Govt rules out bail-out measure for SpiceJet

December 7, 2014

SpiceJet1New Delhi, Dec 7: Government today ruled out any bail-out measure to cash-strapped budget carrier SpiceJet. Civil Aviation Minister Ashok Gajapathy Raju also justfied the actions taken by the Directorate General of Civil Aviation against the airline including withdrawal of its unused slots for flight operations.

"I don't think the government can afford to take on such loans onto itself," Raju told CNN-IBN responding to a question whether the government will extend any guarantee as far as the beleaguered airline's debts are concerned.

The Minister, however, expressed the hope that SpiceJet will come out of the current financial crisis.

"We hope not. We hope they (SpiceJet) will be able to fly out of the financial turbulence which they are going through," he said when asked whether the airline was going the grounded Kingfisher Airlines way.

Raju also said the Directorate General of Civil Aviation has done its job by withdrawing the airlines' unused slots and passing other directions to SpiceJet.

Concerned over the deteriorating financial health of SpiceJet and large-scale flight cancellations, aviation regulator DGCA had yesterday withdrawn 186 of its slots and asked it to clear salary dues of all its employees by December 15.

The airline had, however, in a statement yesterday, said surrendering the unused slots to an airport operators was a routine practice and it had already paid November salaries to almost 85 per cent of the employees two days ago.

After reviewing the situation facing the no-frill carrier, DGCA chief Prabhat Kumar took a series of decisions, including asking the airline to file a "convincing schedule" by December 15, to clear its over Rs 1,500 crore dues to various vendors including airports and oil companies as well as stop taking bookings beyond one month among others.

93 arrival and as many departure slots were withdrawn by DGCA as the low-cost carrier was operating 232 flights in October, as against 339 in September.

Ashok Gajapathi Raju had late last week raised serious concern over the financial health of the domestic airline.

"We are running through a lot of turbulent weather...not only the public sector, private sector is also crashing. (With) Kingfisher crashing and, right now, SpiceJet seems to be giving us heart attacks as far as airlines are concerned," Raju had said.

The regulator would henceforth carry out "heightened" surveillance of all SpiceJet flights on landing to ensure that safety is not compromised due to its financial troubles, DGCA sources had said yesterday.

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News Network
March 26,2020

Mar 26: As Kashmir reported its first COVID-19 death on Thursday, Islamic scholars urged people to follow the Ministry of Home Affairs guidelines on funeral and burial of those who die due to coronavirus pandemic.

“Medical science can’t be ignored and whatever directions there are in the (MHA) guidelines should be followed. As far as the funeral of the person, only family members should participate in the funeral and burial after wearing the protection kits,” the scholars said.

The MHA has stressed that there should be no bathing, kissing, hugging and reciting of verses while the body should be transported in a secured bag. Health experts have stressed that the grave for the person should be dug eight feet deep instead of normal six feet.

“The body of the person should be transported in a secured bag and the vehicle in which he is transported has to be decontaminated by the trained staff who should be wearing N-95 masks and protection equipment,” read the MHA guidelines.

Kashmir witnessed the first death of a COVID-19 patient from uptown city Hyderpora, who had a travel history of outside J&K as he was part of a ‘Tableegi Jamaat’.

Dr Naveed, Head of Department, at Chest Diseases Hospital Srinagar, said that no one from the family should go closer to the body and if someone from the family wants to see the face, he/she has to wear a complete protective gear.

“Burial bath is not recommended for the body. Grave for him should be dug eight feet deep instead of normal six feet,” he said.

As far as funeral prayers, he said, those intending to offer funeral should wear protective gear and maintain sufficient distance between the body and people.

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Agencies
January 9,2020

The World Bank says that a lack of credit and drop in private consumption have led to a gloomy growth outlook for India with a steep cut in growth rate for the current fiscal year and only a modest gain projected for the next year.

India's growth rate is forecast to be only 5 per cent for the current fiscal year, weighed down by a growth of only 4.5 per cent in the July-September quarter, according to the 2020 Global Economic Prospects report released on Wednesday.

"In India, [economic] activity was constrained by insufficient credit availability, as well as by subdued private consumption," the Bank said.

The growth rate is forecast by the Bank to pick up to 5.8 per cent in the next fiscal year and to 6.1 per cent in 2021-22.

India's growth rate was 6.8 per cent in 2018-19.

The 5 per cent growth rate projection for the current financial year is a sharp cut of 2.5 per cent from the 7.5 per cent forecast made by the Bank in January last year, toppling it from the rank of the world's fastest growing economy.

India's performance follows a global trend of lowered growth weighed down by developed economies.

The report estimated world economic growth rate to be only 2.4 per cent last year and forecast it to edge up 0.1 per cent to 2.5 per cent in the current year.

Even with the lower growth rate of 5 per cent in the current fiscal year and 5.8 per cent forecast for the next, India holds the second rank among large economies, behind only China with an estimated growth rate of 6.1 per cent for 2019 and 5.9 per cent this year.

The report blamed "weak confidence, liquidity issues in the financial sector" and "weakness in credit from non-bank financial companies" for India's slowdown.

The Bank predicated India's recovery to 5.8 per cent in the coming financial year for India but "on the monetary policy stance remaining accommodative" and the assumption that "the stimulative fiscal and structural measures already taken will begin to pay off."

It also warned that sharper-than-expected slowdown in major external markets such as United States and Europe, would affect South Asia through trade, financial, and confidence channels, especially for countries with strong trade links to these economies."

The Bank said that the growth of advanced economies was 1.6 per cent last year and "is anticipated to slip to 1.4 per cent in 2020 in part due to continued softness in manufacturing."

In contrast the growth of emerging market and developing countries is expected to accelerate from 3.5 per cent last year to 4.1 per cent this year, the report said.

In South Asia, Bangladesh is estimated to have the highest growth rate of 7.2 per cent in the current fiscal year, although down from 8.1 per cent last fiscal year.

But its higher regional growth rates are coming off a lower base with a per capital gross domestic product of $1,698 compared to $2,010 for India.

Bangladesh is expected to grow by 7.3 per cent in the next financial year.

Pakistan's growth rate is estimated at only 2.4 per cent in the current fiscal year and is projected to rise to 3 per cent in the next, according to the Bank.

The Bank blamed monetary tightening in Pakistan for a sharp deceleration in fixed investment and a considerable softening in private consumption for the fall in growth rate from 3.3 per cent in the 2018-19 fiscal year.

Sri Lanka's growth rate was estimated to be 2.7 per cent last year and forecast to grow to 3.3 per cent this year.

Nepal grew by an estimated 6.4 per cent in the current fiscal year and will rise to 6.5 per cent in the next.

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News Network
July 25,2020

New Delhi, Jul 25: The Indian Air Force (IAF) has made key appointments in its different commands all across the country including formations that look after operations along the borders with China and Pakistan.

Air Marshal Vivek Ram Chaudhari has been appointed as the head of the Delhi-based Western Air Command (WAC) which looks after both the crucial borders, with China in Ladakh and all along Pakistan from Ladakh up to Bikaner in Rajasthan.

Chaudhari would be assuming charge of the new office on August 1, replacing Air Marshal B Suresh who is superannuating after a brief tenure of nine months there.

In the Shillong-based Eastern Command, incumbent Air Marshal RD Mathur would be moving to the Bangalore-based Training Command on October 1, he will be replaced by Air Marshal Amit Dev. The Eastern Command looks after the entire Northeastern region including the border with China from Sikkim to Arunachal Pradesh.

As per the new appointments issued on July 24, Kargil war gallantry awardee Air Marshal Dilip Kumar Patnaik would be taking over as the Senior Air Staff Officer (SASO) at the Prayagraj-based Central Air Command.

On October 1, the Air Force would also get a new in-charge of personnel in Air Marshal RJ Duckworth who is presently the SASO in the WAC.

Air Marshal Vikram Singh would be the next SASO of the WAC. Air Marshal J Chalapati-- the officer who had briefed the Supreme Court on the Rafale issue last year, would be the SASO of the Trivandrum-based Southern Air Command.

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