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With the aviation industry growing at 18% CAGR, India needs up to 3,000 aircraft in the next 10 years, according to the civil aviation minister
India needs at least 400 airports and 3,000 aircraft in the next 10 years to keep pace with growing demand, Union civil aviation minister Praful Patel said at Hyderabad on Wednesday, reports PTI.
He said as the aviation industry has been growing at 18% compounded annual growth rate (CAGR), the country needs up to 3,000 aircraft in the next ten years. He also underscored the need for making air travel safer and more secure.
"Our job is not over by creating infrastructure for (the) aviation industry to grow. We need safe and secure aviation. Indian aviation will not grow at the cost of safety and security," the minister said during the inauguration of India Aviation-2010, a five-day exhibition and conference on international aviation that began today.
He said that the bidding process for the Navi Mumbai airport is expected to be completed in a year.
Separately, American ambassador to the country Timothy J Roemer said that the US would partner public and private sectors to support and modernise the Indian aviation sector.
"The USA would work with Indian public and private sector partners to create economic opportunities and jobs in both the countries. US companies participating in the show are ready to partner India for its goal of modernising and upgrading airports, improving air-traffic flow and making it a regional aviation hub," he said.
Mr Roemer was speaking after the inauguration of the US Pavilion at the 'India Aviation-2010'.
He advised the US business community to seize every opportunity during the event to facilitate greater co-operation between the two countries in the sector.
The US is under special focus during 'Indian Aviation- 2010' and it was the official partner for the previous edition of the event.
From 3rd March onwards, PayPal will allow new bank withdrawals for its customers in India after receiving a 'Purpose Code' for the transaction
Electronic payment gateway PayPal has said that it would allow new bank withdrawals for its customers in India after receiving a 'Purpose Code' for the transaction.
In his blog, PayPal's business head for Asia-Pacific, Farhad Irani said, “When you select the ‘Withdraw Funds’ option on your PayPal account after 3rd March, we will ask you to fill out a new field entitled ‘Purpose Code’. This information is required under the laws of India in order to identify the nature of cross-border merchant transactions."
Mr Irani also clarified that Indian users will no longer be able to receive personal payments. Customers of Indian PayPal users will have three options for making any payment such as using the pay for purchases (goods or services) tab, completing PayPal checkout at the user's website and responding to PayPal “Request Money” instructions (invoices). However, for each payment, transaction users will have to provide a purpose code for the transaction.
The purpose code will help banks in India to furnish information required by the Reserve Bank of India to identify the nature of cross-border transactions, Mr Irani said.
He also said that according to Indian law, based on the value of withdrawal and the purpose code in the Indian customer's declaration, banks may require him/her to provide documentary proof such as invoices or goods receipt forms as applicable to reconcile with withdrawal.
Here is the list of purpose codes for Indian users of PayPal:
Freight volumes are up 3%, however, passenger yields are still 15% below peak levels and IATA expects losses for 2010 could be $5.60 billion
Airlines have started witnessing improvement in demand, but instead of profits they might register losses to the tune of $5.60 billion this year, the latest International Air Transport Association (IATA) report has said.
"The 3% increase in freight volumes from December to January is particularly encouraging. We can start to see the future with some cautious optimism. But better volumes do not necessarily mean better profits. Passenger yields are still 15% below peak levels and we expect 2010 losses to be at $5.60 billion," IATA director-general and chief executive Giovanni Bisignani said in a statement.
IATA has also said that demand for international scheduled air traffic has showed improvement in January this year. January passenger demand was up 6.4%, while a 1.2% increase in capacity pushed load factor to 75.9% compared to last year, it said.
International cargo demand showed a 28.3% improvement with a 3.7% increase in capacity, pushing load factor to 49.6%, which is a significant change from 40.1% recorded in January 2009.
The year-on-year increases reflect a steady improvement from the precipitous fall in demand that characterised the early part of 2009, rather than merely a dramatic improvement in the month this year, the report said.
However, demand must improve by a further 2% to return to the peak levels of early 2008, IATA said. But improvements are also geography-based, the report added.
The best signs of improvement have been seen in markets with strongest economic recovery like Asia, Latin America and the Middle East.
Asia-Pacific carriers experienced 6.5% increase in demand compared to the previous year. The region, which is leading the global economic recovery, has realised 31% demand improvement, while those in North America and Europe saw it increase by 2.1% and 3.1%, respectively.
Middle Eastern carriers grew throughout the recession with growth accelerating to 23.6% in January, IATA said.