Category: Business and Economy

Pooja Sareen

Kingfisher pilots called off their strike after they were assured that their January salaries will be paid till May 15 and also after Chairman of the Kingfisher Airlines Vijay Mallya wrote to them that strict action will be taken if the pilots will not report back to work.

In his letter to the employees Vijay Mallya wrote that he will act firmly and decisively and that he will not allow a small group of misguided employees to derail and jeopardize operations and he also urged the employees to ensure that the revised schedule is also maintained.

Kingfisher Airlines Airbus A319

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Pooja Sareen, Student, Apeejay Institute of Mass Communication

This seems a big holi gift for the crisis ridden Kingfisher Airlines that the oil companies has resumed fuel supply to Kingfisher Airlines after receiving full payment from the Airlines

Day before oil companies pulled supply  from KFA due to non-payment which gave a big shock to the KFA and with this the International Air Transport Association also barred the agents from booking any KFA’s flights.

Six kingfisher fights were delayed on Wednesday due to absence of fuel supply at Mumbai and thus passengers suffered in a big way.

Kingfisher Airlines also got warning from the IATA on the same earlier also, which resulted in barring of its services on Wednesday, but KFA has promised to pay back the debts as soon as possible.

Already 19 accounts of KFA are frozen, Income Tax department has recovered 23 crore from KFA so far and soon they will attach its property also in the same.

English: U.S. Secretary of State Hillary Rodha...

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Agriculture Minister Sharad Pawar said on Wednesday it will be difficult to implement the proposed Food Security Act with existing distribution system and suggested massive reforms. “I will be failing in my duty if I do not emphasise the fact that the Food Security Act will never succeed in achieving its goal in letter and spirit, if we try to push the same through the existing PDS apparatus,” Pawar said.The minister felt that “a massive process re-engineering” was required to make the Public Distribution System (PDS) compatible with the proposed law.

Shilpa C, Student, Apeejay Institute of Mass Communication

The economic growth is likely to fall to a three-year low of 6.9 per cent in 2011-12, mainly due to sharp slowdown in manufacturing, agriculture and mining sectors, against 8.4 per cent expansion in the last fiscal.

Agriculture and allied activities are likely to grow at 2.5 per cent in 2011-12, compared to a robust growth of 7 per cent in 2010-11, according to the Advanced Estimates released on Tuesday by the Central Statistical Organisation (CSO).

Manufacturing growth is also expected to drop down to 3.9 per cent in this fiscal from 7.6 per cent last year. The CSO’s GDP growth projection is a tad lower than the 7 per cent forecast made by the Reserve Bank of India in its quarterly monetary policy review January 2012.

Shilpa C, Student, Apeejay Institute of Mass Communication

The dates of Union Budget 2012-13 and Railway Budget 2012-13 have been finalised. While Union Finance Minister Pranab Mukherjee will present the Budget on March 16, Railway Budget will be presented on March 14 by Union Minister Dinesh Trivedi. The Economic Survey 2012-13 will be released on 15.

Union Parliamentary Affairs Minister Pawan Kumar Bansal said that dates of the Budget session were finalised at the Cabinet Committee on Parliamentary Affairs (CCPA) on Monday.

Shilpa C, Student, Apeejay Institute of Mass Communication

Scrips of three listed domestic carriers, Jet Airways, Kingfisher Airlines and SpiceJet rallied after the government on Tuesday allowed airlines to import jet fuel directly.The decision on direct jet fuel imports was taken by an empowered group of ministers (EGoM) headed by Finance Minister Pranab Mukherjee.

Analysts said the move, announced by Civil Aviation Minister Ajit Singh, would help airlines to cut 10-15 percent of their operating cost.The move will enable airlines to directly import jet fuel as an end user, thereby saving sales tax, which ranges between 20-35 percent and is levied by state governments.

The Indian aviation sector been reeling under rising aviation turbine fuel (ATF) prices caused by high sales tax and other levies. Domestic airlines are estimated to have lost around Rs.3,000 crore in the first six months of this fiscal.

Shilpa C, Student, Apeejay Institute of Mass Communication

The Indian IT industry in the US has contributed USD 15 billion in taxes alone in the last five years, Foreign Secretary Ranjan Mathai said, stressing on the need to eliminate discriminatory actions.

Mathai, on his first bilateral visit to the US in his capacity as the Foreign Secretary, expressed hope that the economic challenges in the US would not lead to protectionism and concerns of the Indian IT industry will be addressed.

He is believed to have raised the issue in his meeting with the officials of Commerce Department on Monday. “We do hope the current economic challenges in the US would not lead to protectionism and that concerns of Indian IT industry will be addressed quickly,” Mathai said.

Shilpa C, Student, Apeejay Institute Of Mass Communication

An Indian on an average earned Rs 53,331 during 2010-11 or Rs 4,444.25 a month, a latest government data reveals. This is the first time India’s per capita income has crossed the Rs 50,000-mark. The Indian economy is expected to grow to $2 Trillion in 2011-12.Per capita income in India doubled from Rs.2,728.16 in 2004-05 and Rs.53,331in 2010-11 .The govt revised India’s GDP for 2010-11 to 8.4% from 8.5% earlier.

Shilpa C, Student, Apeejay Institute Of Mass Communication

The rupee had closed 33 paise higher at Rs 49.46/47 per US dollar yesterday in line with sharp rebound in equities amid fresh dollar selling by exporters and some banks.

Shilpa C, Student, Apeejay Institute Of Mass Communication

The Bombay Stock Exchange benchmark Sensex gained 107 points today as funds bought blue-chips and auto stocks on good monthly sales. The Sensex, which had gained 330 points on Tuesday, gained another 107.03 points, or 0.62 per cent to close at 17,300.58, after touching the day’s low of 17,061.55.