Air India posts Rs 4,600 cr operating loss in 2018-19; aims profit this fiscal

Agencies
September 16, 2019

New Delhi, Sept 16: Air India posted an operating loss of around Rs 4,600 crore in the last financial year mainly due to higher oil prices and foreign exchange losses but the debt-laden carrier expects to turn operationally profitable in 2019-20, according to senior officials.

Reflecting tough business conditions, the airline's net loss stood at about Rs 8,400 crore while total revenues touched around Rs 26,400 crore in 2018-19, one of the senior officials told news agency.

Another senior official said the airline is projected to post an operating profit of Rs 700 to 800 crore in 2019-20, provided oil prices do not shoot up significantly and there is no steep fluctuation in foreign exchange rates.

However, the airline incurred an operating loss of Rs 175 to 200 crore in the three months ended June as closure of Pakistan airspace for Indian carriers resulted in higher costs and caused a daily loss of Rs 3 to 4 crore when the restrictions were in place, the official said.

Air India had a loss of Rs 430 crore in the four-month period when Pakistan closed its airspace after the Balakot air strikes.

The official noted that load factor and yields are improving for Air India, which currently flies to 41 international and 72 domestic destinations. Load factor is a measure of seat occupancy and yield refers to average fare paid per passenger.

The situation is anticipated to improve further as more wide-body planes would be available for operations in the coming months, the official added. Air India had grounded several of its wide-body aircraft for maintenance and most of them are in the process of being re-inducted into the fleet.

Air India is to start flying to Toronto from September 27 and to Nairobi in November.

The airline has a debt burden of more than Rs 58,000 crore and servicing the loans is a major challenge as the annual outgo is more than Rs 4,000 crore.

The official who was quoted first said the carrier is facing a financial crisis and disinvestment is the option.

Aviation consultancy CAPA South Asia CEO and Director Kapil Kaul said Air India's financial position is likely to "significantly improve" in the current financial year.

"CAPA expects a closer to break-even in FY 20 excluding increased costs incurred due to closure of Pakistan airspace. With oil prices expected to stay below USD 60, expect a closer to break-even for Air India in FY 20, he told news agency.

Noting that improved financial performance would be a positive for divestment, Kaul said a fully divested Air India that is well capitalised and with improved governance and management would ensure that the airline has a relevant future.

India needs a stronger Air India which is viable without taxpayers' support, he added.

The government has decided on disinvestment of Air India as part of efforts to revive its fortunes. Air India, which has been in the red for long, was sanctioned a nearly Rs 30,000 crore bailout package for a 10-year period by the UPA regime in 2012.

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Well Wisher
 - 
Monday, 16 Sep 2019

Be careful passensgers, especially Gulf passengers, chances of mid-air fuel run-out is more. LOL

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Agencies
February 5,2020

New Delhi, Feb 5: Over five crore farmers were yet to get the third instalment of money under the Centre's ambitious PM-Kisan scheme, aimed at providing direct support of Rs 6,000 annually to them, according to the latest Ministry of Agriculture and Farmers' Welfare data.

The total amount of the scheme, which came into effect on December 1, 2018, is to be paid in three equal instalments of Rs 2,000 every four months.

The data showed about 2.51 crore farmers have not got even the second instalment and 5.16 crore of them were yet to get the third instalment.

Over 9 crore farmers have registered themselves under the scheme between December 2018 and November 2019, it said.

Of these, 7.62 crore or 84 per cent of farmers have received the first instalment.

The money through the second instalment was given to nearly 6.5 crore farmers and the amount under the third instalment was given to 3.85 crore beneficiaries, according to the data received in response to an RTI query filed by this PTI journalist.

The agriculture ministry, in its response, gave three sets of data mentioning the benefits given to farmers under the scheme between December 2018 and November 2019.

It said 4.74 crore farmers were registered between December 2018 and March 2019.

Of them, 4.22 crore received the first instalment, 4.02 crore the second and 3.85 crore the third.

There was no mention why nearly 50 lakh, 70 lakh and 90 lakh registered farmers during this period did not get the first, second and third instalment respectively.

There was no registered beneficiary in West Bengal and Sikkim, hence no amount was disbursed during this period, according to the data.

Giving details of the 3.08 crore farmers registered between April and July last year, it said 2.66 crore and 2.47 crore beneficiaries have got their first and second instalments respectively.

The RTI reply did no mention why around 40 lakh and 61 lakh registered farmers during this period did not get their first and second instalment respectively.

"The beneficiaries are eligible for the instalment for the period in which he/she gets registered and subsequent periods, thereafter. Therefore, the third instalment is not due for the beneficiaries registered in the period April 2019-July 2019," the ministry said.

There was no registered beneficiary during this period in West Bengal, Punjab and Chandigarh and therefore nobody was paid first and second instalments.

The ministry said around 1.19 crore beneficiaries were registered between August and November 30, 2019, of these nearly 73.66 lakh farmers have been given the first instalment.

There was no mention of payment of first instalment to over 45 lakh eligible beneficiaries during the period.

"The beneficiaries are eligible for the instalment for the period in which he/she gets registered and subsequent periods, thereafter. Therefore, the second and third instalments are not due for the beneficiaries registered in the period August 2019 to November 2019," it said.

The ministry was asked to provide the total number of farmers, state-wise, and the amount received by them under the Pradhan Mantri Kisan Samman Nidhi or PM-Kisan scheme.

"PM-Kisan Samman Nidhi scheme has been implemented from December 1, 2018. It is stated that PM-Kisan is a continuous and ongoing scheme, in which the financial benefits are transferred to the bank accounts of the identified beneficiaries as and when their correct and verified data is uploaded by the concerned states/union territories on PM-Kisan web portal," the ministry said in the RTI response vide its letter dated December 26, 2019.

The data of beneficiaries so uploaded by them undergoes a multi-level verification, including by banks, and only then the amount is released to the beneficiary, it said, adding that www.pmkisan.gov.in website can be accessed to get more details on the operational guidelines of the scheme.

According to the data updated on the website on February 3, around 8.82 crore farmers have been registered and 8.41 crore have received the first installment, 7.56 crore the second instalment, 6.19 crore the third and 3.03 crore have received the fourth installment.

In Assam, out of 16.97 lakh farmers registered during this period, 14.02 lakh got the first instalment, 13.72 lakh received the second and 9.87 lakh the third.

Of the 42.34 lakh registered beneficiaries in Maharashtra, 36.98 lakh got the first instalment, 31.53 lakh the second and 27.67 lakh got the third instalment.

As many as 23.83 lakh farmers in Kerala received their first instalment, 18.79 lakh got the second and 18.43 lakh the third. A total of 26.13 lakh beneficiaries were registered in the state between December 2018 and March 2019.

There was no beneficiary registered during the period from West Bengal, which has refused to implement the scheme, according to the ministry's response.

In Uttar Pradesh, nearly 9.57 lakh out of 19.64 lakh farmers have got the first instalment. In Gujarat, nearly 1.22 lakh out of 1.98 lakh registered farmers got the first instalment.

Around 9.78 lakh farmers out of the 17.18 lakh registered beneficiaries have received the first instalment in Madhya Pradesh. In Odisha, only 5,507 farmers out of 5.6 lakh registered farmers have got the first instalment, the ministry said.

None of the 7,326 farmers registered in Sikkim was paid the first instalment, according to the ministry's reply. In Delhi, 1,447 farmers out of 1,734 have got the first instalment.

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Agencies
June 4,2020

New Delhi, Jun 4: Press Council of India (PCI) member BR Gupta has resigned from his post, saying he was unable to work individually or collectively for the media, which is in a "deep crisis".

"I have tendered my resignation as a Press Council of India member," Gupta told PTI.

He said the PCI had the responsibility to encourage media and media professionals constantly.

"But everyone now realises that the media scenario is in a deep crisis. The motto for which the Council was created was not being fulfilled and I felt I was not doing anything remarkable for the freedom of media," Gupta said.

He claimed that the PCI was not a wholly representative body for the media.

"Then how can we come out of the crisis being faced by the media and mediapersons? It is a big challenge for us. I have quit as I have not been able to work individually or collectively being a PCI member," Gupta added.

Referring to salary cuts and job losses, he said media and mediapersons were struggling for social, political and economic justice.

When contacted, PCI chairman Justice C K Prasad said Gupta's resignation has not been accepted yet.

"I have received it (the resignation). I have not gone through it. It has not been accepted," Prasad told PTI.

Gupta was appointed as a PCI member for a three-year term on May 30, 2018.

He said liberty is one of the basic features of the preamble to the Constitution that continues to inspire people and the media.

"It is difficult (for me) to fulfil the unbiased role and responsibility to help citizens and the media for making democracy stronger," Gupta said.

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Agencies
July 6,2020

New Delhi, Jul 6: The Indian Academy of Sciences, a Bengaluru-based body of scientists, has said the Indian Council for Medical Research's (ICMR) target to launch a coronavirus vaccine by August 15 is "unfeasible" and "unrealistic".

The IASc said while there is an unquestioned urgent need, vaccine development for use in humans requires scientifically executed clinical trials in a phased manner.

While administrative approvals can be expedited, the "scientific processes of experimentation and data collection have a natural time span that cannot be hastened without compromising standards of scientific rigour", the IASc said in a statement.

In its statement, the IASc referred to the ICMR's letter which states that "it is envisaged to launch the vaccine for public health use latest by 15th August 2020 after completion of all clinical trials".

The ICMR and Bharat Biotech India Limited, a private pharmaceutical company, are jointly developing the vaccine against the novel coronavirus -- SARS-CoV-2.

The IASc welcomes the exciting development of a candidate vaccine and wishes that the vaccine is quickly made available for public use, the statement said.

"However, as a body of scientists including many who are engaged in vaccine development IASc strongly believes that the announced timeline is unfeasible. This timeline has raised unrealistic hope and expectations in the minds of our citizens," it said.

Aiming to launch an indigenous COVID-19 vaccine by August 15, the ICMR had written to select medical institutions and hospitals to fast-track clinical trial approvals for the vaccine candidate, COVAXIN.

Experts have also cautioned against rushing the process for developing a COVID-19 vaccine and stressed that it is not in accordance with the globally accepted norms to fast-track vaccine development for diseases of pandemic potential.

The IASc said trials for a vaccine involve evaluation of safety (Phase 1 trial), efficacy and side effects at different dose levels (Phase 2 trial), and confirmation of safety and efficacy in thousands of healthy people (Phase 3 trial) before its release for public use.

Clinical trials for a candidate vaccine require participation of healthy human volunteers. Therefore, many ethical and regulatory approvals need to be obtained prior to the initiation of the trials, it added.

The IASc said the immune responses usually take several weeks to develop and relevant data should not be collected earlier.

"Moreover, data collected in one phase must be adequately analysed before the next phase can be initiated. If the data of any phase are unacceptable then the clinical trial is required to be immediately aborted," it said.

For example, if the data collected from Phase 1 of the clinical trial show that the vaccine is not adequately safe, then Phase 2 cannot be initiated and the candidate vaccine must be discarded.

For these reasons, the Indian Academy of Sciences believes that the announced timeline is "unreasonable and without precedent", the statement said.

"The Academy strongly believes that any hasty solution that may compromise rigorous scientific processes and standards will likely have long-term adverse impacts of unforeseen magnitude on citizens of India," it said.

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