes to realistic pricing and the price becomes Rs 5,000, a family of five will have shell out Rs 25,000.' 'How many will be able to afford that?' 'You will see people switching back to train travel which is more realistic.'
Moitra brought two birthday caps in the House to press her argument that the businessman being most talked about had "topi-pehnau-ed" the government.
While the FIPB has sought more transparency on whether the rules concerning effective control would be followed once the deal fructifies, the Finance Ministry has also written to Sebi for a report on the Jet-Etihad deal, official sources said Wednesday.
Many argue that the airline could achieve its full potential if Nusli Wadia were to run it the way he does Britannia.
As per information available with the Corporate Affairs Ministry, the new company was incorporated on November 5 with a total paid up capital of Rs 500,000 and has been registered in New Delhi.
Tata Sons will increase its stake in budget carrier AirAsia India (AAI) to 83.67 per cent by acquiring an additional 32.67 per cent for $37.66 million from AirAsia Investment Ltd (AAIL), according to a regulatory filing. Currently, AAIL, which is a wholly-owned subsidiary of Malaysia-based AirAsia, holds 49 per cent stake in the Bengaluru-based AirAsia India. In a regulatory filing to stock exchange Bursa Malaysia, AirAsia said, "The board of directors of AirAsia wishes to announce that its wholly-owned subsidiary AAIL and Tata Sons Pvt Ltd, India, on December 29, entered into a share purchase agreement."
Private sector to their mind is primarily needed to pump in more capital.
'I would not suggest buying these stocks in the dip, as the upside in profit is dented without a safety net for a rainy day.'
More than 40% of the companies surveyed showed job contraction in FY18, says a report by CARE Ratings
Ratan Tata on Friday welcomed the government accepting Tata Sons' bid of Rs 18,000 crore for the takeover of Air India, saying the airline provides a very strong market opportunity to the group even through it will take considerable effort to rebuild the debt-laden carrier. "Welcome Back, Air India," he said. "The Tata Group winning the bid for Air India is great news," he said in a statement.
'The DGCA, the ministry of civil aviation, Air India, the Airports Authority, all of them together form what I call an organised syndicate' 'In India, it is a fashion to blame the pilot because then nobody asks questions about the incompetence and grave negligence of this State-run syndicate.'
Federation of Indian Airlines has appealed to DGCA to extend notice period of flyers from 6 months to a year
The ministry of corporate affairs has raised questions on Etihad's rights to nominate three directors on the board and, despite being a minority shareholder in the company, decide on the vice-chairman.
In its report tabled in Parliament, the national auditor said the Dassault Aviation and the MBDA proposed in September 2015 to discharge 30 per cent of their offset obligations by offering high technology to the Defence Research and Development Organisation (DRDO), but the two firms are yet to do it.
Old-timers say Jet boss Naresh Goyal, although still razor sharp, doesn't have the same energy he once did and this reflects in his 'baby'.
Asset quality of banks, which saw some improvement in the second half of 2020, is likely to worsen during the first six months of 2021, according to a survey. The findings are part of the 12th round of bankers' survey carried out by FICCI-IBA between July and December 2020. The survey was conducted on 20 banks, including public sector, private sector and foreign banks, representing about 59 per cent of the banking industry, as classified by asset size.
'It will be like this: If you use the window seat in the first row, next will be the aisle in the second row, to maintain social distancing.' 'So, two-thirds of the aircraft is not going to be used.'
'In investing, you have to first make sure you don't make big mistakes.' 'I would advise small investors to be systematic, don't be arbitrary; don't be on either end of the risk spectrum.' 'Don't go from fixed deposit to option trading or crypto trading.'
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
