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24,275 weekly domestic flights in summer schedule, says DGCA

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New Delhi, March 21 (IANS) The Directorate General of Civil Aviation (DGCA) on Thursday said the Indian operators will conduct a total of 24,275 weekly domestic flights during the upcoming summer schedule, commencing from March 31.

This marks an approximately six per cent rise compared to the same period last year.

According to the aviation regulator DGCA, the number of weekly departures has increased by just 2.30 per cent compared to the ongoing winter schedule, with scheduled carriers operating 23,732 flights.

“Summer Schedule 2024 (SS24), which will be effective from March 31 till October 26, of the scheduled domestic airlines has been finalised after the slot conference meeting held in February,” said the DGCA in a statement issued on Thursday.

“The final slots clearances have been received from respective airport operators. It has been observed that there are 24,275 departures per week which have been finalised to/from 125 airports as per SS 24 compared to 23,732 departures per week from 119 airports in WS 2023,” it said.

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“Out of these 125 airports, Azamgarh, Aligarh, Chitrakoot, Gondia, Jalgaon, Moradabad and Pithoragarh are the new airports proposed by the scheduled airlines,” it added.

–IANS

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Industry veteran Sharat Sinha appointed as CEO of Airtel Business

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New Delhi, May 30 (IANS) Telecom service provider Bharti Airtel, on Thursday, appointed Sharat Sinha as CEO of Airtel Business, with effect from June 3.

Sinha will report to Managing Director and CEO, Gopal Vittal, and will be a part of the Airtel Management Board, the company said in a statement.

“I am confident that Sinha’s broad global experience in product management and business leadership across many of the world’s leading technology companies will provide tremendous firepower to Airtel’s ambitions in rapidly growing our portfolio across connectivity and adjacencies,” said Vittal.

Sinha joins Airtel Business from Checkpoint Software Technologies, where he served as President of Asia Pacific.

He has earlier worked with tech companies like Palo Alto Networks, Cisco and VMware in various leadership roles.

“Airtel Business is a leader in the business-to-business (B2B) space offering marquee solutions to enterprises and I am delighted to join this passionate team as they continue to steer towards enhancing their leadership with future-ready technology innovations and solutions that deliver greater value to customers,” said Sinha.

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Airtel has over 500 million customers in 17 countries across South Asia and Africa.

–IANS

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RBI sees CPI inflation easing to 4.5 pc in 2024-25

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Mumbai, May 30 (IANS) The RBI has projected the country’s inflation rate, based on the Consumer Price Index (CPI), at 4.5 per cent for 2024-25 in the backdrop of an above-average monsoon expected this year and easing of supply chain pressures.

“Headline inflation moderated by 1.3 percentage points on an annual average basis to 5.4 per cent in 2023-24. The easing of supply chain pressures, broad-based softening in core inflation and early indications of an above normal southwest monsoon augur well for the inflation outlook in 2024-25,” the RBI said in its annual report released on Thursday.

However, the increasing incidence of climate shocks impart considerable uncertainty to the food inflation and overall inflation outlook. Low reservoir levels, especially in the southern states and the outlook of above-normal temperatures during the initial months of 2024-25 need close monitoring, according to the report.

“The volatility in international crude oil prices, the persisting geopolitical tensions and elevated global financial market volatility also pose upward risk to the inflation trajectory. Taking into account these factors, CPI inflation for 2024-25 is projected at 4.5 per cent with risks evenly balanced,” the report states.

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The RBI has also highlighted the need to continue with the existing monetary stance to keep inflation under control.

“As the path of disinflation needs to be sustained till inflation reaches the 4 per cent target on a durable basis, the MPC (Monetary Policy Committee) in its April 2024 meeting, kept the policy repo rate unchanged at 6.50 per cent and noted that monetary policy must continue to be actively disinflationary to ensure anchoring of inflation expectations and fuller transmission. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth,” the report observes.

The Reserve Bank said that it will remain “nimble and flexible” in its liquidity management through main and fine-tuning operations, both repo and reverse repo. It will deploy an appropriate mix of instruments to modulate frictional as well as durable liquidity to ensure that money market interest rates evolve in an orderly manner so that financial stability is preserved.

ALSO READ:  RBI sees India's GDP growth trend surging past 7 per cent

–IANS

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Pine Labs partners Google India to enable Gift Cards integration with 'Wallet' app

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New Delhi, May 30 (IANS) Fintech company Pine Labs on Thursday announced it partnered with Google India to enable Gift Cards integration with the tech giant’s ‘Wallet’ app.

According to the company, the Gift Cards usage experience enabled by this partnership will provide ease and convenience to existing and new users and will eliminate the complexity around usage.

Google Wallet users will be able to easily store and manage their gift card journey from within the app and will be seamlessly reminded to use it when making a purchase.

“Considering the huge Android user base in the country, we anticipate a sharp jump in the usage of Gift Cards as more retailers and brands will now look to leverage it in their omnichannel strategy to expand their customer base, improve customer experience, retention, and loyalty,” Navin Chandani, President – Issuing Business, Pine Labs, said in a statement.

According to a report by Research and Markets, the Gift Cards market in India is expected to grow from $7.6 billion in 2023 to $15.7 billion by 2028.

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“The arrival of Google Wallet in India marks an important milestone in Android’s India journey, bringing innovative and convenient experiences to simplify people’s daily lives,” said Ram Papatla, GM & India Engineering Lead, Android at Google.

–IANS

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RBI sees India as an emerging global hub for chips, electronics manufacturing

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Mumbai, May 30 (IANS) India’s emerging sectors like renewable energy and semiconductors are expected to make rapid advances on the back of the recent initiatives by the government, according to the RBI’s annual report released on Thursday.

The interim Union Budget 2024-25, with an allocation of ₹6,903 crore for semiconductor and display fabs, would contribute to making India a global hub for chip and electronics manufacturing, the report states.

Investments under the production-linked incentive (PLI) scheme are likely to gain further momentum going forward. These factors are expected to create new employment opportunities, improve labour incomes and strengthen domestic demand. Taking into account these factors, real GDP growth for 2024-25 is projected at 7.0 per cent, the report states.

The passage of ‘The Anusandhan National Research Foundation Bill, 2023’, has paved the way for establishing the Anusandhan National Research Foundation (NRF), which would provide a boost to research and innovation in basic science, healthcare, and humanities.

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Furthermore, the National Quantum Mission (NQM), approved at a total cost of around ₹6,000 crore (2023-24 to 2030-31), would scale up scientific and industrial research and development (R&D) and innovative ecosystem in quantum technology (QT). It would propel national priorities like Digital India, Make in India, Skill India and Stand-up India, Start-up India, Self-reliant India and Sustainable Development Goals (SDGs).

All these initiatives, along with government-led investment in the infrastructure sector and increasing adoption of digital technologies, are likely to boost productivity and potential growth in the medium term, the report states.

–IANS

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Hero Fincorp approves Rs 4,000 crore IPO

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Mumbai, May 30 (IANS) India’s largest two-wheeler manufacturing company Hero Motocorp’s financial arm Hero Fincorp approved a Rs 4,000 crore Initial Public Offering (IPO) of equity shares with a face value of Rs 10 each.

IPO will be a combination of a fresh issue and an offer for sale (OFS) by certain existing and eligible shareholders of the company.

“The company’s board of directors met on May 29, 2024. It has approved an IPO with shares having a face value of Rs 10 each,” Hero Fincorp said in a statement.

It further said, “The IPO comprises Equity Shares aggregating up to Rs 40,000 million and an Offer for Sale of Equity Shares by certain existing and eligible shareholders of the company.”

Hero Fincorp is an NBFC company. It provides loans for two-wheelers, affordable housing, education, small and medium industries, etc. The company is present in more than 4,000 cities and towns.

Hero MotoCorp holds about 40 per cent stake in Hero Fincorp. Around 30 to 35 per cent stake is owned by the Munjal family. The rest is held by investors like Apollo Global, ChrysCapital, Credit Suisse, and some dealers of Hero MotoCorp.

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At 1:00 p.m., Hero Motocorp was at Rs 5,146 per share, up 0.04 per cent. The market capitalisation of the company is nearly Rs 1.03 lakh crore.

–IANS

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