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Jet Airways Says, It Is Confident That It Would Be Able To Cut Costs And Keep Flying

New Delhi: Despite reports pouring in that India’s biggest full-service airline Jet Airways Ltd had warned staff that it was running out of cash, the airlines said on August 3 that it was confident that it would be able to cut costs and keep flying.

It was reported earlier on Friday that Jet Airways had told pilots it had enough cash left to keep operating for just 60 days and would need to put in place cost-cutting measures including pay cuts. The airline has asked pilots to take a 15 percent pay cut for two years, a proposal they have refused, a senior company executive said.

Jet Airways CEO Vinay Dube called the reports “factually incorrect” and “malicious”, although the company did not specify precisely what aspects of the reports it disputes.

22

Monetary Policy Committee Of The RBI Hikes Policy Rate By 25 Basis Points

New Delhi: Monetary policy committee (MPC) of the the Reserve Bank of India has hiked the policy rate by 25 basis points on August 2 to 6.5%. This is the highest in two years. One basis point is one hundredth of a percentage point.

The decision was in line with most polls. The MPC’s statement says that the June round of RBI’s survey of households reported a further increase of 20 basis points in inflation expectations for both three-month- and one-year-ahead horizons compared with the last round. These values have increased significantly in the last one year. Put simply, this means most people expect inflation to rise.

11

Government Does Not Have Any Plan To Exit The National Carrier Altogether, Says Aviation Minister

New Delhi: The proposed stake sale in the debt-laden airline failed to take off as it did not receive any Expression of Interest (EoI) from potential bidders when the deadline ended on May 30. However, the government remains committed to the disinvestment of Air India but has no plan to exit the national carrier altogether.

 Union minister JayantSinha said on Wednesday that the government was also working on ways to improve the performance of Air India. Against this backdrop, Sinha told the RajyaSabha that the government remains committed to the disinvestment of Air India. In a written reply, the Minister of State for Civil Aviation said the government "has no such plan to exit Air India altogether".

923

Government Plans Regulator For E-Commerce, Mandatory Data Localization and Tax Sops For Data Centres

New Delhi:A regulator has been planned by the government to ensure consumer protection and compliance with foreign investment caps in e-commerce. The national regulator for e-commerce, mandatory data localization and tax sops for data centres are part of an upcoming legislation governing all aspects of electronic commerce in the country, the draft of a national policy showed.

The national policy framework in this regard, prepared by a task force headed by commerce secretary Rita Teaotia, was discussed on Monday by a think tank, headed by industry minister Suresh Prabhu, set up for the purpose. The draft will be further fine-tuned before it is sent for inter-ministerial consultations.

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Air India Seeks Rs 2121 Crore Of Additional Equity From The Government

New Delhi: Debt-ridden state carrier Air India has sought Rs 2121 crore of additional equity from the government for the fiscal year 2018-19 to make pending payments to its vendors.

Air India owes about Rs 1800 crore to its vendors, including lessors and banks that have demanded payment from the beleaguered airline, after the government’s unsuccessful efforts to find a buyer for its 76% stake.

The airline expects to receive the additional equity within the next 7 to 10 days after which it will be able to clear all dues, the source said, adding that this is above the 6.5 billion rupees it has already received for the year.