Business & Economy

Skies open up, private
airlines can fly abroad

What is India News Service, Thursday, 30 December 2004, 2000 hrs IST

The Government on Wednesday permitted Indian private airlines to operate on international routes, except the Gulf countries, which offer lucrative business to the national carriers. The restriction on flights to the Gulf will be on for the next three years. 

The decision evoked an immediate protest from the Left parties. The Polit Bureau of the Communist Party of India (Marxist) urged the Government to reconsider it since the indiscriminate opening up of the international sector to foreign airlines since 2000 together with today's decision would be a major blow for the national carriers, particularly Indian Airlines. The national carriers were affected by the "National Democratic Alliance Government's refusal to allow acquisition of new aircraft.'' 

The Polit Bureau was unhappy that the decision came despite the Left parties jointly requesting the Government to refrain from making it.

Air India `ready to take on competition': Air India is ready to take on the competition from domestic airlines, which have been permitted to operate international service. Reacting to the Government's announcement on Wednesday allowing domestic carriers to fly overseas.

Jet, Sahara gear up for foreign skies\92 take-off:  Private airlines have got what they have been lobbying for a long time. Jet Airways and Sahara \97 two airlines eligible as per the norms \97 are planning new international flights to Singapore and Bangkok. 

India inc\92s grim battle against transparency: It\92s more talk and less action. A couple of years after India Inc tom-tommed the virtues of good corporate governance practices, the revelations at Reliance, the country\92s largest private sector company, show that a lot still needs to be done. 

Corporates lag in getting unique ID: Over two-thirds of corporates who invest in the stock markets or mutual funds may not be able to transact after December 31, as the Securities and Exchange Board of India's deadline for its unique identification number exercise ends.

Banks yet to kick off aid plans: The wails of the tsunami victims have finally reached the financial capital of Mumbai as the Reserve Bank of India activated its relief packages. But banks are yet to chalk out any action plan to provide financial assistance to affected people. 

Siyaram to target garment sector: Siyaram Silk Mills is planning to target the ready-made garment (RMG) sector and has launched a new brand `Featherz' created from yarns made of micro fine fibres. 

NLC's expansion of transmission system cleared: The Cabinet Committee on Economic Affairs (CCEA) today approved a Rs. 691.83-crore investment for expansion of the transmission system of the Neyveli Lignite Corporation in Tamil Nadu.

Rangarajan heads PM's economic council: Prime Minister Manmohan Singh's new Economic Advisory Council, EAC, consists ace economists, and is expected to deliver frequent updates on the country's economic state, while presenting policy suggestions, reports CNBC-TV18.

Economic impact may be widespread:  Reports on damage to businesses and infrastructure remain sketchy so far from the tsunami-devastated areas of South Asia. 

Outsourcing norms for life insurers eased: The Insurance Regulatory and Development Authority (Irda) has allowed life insurance companies to outsource custodial services and calculation of net asset value of unit-linked insurance products (ULIPs), subject to certain terms regarding the service providers.

CCEA approves Rs 1,352 crore for projects: The Government on Wednesday approved three proposals worth Rs 1,352.51 crore for Neyveli
Lignite Corporation II, Mahanadi Coalfields Ltd and Burn Standard Company Ltd.

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