Indian airlines combined losses could reach $1.9 billion this year: Report

Agencies
September 4, 2018

New Delhi, Sept 4: Indian airlines are expected to post combined losses of up to $1.9 billion this financial year led by full-service carriers like Air India and Jet Airways driven by rising costs and low air fares, aviation consulting firm CAPA India said.

The loss forecast for the 12 months ending March 31 is up from an estimated $430 million to $460 million sector-wide loss in January largely due to the depreciation of the rupee and a rise in oil prices, CAPA said in a report released on Monday evening.

Ticket prices have not risen to compensate for higher costs, and CAPA said with the exception of Interglobe Aviation Ltd`s IndiGo, none of the airlines have strong enough balance sheets to comfortably withstand higher costs and lower yields.

"Most carriers are ill-equipped to withstand cyclical downturns," CAPA said in the report. "Airlines have completely lost pricing power as a result of the rapid influx of capacity."

India is the fastest-growing domestic aviation market in the world and carriers have placed orders for hundreds of new Airbus SE and Boeing Co jets.

But airlines have struggled to stay profitable despite filling nearly 90 percent of seats and seeing a more than doubling of domestic passenger numbers over the last four years.

India is one of the cheapest domestic airline markets in the world and promotions such as $50 one-way tickets on the two-hour flight from Mumbai to Delhi are easy to find.

CAPA estimated Indian airlines, including money-losing state-owned Air India Ltd, need an additional $3 billion of capital in the near term to shore up their balance sheets.

The government in June said it had failed to attract bidders for a 76 percent stake in the national carrier, which is dependent on handouts to keep operating.

Jet Airways (India) Ltd last month reported a quarterly loss of 13.23 billion rupees ($185.79 million) and said it was seeking to cut costs, inject capital and monetise its frequent flyer programme.

Budget carrier IndiGo, the country`s largest airline, in July reported its lowest quarterly profit in three years, with earnings down 97 percent due to rising fuel costs and foreign exchange losses.

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News Network
May 29,2020

New Delhi, May 29: More than 38,000 doctors, including those retired from the Armed Forces Medical Services, have volunteered to help the government in its fight against COVID-19 pandemic, a senior official said on Friday.

On March 25, the government had made an appeal to doctors, including the retired ones, to come forward and join the efforts to fight the pandemic.

"38,162 volunteer doctors, including retired government, Armed Forces Medical Services, public sector undertaking or private doctors have signed up with the government to battle COVID-19 pandemic," the official said.

The official further said Niti Aayog has sent a list of names of these doctors to Ministry of Health and Family Welfare and National Disaster Management Authority (NDMA).

In a statement posted on Niti Aayog's website on March 25, the government had said those who wish to contribute to this noble mission may register themselves through a link provided on the Aayog's website.

"The Government of India requests for volunteer doctors who are fit and willing to be available for providing their services in the public health facilities and the training hospitals in the near future.

"We appeal to such doctors to come forward at this hour of need. You could also be a retired government, Armed Forces Medical Services, public sector undertaking or a private doctor," the statement had said.

It had noted that in case the outbreak leads to a high number of infected individuals, India's public health facilities will face tremendous load to take care of a large number of patients.

Many countries, including the US, Italy, the UK and Vietnam, had also urged retired health workers to come back to work amid the pandemic.

The number of COVID-19 cases in India has climbed to 1,65,799, making it the world's ninth worst-hit country by the coronavirus pandemic.

The Health Ministry on Friday said the death toll due to COVID-19 rose to 4,706 in the country.

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News Network
February 3,2020

Bengaluru, Feb 3: India's manufacturing activity expanded at its quickest pace in nearly eight years in January with robust growth in new orders and output, a private survey showed on Monday, suggesting the economy may be getting back on firmer footing.

In response to the jump in sales, factories hired new workers at the fastest rate in more than seven years.

If sustained, the improvement in business conditions could point to a gradual economic recovery in coming months, as forecast by analysts in a Reuters poll last month, after growth slowed to a more than six-year low in the July-September quarter.

The Nikkei Manufacturing Purchasing Managers' Index , compiled by IHS Markit, jumped to 55.3 last month from 52.7 in December. It was the highest reading since February 2012 and above the 50-mark separating growth from contraction for the 30th straight month.

"The PMI results show that a notable rebound in demand boosted growth of sales, input buying, production and employment as firms focused on rebuilding their inventories and expanding their capacities in anticipation of further increases in new business," Pollyanna De Lima, principal economist at IHS Markit, said in a news release.

A new orders sub-index that tracks overall demand hit its highest level since December 2014 and output grew at its fastest pace in over seven and a half years, pushing manufacturers to hire at the strongest rate since August 2012.

Meanwhile, both input costs and output prices rose at a slower pace, indicating overall inflation may have eased after hitting a more than five year high of 7.35% in December, although probably not below the Reserve Bank of India's medium-term target of 4%.

That might keep the central bank, which cut its key interest rate by a cumulative 135 basis points last year, on the sidelines over the coming months.

"To complete the good news, there was also an uptick in business confidence as survey participants expect buoyant demand, new client wins, advertising and product diversification to boost output in the year ahead," added De Lima.

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Agencies
January 24,2020

New Delhi, Jan 24: The Election Commission of India on Friday told the Supreme Court that its 2018 direction asking poll candidates to declare their criminal antecedents in electronic and print media has not helped curb criminalisation of politics. The poll panel suggested that instead of asking candidates to declare criminal antecedents in the media, political parties should be asked not to give tickets to candidates with criminal background.

A bench of Justices R F Nariman and S Ravindra Bhat asked the ECI to come up with a framework within one week which can help curb criminalisation of politics in nation's interest.

The top court asked the petitioner BJP leader and advocate Ashiwini Upadhyay and the poll panel to sit together and come up with suggestions which would help him in curbing criminalisation of politics.

In September 2018, a five-judge Constitution bench had unanimously held that all candidates will have to declare their criminal antecedents to the Election Commission before contesting polls and had called for a wider publicity, through print and electronic media about antecedents of candidates.

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Satya Vishwasi
 - 
Saturday, 25 Jan 2020

What about those criminals who were already in parliament and vidahan sabhas? shall the ECI cancel their positions?

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