Regulations
Address concerns before finalising civil aviation policy: airlines
New Delhi : Top Indian airline executives under the banner of Federation of Indian Airlines (FIA) on Wednesday met union minister Jitendra Singh and sought their concerns be addressed before finalising the National Civil Aviation Policy (NCAP).
 
Aditya Ghosh, president, Indigo, Narayan Hariharan, senior vice president, Jet Airways, Ajab Singh, CMD, SpiceJet and Jeh Wadia, MD, Go Airlines sought the government's intervention to avoid discrimination in the NCAP being prepared by the civil aviation ministry.
 
"Should also be kept on board as stakeholders during the consultations before finalising the new policy," said a memorandum submitted by the executives to Singh.
 
Raising their voice against foreign airlines taking control of some Indian airlines, the memorandum said: "No other country in the world allows substantial ownership and effective control of its airlines to be taken over by foreign airlines. India has permitted some airlines to operate despite being effectively controlled by their foreign parent."
 
Demanding a level playing field along with foreign and new airlines, they highlighted that the proposed exemption of 5/20 rule, under which an airline can only apply to fly international routes after gaining five years of local flying experience with a minimum of 20 aircraft in its fleet, for new airlines will amount to injustice to the existing airlines.
 
The memorandum by the FAI, which claims to represent 90 percent of Indian airline industry, expressed reservations against the proposal to auction bilateral rights, noting no country auctions its sovereign right to others.
 
Another point raised by the memorandum refers to the non-obligation of new airlines to fly to remote and backward areas which is being executed by existing airlines.
 
"As far as the sector-wise benefits, the already operating airlines from India would be at disadvantage, because it is they who came forward to operate in sensitive areas including Jammu and Kashmir and northeast," it added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Amitabh Kant to be Niti Aayog's first full-time CEO

According to a department of personnel and training order, the cabinet's appointments committee has approved Kant as CEO of Niti Aayog with a tenure of two years

 

Amitabh Kant, currently secretary in department of industrial policy and promotion, was on Wednesday named the first full-time chief executive of the Niti Aayog, and will have a tenure of two years.
 
According to a department of personnel and training order, the cabinet's appointments committee has approved Kant as CEO of Niti Aayog with a tenure of two years.
 
He will take charge at Niti Aayog after his retirement from service at the end of this month. Kant has been holding additional charge as chief executive, Niti Aayog since December 2015.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Trade deficit narrows sharply in India
India’s export growth contracted by 13.6% y-o-y in January, after contracting 14.7% in December
 
India’s export growth contracted by 13.6% in January, after contracting 14.7% in December.The weakness was largely price-driven, although export volumes also fell, says Nomura Securities.
 
The import contraction deepened to -11% from -3.9% in December, led by lower petroleum and core including imports ex-oil and gold, imports. There were signs of weakness, with consumption goods and several key capital goods imports falling. Nomura estimates that, in volume terms, core imports raised 9.5% y-o-y, slower than the 13.7% rise in December.  
 
With imports falling more than exports, the trade deficit narrowed to $7.6bn in January from $11.7bn in December, better than expected. They expect the current account deficit (CAD) to narrow to 0.4% of GDP in Q4 2015from 1.6% in Q32015. 
 
For FY16, despite the divergence between domestic (rising) and global (weak) demand, Nomura expects the CAD tomorrow to 0.7% of GDP from 1.3% in FY15 owing to lower commodity prices. 
 
The trade data indicates that much of the weakness in both exports and imports are price driven, owing to low commodity prices, says Nomura. Meanwhile, external headwinds remain strong as seen in falling non-oil export volumes. They expect current account deficit to narrow to 0.7% of GDP from 1.3% in FY2O15 owing to lower commodity prices.

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