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Passengers to Shell Out More As IndiGo Passes Fuel Surcharge on Fare

New Delhi: IndiGo has introduced an up to Rs 400 fuel surcharge on ticket to offset the impact of rising fuel prices. So passengers flying on IndiGo from Wednesday will have to pay more for flights. IndiGo is the first local carrier to announce passing on the burden of spiralling jet fuel prices to the passengers.

In the wake of a sharp uptick in the price of oil and the cost of Aviation Turbine Fuel (ATF), it has been decided to re-introduce fuel surcharges effective May 30, the airline said in a release. A sum of Rs 200 would be levied on every ticket on routes having less than 1,000 kilometre distance.

The amount would be Rs 400 on routes longer than 1,000 kilometre. "A marginal increase in airfares in the form of fuel surcharge will not have any significant adverse impact on the air-traffic demand," the release said. Aircraft fuel expenses account for around 40 per cent of the airline's operational costs, making it the single largest item of its total expenses.

356

Sunil Mittal To Invest Over $1 Billion Into Son-In-Law’s British Hotel Chain Business

New Delhi:  The family of billionaire and promoter of Airtel, India’s biggest mobile-phone operator, Sunil Mittal is looking to pump more than $1 billion into a hotel chain founded by his son-in-law in London.

The money, which would come from a unit of Mittal’s Bharti Group that handles the founding family’s wealth, would fund acquisitions by SharanPasricha’sEnnismore, a developer that owns the Gleneagles resort and Hoxton hotel chain, which is expanding in the US and Europe, said the people, who asked not to be identified as the matter is private.

340

NASSCOM Establishes One More SIDCOP Platform In China

New Delhi: The National Association of Software and Services Companies (NASSCOM) has established one more Digital Collaborative Opportunities Plaza (SIDCOP) platform in China in an effort to provide market access to Indian IT firms in the huge Chinese market. India on Sunday launched its second IT corridor in China to cash in on the burgeoning Chinese software market which remained elusive despite the presence of top Indian technology firms.

Agreements worth RMB 36 million (about $6 million) were signed between Indian service providers and Chinese customers at the launch of the corridor by China's Guiyang Municipal government and the NASSCOM, a NASSCOM official said.

311

Government Fails To Perform As Per The Benchmark Set In 2014

New Delhi: The stock markets rallied and rallied, quite a bit. It's 4 years since, and the benchmark indices have gained about 40 per cent. That's an average return of 10 per cent each year. There was much hype and the hoopla created in the stock markets, after the NarendraModi government secured a massive mandate from the people.

Four years ago, bank interest rates themselves were ruling at 8 to 9 percent and with quarterly compounding, you would have ended with almost similar returns to the benchmark indices.

Fiscal deficit is likely to rise for 2018-19 and the current account deficit may widen, if crude keeps rising and the rupee keeps falling. Consumer Price Inflation for April has come in surprisingly higher at 4.58 per cent. In fact, the macros are likely to get worse with rising crude oil and a falling rupee.

298

Tender Worth Rs 13000 crore Canceled to Promote Make In India

New Delhi: Many government tenders worth about Rs 13,000 crore have been either canceled or withdrawn and re-issued after the Department of Industrial Policy and Promotion (DIPP) stepped in to change their conditions for promoting 'made in India' goods.

"The DIPP is taking every step for effective implementation of public procurement order, 2017, to promote 'made in India' products," the government official said.

The government issued the order on June 15, 2017, to promote manufacturing and production of goods and services in India and enhance income and employment in the country.