Business & Economy

Civil aviation ready for take off

What is India News Service, Saturday, 25 December 2004, 2000 hrs IST

The stage is set for a major expansion in the civil aviation sector. The decks have been cleared for rapid expansion and modernisation of the major international and domestic airports.

And the airlines too are planning to spread their wings. A partial open skies policy, being extended from time to time, to let in international airlines for the peak tourist season. The decision to let domestic private airlines operate to neighbouring countries. The go-ahead for the construction of two greenfield airports in Hyderabad and Bangalore, in addition to the modernisation and expansion of the Delhi and Mumbai airports. All these developments have readied the aviation sector for a takeoff in 2005.

No decision yet on patents ordinance: With the January 1, 2005 deadline approaching for amending the Patents Act, 1970, the Union Cabinet today failed to arrive at a decision on promulgating an ordinance.

Why are stars investing in wind?: Why are celebrities like Aishwarya Rai and Sachin Tendulkar investing in wind energy? Guess one should seek an answer from the taxman. With easy availability of loans and benefits like accelerated depreciation and tax benefits, this sector is fast becoming a lucrative long-term investment option.

Forex reserves cross $130 billion mark: Backed by strong trade inflows and portfolio investments, India's foreign exchange reserves rose by $924 million to cross $130 billion mark during the week ended December 17, 2004. The foreign exchange reserves during the period rose by $924 million to $1,30,621 million, according to the Reserve Bank of India.


Patni to make Bangalore hub for embedded systems: The company is looking at tapping new verticals such as retail, logistics, transportation and energy in a big way. 

Indian Oil Corp looks for low sulphur crude oil: Indian Oil Corp is making fresh efforts to get term contracts for low sulphur crude oil, particularly from Nigeria.

Inflation falls below 7 pc: The inflation rate is showing signs of easing up, thanks to cheaper fuel.

Anil Ambani meets Chidambaram: The Vice Chairman and Managing Director of the Reliance Industries Limited (RIL), Anil Ambani, who is engaged in a tussle with his brother, met the finance minister.

Centre clears 767 crore project for afforestation for Karnataka: The project is supported by Japanese Bank of International Cooperation on forestry development and a formal nod from them is expected in a few months.

SU refiners to miss April deadline for greener fuel: State-run refiners have told the Government they will not be able to meet the April 1 deadline to produce greener fuel.

M&M acquires 80% stake in Chinese company:  The JV will give M&M quick entry into Chinese market and also provide a low cost manufacturing base, which will help it expand into newer markets. 

ADB extends $315 mn aid to India, Lanka: The Asian Development Bank (ADB) has approved a $250 million loan to India and 65 million dollars in loans and grants>

ARCIL acquires 189 NPAs worth 9,600 cr: An asset reconstruction company acquires the NPAs of bank and FIs enabling these financial entities
to concentrate on core activity.




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