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Air India Express has terminated 25 cabin crew members after a mass sick leave incident led to disruptions in flights, with 85 flights cancelled and 283 planned for operation on Thursday. The airline cited unprofessional behavior and inconvenience to passengers as reasons for the terminations, with a town hall meeting scheduled to address the issue. CEO Aloke Singh emphasized efforts to minimize guest inconvenience and urged passengers to check flight statuses. The Ministry of Civil Aviation has requested a detailed report and adherence to DGCA norms for passenger facilities, highlighting the need for prompt resolution of the situation. 
Finance Minister Nirmala Sitharaman has reassured that the inclusion of Indian bonds in global indices will not pose significant challenges, stating that it will not make life difficult. In an interview with BusinessLine, she emphasized the importance of oversight to ensure that fluctuations do not have a negative impact on the country's financial stability. Sitharaman highlighted that the decision to open up to global indices was made after extensive discussions and groundwork, including consultations with the Reserve Bank of India. She expressed confidence in the decision-making process and stated that she is not particularly worried about the potential consequences. The Finance Minister's comments come amidst concerns about the impact of sudden dollar inflows on the Indian economy.
In an exclusive interview with BusinessLine, Finance Minister Nirmala Sitharaman discussed the BJP's performance in the South, stating that the party has met its expectations and delivered on its promises. Sitharaman highlighted the positive reception of Prime Minister Modi's achievements in states like Andhra Pradesh, Tamil Nadu, Kerala, and Karnataka, emphasizing the tangible development seen in areas such as infrastructure, ports, and hospitals. She noted that the BJP has fulfilled commitments on initiatives like Ujjwala, housing, water, and electricity, benefiting the poorer sections of society. Sitharaman emphasized that the public recognizes and associates this progress with PM Modi, indicating a strong support base for the party in the upcoming 2024 elections.
Finance Minister Nirmala Sitharaman discussed the regulation of crypto currency in an interview with BusinessLine, emphasizing the need for a global understanding on how to regulate this asset. She highlighted that discussions have been ongoing since 2020 within the Finance Ministry, with the RBI also sharing its views. Sitharaman stressed the importance of consensus at a global level, citing discussions at G20 meetings under India's Presidency. She noted that regulating crypto currency within one country without international cooperation would not be effective. Sitharaman addressed concerns about conflicting opinions among regulators, stating that while differences exist, they are not at a stage where a decision has been made. The full interview can be accessed on the BusinessLine website.
In a recent development, crews conducted a controlled demolition on May 13 to break down the largest remaining span of the collapsed Francis Scott Key Bridge in Baltimore. The container ship, Dali, which caused the deadly collapse on March 26 resulting in the deaths of six construction workers, is set to be refloated on Monday and moved to a nearby marine terminal. The ship had lost power and crashed into one of the bridge's supporting columns, leading to traffic disruptions in Baltimore Harbour. The refloating process is expected to take at least 21 hours, with up to five tugboats escorting the Dali on its 2.5-mile journey. The incident, which saw the Dali experience multiple electrical blackouts before the collision, involved a crew of 20 Indians and one Sri Lankan.
The Panama Canal, a crucial waterway connecting the Atlantic and Pacific Oceans, is slowly returning to normal operations after facing challenges due to a prolonged drought. The Panama Canal Authority has announced measures to optimize transit operations, including increasing the number of daily transits through the locks and raising the maximum draft for vessels. The canal, which supports over $440 billion worth of cargo annually, plays a vital role in international trade, connecting ports in 170 countries. However, the recent drought has highlighted the vulnerability of the water system, prompting the need for innovative solutions to ensure sustainable operations in the face of climate change. The canal's Deputy Administrator emphasized the importance of technology, policy reforms, and community engagement in addressing water scarcity challenges for the future.
In an interview with BusinessLine, Finance Minister Nirmala Sitharaman emphasized the need for scheduled commercial banks to focus on core banking rather than high-risk long-term project financing. She clarified that banks should stick to their core functions and not engage in risky lending practices. The RBI recently issued a draft framework requiring lenders to set aside provisions for project financing, which has raised concerns among project developers. Sitharaman also discussed the next phase of GST reform, stating that rate rationalization needs to be addressed soon. Additionally, she addressed concerns about the inclusion of Indian bonds in global indices and the regulation of cryptocurrency, emphasizing the need for a global understanding before implementing any regulations. The Finance Minister highlighted the importance of effective resource utilization, particularly in eastern states, to enhance banking services.
As the General Elections near conclusion, Finance Minister Nirmala Sitharaman discussed with _businessline_ about navigating the economy post-Covid towards stability and growth. She highlighted the resolution of GST and IBC issues, evolving regulatory frameworks, and the government's focus on entrepreneurship and poverty alleviation. Reflecting on her tenure, she emphasized the challenges faced, including Covid-19 and geopolitical tensions. Sitharaman also addressed ongoing reforms in GST, direct taxes, and infrastructure financing. She defended the government's approach to redistribution, emphasizing empowerment over curbing entrepreneurship. Regarding the elections, she expressed confidence in the BJP's performance in the South and dismissed claims of voter apathy. The interview concluded with Sitharaman outlining key priorities for the incoming Finance Minister, focusing on India's development goals and economic growth.
India and the United Kingdom have reached an agreement to allow carriers from both countries to operate an additional 14 flights per week from London Heathrow to Delhi and Mumbai airports. The memorandum of understanding, signed on May 1, aims to boost air travel between the two nations, with the UK Department for Transport highlighting the potential for increased business, trade, and tourism. The move benefits UK carriers that had reached their previous flight entitlement limit, while Indian carriers like Air India and Vistara will also benefit from the increased capacity. Industry experts see this as a positive development, addressing long-standing demand-supply constraints and potentially stabilizing airfares on the popular route. The revised agreement is expected to further strengthen the strong relationship between India and the UK, with airlines now having the flexibility to decide when and how many additional flights to add.
India's thermal coal imports have surged by almost 11 per cent month-on-month and 10 per cent year-on-year to 16.23 million tonnes in April 2024, marking the fourth consecutive month of increase and hitting a five-month high. This rise is attributed to thermal power plants stocking up on the essential commodity in anticipation of rising summer temperatures and extended heat waves. The demand for thermal coal remains strong as scorching weather conditions drive up consumption, with imports reaching a five-month peak in April. Despite a rise in domestic coal production, coal stockpiles have decreased, indicating high consumption levels. The India Meteorological Department has predicted severe heat wave conditions in various regions, further boosting the demand for cooling and pushing up imports in May.
In a remarkable shift in travel trends, pilgrimage tourism is experiencing a surge in popularity, with a sharp 102 per cent increase in searches for destinations like Ayodhya, Ujjain, Badrinath, and Amarnath in May 2024. This growth is attributed to factors such as improved infrastructure, government initiatives, and a changing demographic landscape. The rise in demand has led to a 7-10 per cent increase in domestic airfares, but travellers remain enthusiastic about their spiritual journeys. Premium hotels in pilgrimage destinations are anticipating record-breaking occupancy rates, with Average Room Rates expected to climb significantly by FY2025. The evolving demographics of pilgrimage travel now include younger generations, leading to innovative tour offerings that combine religious experiences with local adventures. Family travel within the spiritual tourism segment is also on the rise, indicating a desire for shared experiences that strengthen family bonds. Projections suggest that spiritual tourism will generate ₹59 billion by 2028, highlighting its significant contribution to India's economic growth and job creation.
