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AirAsia-Tata joint venture gets govt's nod to start new airline

[email protected] (PTI)
March 6, 2013

AirAsia-Tata_joint

New Delhi, Mar 6: The finance ministry on Wednesday cleared the investment proposal of Malaysian budget carrier AirAsia which seeks to enter India through a joint venture with Tata Group and another company.

"AirAsia's proposal has been cleared. It is as per the policy (which allows) up to 49 per cent FDI. Rs 80 crore is initial investment," a senior government official said.

The Foreign Investment Promotion Board (FIPB), headed by DEA secretary Arvind Mayaram, approved the proposal at its meeting here.

AirAsia has applied to FIPB to take 49 per cent in a venture with Tata Sons Ltd and Arun Bhatia's Telestra Tradeplace Pvt Ltd.

The carrier will now have to approach the aviation regulator Directorate General of Civil Aviation (DGCA) for further clearances.

"AirAsia will now have to take necessary licence etc. from DGCA," the official added.

This would be the first entry of a foreign carrier in the domestic aviation sector after the liberalisation of FDI policy in September last year.

AirAsia is looking to start flying from this year-end with 3-4 planes and an initial investment of about USD 50 million by the Malaysian budget carrier.

The proposed joint venture will operate from Chennai and will focus on providing domestic connectivity to tier-ii and tier-iii cities.

As per current rules, a carrier must complete five years of domestic operations before becoming eligible for starting overseas flights.

Tata Sons, the holding company of the USD 100 billion salt-to-software conglomerate, will hold 30 per cent in the joint venture but will not have any operating role in the airline.

This will mark the return of Tatas to aviation sector. State-owned Air India had grown out of Tata Airlines, which began flights in 1932.

AirAsia, through its operations based in Thailand and Malaysia, flies to Chennai, Bangalore, Kochi, Tiruchirappalli and Kolkata in addition to 20 countries.

AirAsia, Tatas and Hindustan Aviation of Bhatias have signed a partnership agreement for the venture.

Air Asia has made the move to invest even as Etihad and Jet Airways continue to work towards finalising a deal for the Gulf carrier to invest in Jet.

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News Network
March 11,2020

New Delhi, Mar 11: Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of “destabilising” the elected Congress government in Madhya Pradesh.

Gandhi also said the PM may have “missed” noticing the 35 per cent crash in global oil prices and asked him to pass on the benefit to Indians by slashing petrol prices.

“Hey @PMOIndia, while you were busy destabilising an elected Congress Govt, you may have missed noticing the 35 per cent crash in global oil prices.

“Could you please pass on the benefit to Indians by slashing #petrol prices to under 60 per litre? Will help boost the stalled economy,” the former Congress chief said on twitter.

Congress' prominent youth leader Jyotiraditya Scindia quit the party on Tuesday and appeared set to join the BJP amid a rebellion in Madhya Pradesh by his supporters, pushing the 15-month-old Kamal Nath government to the brink of collapse.

On Tuesday morning, as much of India was celebrating Holi, Scindia met senior BJP leader and Union Home Minister Amit Shah, following which he called on Prime Minister Narendra Modi at his 7, Lok Kalyan Marg residence.

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News Network
March 18,2020

New Delhi, Mar 18: As many as 276 Indians have been infected with coronavirus abroad, including 255 in Iran, 12 in UAE and five in Italy, the government informed the Lok Sabha on Wednesday.

In a written reply to a question in the Lok Sabha, Minister of State for External Affairs V Muraleedharan said the total number of Indians infected by coronavirus is 276 — 255 in Iran, 12 in UAE, five in Italy, and one each in Hong Kong, Kuwait, Rwanda and Sri Lanka.

A fourth batch of 53 Indians returned to India from Iran on Monday, taking the total number of people evacuated from the coronavirus-hit country to 389.

Iran is one of the worst-affected countries by the coronavirus outbreak and the government has been working to bring back Indians stranded there. Over 700 people have died from the disease in Iran and nearly 14,000 cases detected.

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News Network
May 6,2020

New Delhi, May 6: Around 39 crore people have received financial assistance of Rs 34,800 crore amid the COVID-19 lockdown under the Pradhan Mantri Garib Kalyan Package (PMGKP) as on May 5, the government said in a statement.

These people received the assistance, which was announced by Union Finance Minister Nirmala Sitharaman on March 26 to protect them from the impact of the lockdown due to COVID 19, via digital payment infrastructure.

The swift implementation of the free food grain and cash payment package under PMGKP is being continuously monitored by Central and state governments. Also, Fintech and digital technology have been employed for swift and efficient transfer to the beneficiary.

As per the data provided by the government, Rs 16,394 crore front-loaded towards payment of the first installment of PM-KISAN was provided to 8.19 crore beneficiaries.

Rs 10,025 crore credited to 20.05 crore (98.33 per cent) women Jan Dhan account holders as first installment and Rs 2,785 crore credited to 5.57 crore women in the second installment.

Further, Rs 1,405 crore was disbursed to about 2.82 crore old age persons, widows and disabled persons and Rs 3,492.57 crore financial support was given to 2.20 crore building and construction workers.

Moreover, foodgrain has been distributed, covering 60.33 crore beneficiaries in all 36 Union Territories and states till April and 12.39 crore beneficiaries by 22 states/UTs for May. Pulses have been distributed so far to 5.21 crore household beneficiaries out of 19.4 crore such beneficiaries.

Over 5 crore cylinders have been booked under the Pradhan Mantri Ujjwala Yojana (PMUY) and 4.82 crore free cylinders already delivered to beneficiaries.

While 9.6 lakh members of Employees' Provident Fund Organisation (EPFO) has taken benefit of online withdrawal of non-refundable advance from EPFO account amounting to Rs 2,985 crore, 24 per cent EPF contribution transferred to 44.97 lakh employees account amounting to Rs 698 crore.

In the current financial year, 5.97 crore person's man-days of work generated under MNREGA scheme and Rs 21,032 crore were released to states to liquidate pending dues of both wage and material.

Insurance scheme for health workers in government hospitals and health care centres has been operationalised by New India Assurance covering 22.12 lakh health workers.

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