General Affairs
Palestinian Presidency Welcomes ''Grand Guest'' PM Modi Ahead Of Visit
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The Palestinian Presidency on Wednesday welcomed the "historical and significant" visit of "grand guest" Indian Prime Minster Narendra Modi ahead of his visit to Palestine on February 10, the first ever prime ministerial visit from India here.
"The Palestinian Presidency welcomes the historic and important visit of Prime Minister Narendra Modi to the city of Ramallah on Saturday, the first of an Indian prime minister to Palestine," Palestinian news agency WAFA reported.
"The visit is considered historical, because it will be the first for an Indian Prime Minister to visit Palestine," the report said.
Palestine President Mahmoud Abbas will welcome PM Modi at the presidential headquarters in Ramallah, where the two will discuss issues of mutual interest and the latest political developments in the region.
"The Presidency announced that President Abbas and his guest, Prime Minister of India, will hold a session of important talks, which will address the latest developments in the political process in the region because of the weight of India's international weight."
The statement said bilateral issues between the two countries and regional issues of relevance will be on the agenda.
"The Presidency said the visit will be a unique chance to express appreciation for India's ongoing support and positions that support peace and Palestinians' right to freedom and independence," the report said.
India has been continuously supporting the Palestinian cause at various international fora. New Delhi voted in the UN General Assembly in December last year against US President Donald Trump's unilateral recognition of Jerusalem as the capital of Israel.
"The meeting will also discuss the regional and international situations of common concern, stressing that the visit will also be an opportunity to thank India for its continued support and support for peace and the right of our people to freedom and independence," the WAFA report said.
The visit will witness the signing of a number of bilateral agreements between the two countries "aimed at strengthening the bonds of friendship between the Palestinian and Indian peoples and enhancing cooperation in a number of important fields".
"President Mahmoud Abbas will hold a luncheon in honour of the grand guest of Palestine and his delegation, followed by a press conference for the two leaders," the report stated.
PM Modi will visit Ramallah on Saturday on the first leg of his three-nation tour that will also take him to the United Arab Emirates and Oman.
This will be the fourth meeting between PM Modi and President Abbas after their meetings on the sidelines of the UN General Assembly in 2015 and in the Paris climate summit later that year and the Palestinian President's visit to India last year.
India has contributed immensely to Palestine's nation-building efforts, including infrastructure development and capacity building.
Since the historic visit of then President Pranab Mukherjee to Palestine in 2015, work on projects worth $30 million in Palestine has commenced.
This apart, the visit is also aimed at deepening the huge bilateral agenda, including cooperation in the areas of health, IT, tourism, youth affairs, sports and agriculture.
The visit will also de-hyphenate Israel and Palestine in terms of India's foreign policy perspective after PM Modi's standalone visit to Israel in July last year.
"The Palestinian Presidency welcomes the historic and important visit of Prime Minister Narendra Modi to the city of Ramallah on Saturday, the first of an Indian prime minister to Palestine," Palestinian news agency WAFA reported.
"The visit is considered historical, because it will be the first for an Indian Prime Minister to visit Palestine," the report said.
Palestine President Mahmoud Abbas will welcome PM Modi at the presidential headquarters in Ramallah, where the two will discuss issues of mutual interest and the latest political developments in the region.
"The Presidency announced that President Abbas and his guest, Prime Minister of India, will hold a session of important talks, which will address the latest developments in the political process in the region because of the weight of India's international weight."
The statement said bilateral issues between the two countries and regional issues of relevance will be on the agenda.
"The Presidency said the visit will be a unique chance to express appreciation for India's ongoing support and positions that support peace and Palestinians' right to freedom and independence," the report said.
India has been continuously supporting the Palestinian cause at various international fora. New Delhi voted in the UN General Assembly in December last year against US President Donald Trump's unilateral recognition of Jerusalem as the capital of Israel.
"The meeting will also discuss the regional and international situations of common concern, stressing that the visit will also be an opportunity to thank India for its continued support and support for peace and the right of our people to freedom and independence," the WAFA report said.
The visit will witness the signing of a number of bilateral agreements between the two countries "aimed at strengthening the bonds of friendship between the Palestinian and Indian peoples and enhancing cooperation in a number of important fields".
"President Mahmoud Abbas will hold a luncheon in honour of the grand guest of Palestine and his delegation, followed by a press conference for the two leaders," the report stated.
PM Modi will visit Ramallah on Saturday on the first leg of his three-nation tour that will also take him to the United Arab Emirates and Oman.
This will be the fourth meeting between PM Modi and President Abbas after their meetings on the sidelines of the UN General Assembly in 2015 and in the Paris climate summit later that year and the Palestinian President's visit to India last year.
India has contributed immensely to Palestine's nation-building efforts, including infrastructure development and capacity building.
Since the historic visit of then President Pranab Mukherjee to Palestine in 2015, work on projects worth $30 million in Palestine has commenced.
This apart, the visit is also aimed at deepening the huge bilateral agenda, including cooperation in the areas of health, IT, tourism, youth affairs, sports and agriculture.
The visit will also de-hyphenate Israel and Palestine in terms of India's foreign policy perspective after PM Modi's standalone visit to Israel in July last year.
Cabinet Approves Auction Of 60 Oil And Gas Fields
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The Union Cabinet today approved offering of 60 oil and gas fields of ONGC and OIL in the second auction of Discovered Small Field round.
Out of the 60 fields, 22 were discovered by Oil and Natural Gas Corp (ONGC), 5 belong to Oil India Ltd and 12 are relinquished fields/discoveries from blocks offered in bids rounds under New Exploration Licensing Policy (NELP) since 1999, an official statement said.
The remaining 21 are fields that did not receive any bid in the DSF first round last year.
The Cabinet headed by Prime Minister Narendra Modi gave "its approval for extending the Discovered Small Field Policy notified on October 14, 2015 to identified 60 discovered small fields / un-monetised discoveries for offer under the Discovered Small Field Policy Bid Round-ll," it said.
These discoveries are estimated to have 194.65 million tons of oil and oil equivalent gas in place.
"These fields will be developed and monetised faster thereby augmenting production of oil and gas leading to enhance energy security of the country," the statement said.
Investments into these fields will lead to generation of over 88,000 jobs as direct, indirect and induced employment, it said.
Empowered Committee of Secretaries (ECS) comprising Secretary (Petroleum and Natural Gas), Secretary (Expenditure) and Law Secretary will finalise and approve Model Revenue Sharing Contract, Notice Inviting Offer (NIO) and other documents for Discovered Small Fields Bid Round-ll.
The award of contract will be approved by the Minister of Petroleum and Natural Gas and Minister of Finance based on the recommendations of ECS.
In the first round, contracts for 31 fields were signed last year. The fields signed off in first round envisage a cumulative peak production of around 15,000 barrels per day of oil and 2 millions standard cubic meters of gas.
Out of the 60 fields, 22 were discovered by Oil and Natural Gas Corp (ONGC), 5 belong to Oil India Ltd and 12 are relinquished fields/discoveries from blocks offered in bids rounds under New Exploration Licensing Policy (NELP) since 1999, an official statement said.
The remaining 21 are fields that did not receive any bid in the DSF first round last year.
The Cabinet headed by Prime Minister Narendra Modi gave "its approval for extending the Discovered Small Field Policy notified on October 14, 2015 to identified 60 discovered small fields / un-monetised discoveries for offer under the Discovered Small Field Policy Bid Round-ll," it said.
These discoveries are estimated to have 194.65 million tons of oil and oil equivalent gas in place.
"These fields will be developed and monetised faster thereby augmenting production of oil and gas leading to enhance energy security of the country," the statement said.
Investments into these fields will lead to generation of over 88,000 jobs as direct, indirect and induced employment, it said.
Empowered Committee of Secretaries (ECS) comprising Secretary (Petroleum and Natural Gas), Secretary (Expenditure) and Law Secretary will finalise and approve Model Revenue Sharing Contract, Notice Inviting Offer (NIO) and other documents for Discovered Small Fields Bid Round-ll.
The award of contract will be approved by the Minister of Petroleum and Natural Gas and Minister of Finance based on the recommendations of ECS.
In the first round, contracts for 31 fields were signed last year. The fields signed off in first round envisage a cumulative peak production of around 15,000 barrels per day of oil and 2 millions standard cubic meters of gas.
Saudi Arabia Allows Air India To Use Its Airspace For Flights To Tel Aviv: Reports
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Saudi Arabia has allowed Air India to use its airspace for flights between Delhi and Tel Aviv, Israeli daily Haaretz reported.
However, it could not be confirmed from either the ministry of civil aviation here or Air India.
According to a spokesperson of the airline, the national carrier has sought permission from regulatory body DGCA for thrice-a-week flight services between Delhi and Tel Aviv from March, which is awaited.
Another Air India official said the airline is also waiting for slots at Delhi's Indira Gandhi International airport and Tel Aviv's Ben Gurion International Airport.
Many Arab and Islamic nations do not recognise Israel and, therefore, disallow airlines from using their airspace for flight services to that country.
According to the official, an approval from Saudi Arabia to use its airspace will allow Air India to take a shorter route by flying over Ahmedabad, Muscat, Saudi Arabia and then land at Tel Aviv.
This route will lead to a shorter flight duration between the two cities by two and a half hours and save fuel costs, the official said.
As of now, Israel's El Al flights between Tel Aviv and Mumbai take a seven-hour circuitous route and fly over the Red Sea, the Gulf of Aden and then enter India and avoid countries that are on the direct flight path such as Saudi Arabia, UAE, Iran, Afghanistan and Pakistan.
Due to route overflying issues Air India was earlier also examining the possibility of operating flights from Mumbai to Tel Aviv.
Israel's tourism ministry has announced a one-time grant of 750,000 euros to Air India for flight operations.
However, it could not be confirmed from either the ministry of civil aviation here or Air India.
According to a spokesperson of the airline, the national carrier has sought permission from regulatory body DGCA for thrice-a-week flight services between Delhi and Tel Aviv from March, which is awaited.
Another Air India official said the airline is also waiting for slots at Delhi's Indira Gandhi International airport and Tel Aviv's Ben Gurion International Airport.
Many Arab and Islamic nations do not recognise Israel and, therefore, disallow airlines from using their airspace for flight services to that country.
According to the official, an approval from Saudi Arabia to use its airspace will allow Air India to take a shorter route by flying over Ahmedabad, Muscat, Saudi Arabia and then land at Tel Aviv.
This route will lead to a shorter flight duration between the two cities by two and a half hours and save fuel costs, the official said.
As of now, Israel's El Al flights between Tel Aviv and Mumbai take a seven-hour circuitous route and fly over the Red Sea, the Gulf of Aden and then enter India and avoid countries that are on the direct flight path such as Saudi Arabia, UAE, Iran, Afghanistan and Pakistan.
Due to route overflying issues Air India was earlier also examining the possibility of operating flights from Mumbai to Tel Aviv.
Israel's tourism ministry has announced a one-time grant of 750,000 euros to Air India for flight operations.
Lalu Yadav Constitutes RJD's New National Executive From Jail
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In jail following his conviction in the fodder scam cases, RJD chief Lalu Prasad has constituted the party's new national executive, which includes eminent lawyer Ram Jethmalani but omits don-turned-politician Mohammad Shahbuddin, a party release said today.
The release issued by RJD general secretary SM Qamar Alam said the appointments were made by Lalu Yadav.
Lalu Yadav's three children--Tej Pratap Yadav, Tejashwi Yadav and Misa Bharti--have also made it to the panel.
Mr Jethmalani is an RJD member of the Rajya Sabha from Bihar.
Though Shahabuddin has been dropped, his wife Heena Shahab has found a place in the executive.
Shahabuddin, a four-time former MP from Siwan, has over three dozen criminal cases against him, and is lodged in Delhi's Tihar jail.
Lalu Yadav was re-elected as party president in November last year, and his tenure would end in 2020. His wife Rabri Devi, a former chief minister, has been named vice president alongside party veterans Raghuvansh Prasad Singh, Mangni Lal Mandal, Mohammad Iliyas Hussain and Shivanand Tiwari.
JD(U) spokesman and MLC Sanjay Singh took a dig at Lalu Yadav over nominating the party executive from behind the bars.
"In the history of Indian democracy, this is the first example of a party's national president constituting its national executive from jail," he said.
Lalu Yadav is lodged in a Ranchi jail since December 23 last when he was convicted in a fodder scam case. Within days, he was convicted in another case.
"The new national executive has established that RJD belongs to one family.....it would be better if the party is named after Lalu Prasad and his sons-in-law too are inducted into the national executive," Mr Singh said.
"Lalu is running the party from jail. He should have also included in the national executive Raj Ballabh Yadav," Mr Singh said referring to a suspended RJD MLA who is in jail in a rape case.
Another JD(U) spokesman Neeraj Kumar accused the RJD chief of adopting "double standards" by dropping Shahabuddin from the national executive but retaining his own position.
"When law enforcing agencies were acting against Shahabuddin and Raj Ballabh Yadav, Prasad was singing paeans to these tainted figures. Now he has sidelined these men, retaining the party president's post and securing the position of his sons and daughter in the party," Mr Kumar said.
"Even a senior leader like Abdul Bari Siddiqui has been made to look like an also ran. So much for the RJD leadership's claims of championing secularism and rights of the minorities," Mr Kumar said.
The release issued by RJD general secretary SM Qamar Alam said the appointments were made by Lalu Yadav.
Lalu Yadav's three children--Tej Pratap Yadav, Tejashwi Yadav and Misa Bharti--have also made it to the panel.
Mr Jethmalani is an RJD member of the Rajya Sabha from Bihar.
Though Shahabuddin has been dropped, his wife Heena Shahab has found a place in the executive.
Shahabuddin, a four-time former MP from Siwan, has over three dozen criminal cases against him, and is lodged in Delhi's Tihar jail.
Lalu Yadav was re-elected as party president in November last year, and his tenure would end in 2020. His wife Rabri Devi, a former chief minister, has been named vice president alongside party veterans Raghuvansh Prasad Singh, Mangni Lal Mandal, Mohammad Iliyas Hussain and Shivanand Tiwari.
JD(U) spokesman and MLC Sanjay Singh took a dig at Lalu Yadav over nominating the party executive from behind the bars.
"In the history of Indian democracy, this is the first example of a party's national president constituting its national executive from jail," he said.
Lalu Yadav is lodged in a Ranchi jail since December 23 last when he was convicted in a fodder scam case. Within days, he was convicted in another case.
"The new national executive has established that RJD belongs to one family.....it would be better if the party is named after Lalu Prasad and his sons-in-law too are inducted into the national executive," Mr Singh said.
"Lalu is running the party from jail. He should have also included in the national executive Raj Ballabh Yadav," Mr Singh said referring to a suspended RJD MLA who is in jail in a rape case.
Another JD(U) spokesman Neeraj Kumar accused the RJD chief of adopting "double standards" by dropping Shahabuddin from the national executive but retaining his own position.
"When law enforcing agencies were acting against Shahabuddin and Raj Ballabh Yadav, Prasad was singing paeans to these tainted figures. Now he has sidelined these men, retaining the party president's post and securing the position of his sons and daughter in the party," Mr Kumar said.
"Even a senior leader like Abdul Bari Siddiqui has been made to look like an also ran. So much for the RJD leadership's claims of championing secularism and rights of the minorities," Mr Kumar said.
A Hindu Goes To Jail For Marrying Twice: PM Modi On Triple Talaq Law Row
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Speaking in the Rajya Sabha where the Congress-led opposition had blocked the proposed law to ban triple talaq, Prime Minister Narendra Modi on Wednesday gave it back to Congress for trying to find faults with his government's version of the law.
The NDA government had last year drafted the Muslim Women Protection of Rights in Marriage Bill 2017 to make the instant "triple talaq" a criminal offence. It had proposed up to three years in jail as punishment for a Muslim man who seeks to divorce his wife by saying "talaq" thrice.
The bill, drafted months after the Supreme Court declared the triple talaq illegal, had cleared the Lok Sabha but was put on hold after the Congress and other opposition parties made it clear that they insisted on sending it to a parliamentary committee for review. Some Congress lawmakers had argued that if a man who abandons his family goes to jail, he will not be able to provide for them.
PM Modi said the logic advanced by many people against the triple talaq law proposed by his government could be stretched to argue against any criminal law.
"If a Hindu marries twice, he goes to jail. There should be punishment for him. You did not think how his family will survive," PM Modi said to thumping of tables from the treasury benches.
"Is there a punishment (for him)," he asked, to underscore the point.
PM Modi said it could always be argued that if a young man is sentenced to jail for murder, how will his parents survive.
Turning to the Congress, PM Modi also asked the party who had stopped them from "coming up with the kind of a law that you want". The Congress, he said, first had the opportunity to change the law when the matter came before it 30 years back. That is when a minister also spoke out in parliament why triple talaq should go, he said.
"But there were voices against it, politics came into play, your vote-bank was at risk. Suddenly the minister had to go. So did his mission," PM Modi said, an oblique reference to Arif Mohammad Khan's speech in parliament defending the 1985 Supreme Court judgment in the Shah Bano case. Mr Khan had resigned in protest after the government gave in to the campaign against the verdict and enacted the Muslim Women (Protection of Rights on Divorce) Act.
The NDA government had last year drafted the Muslim Women Protection of Rights in Marriage Bill 2017 to make the instant "triple talaq" a criminal offence. It had proposed up to three years in jail as punishment for a Muslim man who seeks to divorce his wife by saying "talaq" thrice.
The bill, drafted months after the Supreme Court declared the triple talaq illegal, had cleared the Lok Sabha but was put on hold after the Congress and other opposition parties made it clear that they insisted on sending it to a parliamentary committee for review. Some Congress lawmakers had argued that if a man who abandons his family goes to jail, he will not be able to provide for them.
PM Modi said the logic advanced by many people against the triple talaq law proposed by his government could be stretched to argue against any criminal law.
"If a Hindu marries twice, he goes to jail. There should be punishment for him. You did not think how his family will survive," PM Modi said to thumping of tables from the treasury benches.
"Is there a punishment (for him)," he asked, to underscore the point.
PM Modi said it could always be argued that if a young man is sentenced to jail for murder, how will his parents survive.
Turning to the Congress, PM Modi also asked the party who had stopped them from "coming up with the kind of a law that you want". The Congress, he said, first had the opportunity to change the law when the matter came before it 30 years back. That is when a minister also spoke out in parliament why triple talaq should go, he said.
"But there were voices against it, politics came into play, your vote-bank was at risk. Suddenly the minister had to go. So did his mission," PM Modi said, an oblique reference to Arif Mohammad Khan's speech in parliament defending the 1985 Supreme Court judgment in the Shah Bano case. Mr Khan had resigned in protest after the government gave in to the campaign against the verdict and enacted the Muslim Women (Protection of Rights on Divorce) Act.
Business Affairs
Monetary Policy Review: RBI yet to figure out impact of new MSP for crops on inflation
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The RBI in its bi-monthly monetary policy report on Wednesday said the Monetary Policy Committee (MPC) has estimated that inflation would remain around 5.1-5.6% in April to September, and then 4.5-4.6% in October to March. RBI Governor Urijit Patel said the overall inflation would remain around 4.5 per cent for the FY 2018-19, though the overall impact of the recent MSP announcement on inflation was yet to be ascertained. Finance Minister Arun Jaitley, in his Budget speech on February 2, had said the government would provide 50 per cent MSP (Minimum Support Price) over the cost of production on kharif crops for farmers.
"The Union Budget 2018-19 has proposed revised guidelines for arriving at the MSPs for kharif crops, although the exact magnitude of its impact on inflation can't be fully assessed at this stage," the RBI said in a statement.
The MPC said its current monetary decision is in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.
In a report released on Monday, the State Bank of India had also said that there will be "minimal" impact on inflation from the government's decision to fix support prices for the upcoming Kharif crops at least 50 per cent higher than the cost of production. "Whether such a price fixation will impact inflation or not. We believe the impact on inflation will be minimal," said the SBI Ecowrap report.
However, analysts suggest the higher MSP on farm commodities would give rise to food inflation during the procurement season starting June, which could force the RBI to reconsider its current stance on the monetary policy. The MPC has said there are uncertain several factors that may push up the overall inflation outlook in this fiscal like HRA increases by state governments, global growth pickup, higher MSP, increase in custom duty, and fiscal slippage as indicated in the Union Budget 2018.
"First, the staggered impact of HRA increases by state governments may push up headline inflation. Second, a pickup in global growth may exert pressure on crude oil and commodity prices with implications for domestic inflation. Third, Budget has proposed revised MSP for kharif crops, although its exact impact on inflation can't be fully assessed at this stage. Fourth, the Budget has also proposed an increase in customs duty on many items. Fifth, fiscal slippage could impinge on the inflation outlook. Sixth, the confluence of domestic fiscal developments and normalisation of monetary policy by major economies could adversely impact financing conditions and undermine the confidence of external investors," the statement said.
Fulfilling Prime Minister Narendra Modi's 2014 poll promise, FM Jaitley during his Budget speech had announced to "keep MSP for the all unannounced crops of kharif at least at one and half times of their production cost", which, he said, would prove to be a major step towards doubling the farmers' income by 2022 when India celebrates its 75th year of independence.
"The Union Budget 2018-19 has proposed revised guidelines for arriving at the MSPs for kharif crops, although the exact magnitude of its impact on inflation can't be fully assessed at this stage," the RBI said in a statement.
The MPC said its current monetary decision is in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.
In a report released on Monday, the State Bank of India had also said that there will be "minimal" impact on inflation from the government's decision to fix support prices for the upcoming Kharif crops at least 50 per cent higher than the cost of production. "Whether such a price fixation will impact inflation or not. We believe the impact on inflation will be minimal," said the SBI Ecowrap report.
However, analysts suggest the higher MSP on farm commodities would give rise to food inflation during the procurement season starting June, which could force the RBI to reconsider its current stance on the monetary policy. The MPC has said there are uncertain several factors that may push up the overall inflation outlook in this fiscal like HRA increases by state governments, global growth pickup, higher MSP, increase in custom duty, and fiscal slippage as indicated in the Union Budget 2018.
"First, the staggered impact of HRA increases by state governments may push up headline inflation. Second, a pickup in global growth may exert pressure on crude oil and commodity prices with implications for domestic inflation. Third, Budget has proposed revised MSP for kharif crops, although its exact impact on inflation can't be fully assessed at this stage. Fourth, the Budget has also proposed an increase in customs duty on many items. Fifth, fiscal slippage could impinge on the inflation outlook. Sixth, the confluence of domestic fiscal developments and normalisation of monetary policy by major economies could adversely impact financing conditions and undermine the confidence of external investors," the statement said.
Fulfilling Prime Minister Narendra Modi's 2014 poll promise, FM Jaitley during his Budget speech had announced to "keep MSP for the all unannounced crops of kharif at least at one and half times of their production cost", which, he said, would prove to be a major step towards doubling the farmers' income by 2022 when India celebrates its 75th year of independence.
SpiceJet posts net profit of Rs 240 crore for Q3, its highest-ever quarterly profit
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India's third largest airline has just reported net profit of Rs 240 crore for the third quarter (Q3) of this fiscal, up around 33% from the corresponding period in 2016-17. On an EBITDA basis, profit stood at over Rs 330 crore. This is not only the 12th successive profitable quarter for the low-cost airline, but reportedly also its highest-ever quarterly profit. Talk about a turnaround-in December 2014 it was nearly crippled with all its flights grounded.
"The strong quarterly results were aided by a higher passenger load factor and a healthy increase in passenger yields despite a substantial rise of 17% in crude oil prices, a one-time expense of Rs 25 crore and an inflationary increase of 3% in other costs. The company witnessed a 14% increase in its passenger yields (Revenue per Available Seat Kilometre) while its average domestic load factor was 95%. SpiceJet has recorded more than 90% load factor for 33 successive months, a feat unparalleled globally," the airline said in a release.
The total income from operations stood at Rs 2082 crore for Q3 FY18, a 27% jump year-on-year, while fuel costs grew 33% to Rs 631 crore. "12 successive profitable quarters, record aircraft orders, industry's best load factor, high on-time performance and constantly exploring new growth avenues, SpiceJet remains firmly on track on its long-term growth strategy," said Chairman and Managing Director Ajay Singh. The budget carrier currently enjoys a market share of 12.7% (as of December 2017).
According to the airline, before December 2018, it plans to add 12-15 Boeing 737 aircrafts and 6-9 Bombardier Q400 aircrafts to its existing fleet of 38 Boeing and 22 Bombardier Q400 aircrafts. Then there is the standing order for the new Boeing 737 Max aircrafts-reportedly scheduled to be delivered in the second quarter of the coming financial year-that Ray Conner, Vice Chairman, The Boeing Company last year claimed would "allow SpiceJet to profitably open new markets, expand connectivity within India and beyond, and offer their customers a superior passenger experience."
No wonder Singh so confidently said that he aims to make the airline an international level carrier with long-haul flights in the next one or two years while in Davos for the World Economic Forum's annual meet. SpiceJet already flies to seven international short-haul destinations.
The shares of the company closed at Rs 133.50 today, up 3% on the BSE in a day.
"The strong quarterly results were aided by a higher passenger load factor and a healthy increase in passenger yields despite a substantial rise of 17% in crude oil prices, a one-time expense of Rs 25 crore and an inflationary increase of 3% in other costs. The company witnessed a 14% increase in its passenger yields (Revenue per Available Seat Kilometre) while its average domestic load factor was 95%. SpiceJet has recorded more than 90% load factor for 33 successive months, a feat unparalleled globally," the airline said in a release.
The total income from operations stood at Rs 2082 crore for Q3 FY18, a 27% jump year-on-year, while fuel costs grew 33% to Rs 631 crore. "12 successive profitable quarters, record aircraft orders, industry's best load factor, high on-time performance and constantly exploring new growth avenues, SpiceJet remains firmly on track on its long-term growth strategy," said Chairman and Managing Director Ajay Singh. The budget carrier currently enjoys a market share of 12.7% (as of December 2017).
According to the airline, before December 2018, it plans to add 12-15 Boeing 737 aircrafts and 6-9 Bombardier Q400 aircrafts to its existing fleet of 38 Boeing and 22 Bombardier Q400 aircrafts. Then there is the standing order for the new Boeing 737 Max aircrafts-reportedly scheduled to be delivered in the second quarter of the coming financial year-that Ray Conner, Vice Chairman, The Boeing Company last year claimed would "allow SpiceJet to profitably open new markets, expand connectivity within India and beyond, and offer their customers a superior passenger experience."
No wonder Singh so confidently said that he aims to make the airline an international level carrier with long-haul flights in the next one or two years while in Davos for the World Economic Forum's annual meet. SpiceJet already flies to seven international short-haul destinations.
The shares of the company closed at Rs 133.50 today, up 3% on the BSE in a day.
Sensex closes 113 points lower, Nifty at 10,476 after RBI keeps repo rate unchanged
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The Sensex and Nifty lost steam in the last 30 minutes even as the Reserve Bank of India (RBI) kept key policy rates unchanged in its sixth bi-monthly monetary policy statement as per expectations.
The indices also took cues from US market futures with S&P, Nasdaq and Dow Jones falling in preopen trade.
While the Sensex closed 113 points lower to 34,082 level, the Nifty fell 21 points to 10,476 level.
"A neutral stance from RBI and no hike in the US Fed rate can support for a recovery in the short-term since a large portion of a change from a reducing interest rate to a rising scenario may be factored in the up ticked bond yields. India's the 10yr Govt bond yield has hiked to 7.55% compared to 6.90% in the last 3 months," said Vinod Nair, Head of Research at Geojit.
Banking stocks led the fall with BSE bankex losing 125 points to 29,072 level.
The losses would have been higher without the contribution of the maximum sectoral gainer, the BSE oil and gas index which closed 260 points higher to 15,692 level.
The BSE consumer durables index was another major gainer with the index rising 157 points to 20,895 level.
Brokers said RBI's decision to keep key interest rate unchanged was largely in line with investor expectations but lowering of economic growth projection dampened sentiments.
Top BSE gainers were Century Plyboards (15.24%), Chambal Fertilisers (11.79%) and Rain Industries (9.56%).
Natco Pharma (8.06%), Vakrangee (5%) and Redington India (4.48%) were the top BSE losers.
Market breadth was positive with 1987 stocks closing higher against 787 ending lower on BSE.
Coal India (2.48%), ONGC (2.24%) and Asian Paints (0.91%) were the top gainers on Sensex.
Bharti Airtel (2.03%), Wipro (1.85%) and L&T (1.58%) were the top Sensex losers.
The Sensex recovered by 470 points in early morning trade but erased gains in afternoon to trade more than 100 points lower than the opening level.
Meanwhile, Asian markets closed mixed with Shanghai Composite Index (1.82%) and Hang Seng (0.89%) closing lower. Nikkei and Taiwan TSec 50 index rose 147 points to close at 10,551 level. Nikkei too rose 0.16% to 21.645 level.
The indices also took cues from US market futures with S&P, Nasdaq and Dow Jones falling in preopen trade.
While the Sensex closed 113 points lower to 34,082 level, the Nifty fell 21 points to 10,476 level.
"A neutral stance from RBI and no hike in the US Fed rate can support for a recovery in the short-term since a large portion of a change from a reducing interest rate to a rising scenario may be factored in the up ticked bond yields. India's the 10yr Govt bond yield has hiked to 7.55% compared to 6.90% in the last 3 months," said Vinod Nair, Head of Research at Geojit.
Banking stocks led the fall with BSE bankex losing 125 points to 29,072 level.
The losses would have been higher without the contribution of the maximum sectoral gainer, the BSE oil and gas index which closed 260 points higher to 15,692 level.
The BSE consumer durables index was another major gainer with the index rising 157 points to 20,895 level.
Brokers said RBI's decision to keep key interest rate unchanged was largely in line with investor expectations but lowering of economic growth projection dampened sentiments.
Top BSE gainers were Century Plyboards (15.24%), Chambal Fertilisers (11.79%) and Rain Industries (9.56%).
Natco Pharma (8.06%), Vakrangee (5%) and Redington India (4.48%) were the top BSE losers.
Market breadth was positive with 1987 stocks closing higher against 787 ending lower on BSE.
Coal India (2.48%), ONGC (2.24%) and Asian Paints (0.91%) were the top gainers on Sensex.
Bharti Airtel (2.03%), Wipro (1.85%) and L&T (1.58%) were the top Sensex losers.
The Sensex recovered by 470 points in early morning trade but erased gains in afternoon to trade more than 100 points lower than the opening level.
Meanwhile, Asian markets closed mixed with Shanghai Composite Index (1.82%) and Hang Seng (0.89%) closing lower. Nikkei and Taiwan TSec 50 index rose 147 points to close at 10,551 level. Nikkei too rose 0.16% to 21.645 level.
RBI lowers FY18 economic growth forecast to 6.6%
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The Reserve Bank today lowered the economic growth projection for 2017-18 to 6.6 per cent, but said that it will accelerate to 7.2 per cent in the next financial year as the roll-out of GST stabilises and credit offtake improves.
The statement issued after the 2-day meeting of the 6-member Monetary Policy Committee (MPC) of the Reserve Bank of India also said that recapitalisation of public sector banks along with resolution of stressed assets under the Insolvency and Bankruptcy Code (IBC) will create demand for fresh investments.
"GVA (Gross Value Added) growth for 2017-18 is projected at 6.6 per cent," it said.
In the December policy review, MPC had forecast that the GVA would expand by 6.7 per cent.
For the next fiscal, 2018-19, the central bank said that the implementation of the Goods and Services Tax (GST), rolled out on July 1 last year, is stabilising and augurs well for economic activity.
"There are early signs of revival in investment activity as reflected in improving credit offtake, large resource mobilisation from the primary capital market, and improving capital goods production and imports," it said.
Furhter, the process of recapitalisation of public sector banks has gotten underway and large distressed borrowers are being referenced for resolution under the IBC, it said.
"This should improve credit flows further and create demand for fresh investment," the RBI said, adding that export growth is expected to improve further on account of improving global demand.
RBI said that GVA expansion in 2018-19 is projected at 7.2 per cent overall "in the range of 7.3-7.4 per cent in H1 and 7.1-7.2 per cent in H2" with risks evenly balanced.
The MPC noted that the economy is on a recovery path, including early signs of a revival of investment activity, the RBI said. Also, global demand is improving, which should help strengthen domestic investment activity.
"The focus of the Union Budget on the rural and infrastructure sectors is also a welcome development as it would support rural incomes and investment, and in turn provide a further push to aggregate demand and economic activity," it said.
The MPC has flagged the deterioration in public finances risk crowding out private financing and investment as a "downside" to the growth outlook.
The statement issued after the 2-day meeting of the 6-member Monetary Policy Committee (MPC) of the Reserve Bank of India also said that recapitalisation of public sector banks along with resolution of stressed assets under the Insolvency and Bankruptcy Code (IBC) will create demand for fresh investments.
"GVA (Gross Value Added) growth for 2017-18 is projected at 6.6 per cent," it said.
In the December policy review, MPC had forecast that the GVA would expand by 6.7 per cent.
For the next fiscal, 2018-19, the central bank said that the implementation of the Goods and Services Tax (GST), rolled out on July 1 last year, is stabilising and augurs well for economic activity.
"There are early signs of revival in investment activity as reflected in improving credit offtake, large resource mobilisation from the primary capital market, and improving capital goods production and imports," it said.
Furhter, the process of recapitalisation of public sector banks has gotten underway and large distressed borrowers are being referenced for resolution under the IBC, it said.
"This should improve credit flows further and create demand for fresh investment," the RBI said, adding that export growth is expected to improve further on account of improving global demand.
RBI said that GVA expansion in 2018-19 is projected at 7.2 per cent overall "in the range of 7.3-7.4 per cent in H1 and 7.1-7.2 per cent in H2" with risks evenly balanced.
The MPC noted that the economy is on a recovery path, including early signs of a revival of investment activity, the RBI said. Also, global demand is improving, which should help strengthen domestic investment activity.
"The focus of the Union Budget on the rural and infrastructure sectors is also a welcome development as it would support rural incomes and investment, and in turn provide a further push to aggregate demand and economic activity," it said.
The MPC has flagged the deterioration in public finances risk crowding out private financing and investment as a "downside" to the growth outlook.
Supreme Court cancels 88 renewed Goa mining licences; all activity to stop by March 16
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The Supreme Court has cancelled 88 mining leases in Goa that were renewed by the state's BJP government in 2015, just before the Mines and Minerals (Regulation and Development) Act mandated the auction of mining leases. As per the ruling, all mining activity, involving the iron and manganese mines, will be allowed only till March 16. The apex court has also asked the central government to start a fresh process of auction for mining companies in Goa-a Bench of Justices Madan B. Lokur and Deepak Gupta said the renewal of mining leases was hasty and illegal.
Back in 2012, mining in Goa had been banned following a Rs 35,000-crore illegal mining scam unearthed by a Judicial Commission appointed by the Union Mines Ministry, in which all the top mining companies were indicted. Between 2006 and 2011, sources say over 14 million tonnes of iron ore was illegally extracted and exported from Goa. That was 27% of total exports. The report submitted by Justice M.B. Shah Commission furthermore pointed to a politician-bureaucrat-mining companies nexus that included the then CM Digambar Kamat. The latter, who had also held the mines portfolio during the period when illegality took place, was chargesheeted by a Special Investigation Team of the Goa police last month.
Following a Public Interest Litigation filed by Goa Foundation, a local NGO working on environment, in 2011, the Supreme Court had imposed a ban on all mining activities, which was subsequently lifted in April 2014. A year later, the State Government renewed all 88 mining leases-owned by the very same holders initially accused of illegal mining-for 20 years with retrospective effect from 2007. Goa Foundation again moved court challenging this renewal and emerged victorious. Given that the cancelled leases encompass nearly all companies operating in Goa, mining activity will soon come to a virtual standstill.
From an environmental point of view, this is good news because, as recently pointed out by senior geologist Prof. Ashoka Dessai, unless new reserves are located, the current high grade reserves of iron ore will not last for more than a decade.
Back in 2012, mining in Goa had been banned following a Rs 35,000-crore illegal mining scam unearthed by a Judicial Commission appointed by the Union Mines Ministry, in which all the top mining companies were indicted. Between 2006 and 2011, sources say over 14 million tonnes of iron ore was illegally extracted and exported from Goa. That was 27% of total exports. The report submitted by Justice M.B. Shah Commission furthermore pointed to a politician-bureaucrat-mining companies nexus that included the then CM Digambar Kamat. The latter, who had also held the mines portfolio during the period when illegality took place, was chargesheeted by a Special Investigation Team of the Goa police last month.
Following a Public Interest Litigation filed by Goa Foundation, a local NGO working on environment, in 2011, the Supreme Court had imposed a ban on all mining activities, which was subsequently lifted in April 2014. A year later, the State Government renewed all 88 mining leases-owned by the very same holders initially accused of illegal mining-for 20 years with retrospective effect from 2007. Goa Foundation again moved court challenging this renewal and emerged victorious. Given that the cancelled leases encompass nearly all companies operating in Goa, mining activity will soon come to a virtual standstill.
From an environmental point of view, this is good news because, as recently pointed out by senior geologist Prof. Ashoka Dessai, unless new reserves are located, the current high grade reserves of iron ore will not last for more than a decade.
General Awareness
Development processes and the development industry the role of NGOs, SHGs, various groups and associations, donors, charities, institutional and other stakeholders.
Tools for ranking of startups
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Context: Three new tools for States and Union Territories for ranking of startups in the country have been launched. These will act as catalysts to help the Startup India initiative to drive India’s economic growth.
The tools are: The State and Union Territory Startup Ranking Framework, the Compendium of Good Practices for Promoting Startups in India and the Startup India Kit.
About the Ranking Framework:
The key objective of the Startup States and UTs Ranking Framework is to encourage States and UTs to take proactive steps towards strengthening the Startup ecosystems at the local level. The Ranking Framework will measure the impact of each step initiated at the local level for building a strong Startup ecosystem. The Ranking Framework will also enable contnuous learning through the dissemination of good practices.
The Ranking Framework is based on the feedback collected from Startup ecosystem stakeholders, which include startups, mentors, investors, accelerators, incubators and the government bodies. Areas which should be given greater thrust like seed funding support, women entrepreneurship are given more score.
Startup India Compendium of Good Practises for promoting Startups in India:
It focuses on enriching the Startup ecosystem through ethical behaviours and is currently followed by 18 States and UTs. It covers 95 good practises across 7 areas of intervention. These are distilled into 38 action points including Incubation Support, Seed Funding, Angel & Venture Funding, Startup Policy & Implementation, Simplified Regulations, Easing Public Procurement, Awareness & Outreach.
The Startup India Kit:
It is primarily a one-stop guide on all Startup India offerings. It offers vital information, advice and assistance through website links, statistics, tools, templates, events, competitions and a glossary on startup terms. All the benefits available to startups from the Startup India initiative can be found in the kit.
Significance of Startups:
India is home to about 20,000 startups, with about 1,400 beginning operations every year. They are not only driving economic growth but also leading to technological innovations and employment generation in every state. Entrepreneurs are introducing new solutions everyday and also improving existing processes. To encourage and help statrups the Govt of India has taken the lead in creating policies and a framework. Many States and UTs have a startup focussed environment with ease of doing business for startups.
Way ahead:
The Govt has to align its strategies to tap into the infinite potential of young entrepreneurial minds. Startups need help in the journey from idea to business and business to success. States will also have to take proactive steps to enable startup ecosystems at the local level.
The tools are: The State and Union Territory Startup Ranking Framework, the Compendium of Good Practices for Promoting Startups in India and the Startup India Kit.
About the Ranking Framework:
The key objective of the Startup States and UTs Ranking Framework is to encourage States and UTs to take proactive steps towards strengthening the Startup ecosystems at the local level. The Ranking Framework will measure the impact of each step initiated at the local level for building a strong Startup ecosystem. The Ranking Framework will also enable contnuous learning through the dissemination of good practices.
The Ranking Framework is based on the feedback collected from Startup ecosystem stakeholders, which include startups, mentors, investors, accelerators, incubators and the government bodies. Areas which should be given greater thrust like seed funding support, women entrepreneurship are given more score.
Startup India Compendium of Good Practises for promoting Startups in India:
It focuses on enriching the Startup ecosystem through ethical behaviours and is currently followed by 18 States and UTs. It covers 95 good practises across 7 areas of intervention. These are distilled into 38 action points including Incubation Support, Seed Funding, Angel & Venture Funding, Startup Policy & Implementation, Simplified Regulations, Easing Public Procurement, Awareness & Outreach.
The Startup India Kit:
It is primarily a one-stop guide on all Startup India offerings. It offers vital information, advice and assistance through website links, statistics, tools, templates, events, competitions and a glossary on startup terms. All the benefits available to startups from the Startup India initiative can be found in the kit.
Significance of Startups:
India is home to about 20,000 startups, with about 1,400 beginning operations every year. They are not only driving economic growth but also leading to technological innovations and employment generation in every state. Entrepreneurs are introducing new solutions everyday and also improving existing processes. To encourage and help statrups the Govt of India has taken the lead in creating policies and a framework. Many States and UTs have a startup focussed environment with ease of doing business for startups.
Way ahead:
The Govt has to align its strategies to tap into the infinite potential of young entrepreneurial minds. Startups need help in the journey from idea to business and business to success. States will also have to take proactive steps to enable startup ecosystems at the local level.
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