Govt to take more steps to turnaround economy, says FM

December 14, 2012

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New Delhi, December 14: Finance Minister P Chidambaram today said the government will take some more steps in the next few weeks to revive the economy and boost investment sentiments.

"I am confident that the steps we have taken, and some more steps that we will take in the next few weeks, will help turn the Indian economy around," he said addressing the 'Delhi Economics Conclave' here.

In the recent past, government has taken a number of measures, including opening up of FDI in multi-brand retail and hiking foreign investment cap in the aviation sector, to boost economic growth and restore investor confidence.

Besides yesterday, the Union Cabinet cleared setting up of Cabinet Committee of Investment to fast-track large project entailing investment of over Rs 1,000 crore.

"It is too early to say whether the measures have begun to bear fruit, although it is our expectation that they will do so," Chidambaram said.

Concerned over sticky retail inflation, the Minister said: "There is no reason at all to become complacent".

While headline inflation has moderated to 7.45 per cent in October, the retail inflation remains high at 9.90 per cent.

The economic growth in the first half of the fiscal fell to 5.4 per cent, against 7.3 per cent in the corresponding period a year ago. The growth in 2011-12 fell to a nine-year low of 6.5 per cent. In the current fiscal RBI expects it to be around 5.8 per cent.

Stressing that the present challenge is different from the one faced in 2008, Chidambaram said: "The present challenge calls for bold and innovative measures".

While in 2008-09 imports had reduced considerably due to fall in international crude oil prices, the situation at present is different as, while exports are declining, imports continue to remain high mainly on account of crude and gold.

He said with rapid globalisation of economy, external sector is becoming more vulnerable.

The Finance Minister also asked Asian G20 member nations and Russia to increase resource base of Asian Development Bank for development of the region.

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News Network
April 2,2024

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New Delhi: At least 38 Vistara flights originating from key cities were cancelled this morning as the airline reeled under non-availability of pilots. As many as 15 flights taking off from Mumbai, 12 from Delhi and 11 from Bengaluru were among those cancelled.

This comes after more than 50 Vistara flights were cancelled yesterday and about 160 delayed. Passengers had yesterday complained of poor communication and hours-long wait at the airport and slammed the airline for harassing passengers.

Vistara said in a statement yesterday that they have faced a "significant number" of flight cancellations and delays in the past few days "due to various reasons including crew unavailability".

"We acknowledge and are deeply concerned about the inconvenience this has caused to our customers. Having said that, our teams are working towards minimizing the discomfort to the customers," it said.

The airline has also said that it has decided to temporarily reduce the number of flights it operates "to ensure adequate connectivity across our network".

"We have also deployed larger aircraft like our B787-9 Dreamliner and A321neo on select domestic routes to combine flights or accommodate more number of customers, wherever possible. Furthermore, we are offering alternate flight options or refunds to affected customers, as applicable. Once again, we understand that these disruptions have caused immense discomfort to our customers, and sincerely apologise to them for the same. We are working towards stabilizing the situation and will resume operating our regular capacity very soon," the statement added.

Vistara pilots, it is learnt, are calling in sick as they protest the revised salary structure ahead of the airline's merger with Air India. The pilots have been sent the revised pay structure over mail and asked to sign on short notice. The pilots have been warned that those who don't sign will be left out of the merger.

Their flights cancelled or delayed by hours, fliers have taken to social media to express their grievances. The airline has been reiterating that the delays have been caused by operational issues and that it is working on them.

The Ministry of Civil Aviation has sought a detailed report from Vistara regarding flight cancellations and major delays, a senior official has told news agency ANI.

Passengers are advised to check flight status with the airline before leaving for the airport to avoid long wait and inconvenience.

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News Network
April 3,2024

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Boxer and Congress leader Vijender Singh joined the Bharatiya Janata Party on Wednesday ahead of the Lok Sabha polls. Singh had fought the 2019 general elections unsuccessfully from the South Delhi seat as a candidate of the grand old party.

“Today I am joining the BJP… it is like ghar wapsi (homecoming) for me,” Singh said after the joining the saffron camp at the party’s headquarters in the national capital.

“Good to be back,” he said, adding that, “When we would go out for the fight there were issues at airports but now under this government we are getting all the respect.”

The boxer’s name was doing the rounds for the last few days as Congress’ nominee from Mathura, from where actor and incumbent MP Hema Malini is contesting again.

Singh — India’s first Olympic medalist in boxing — comes from the Jat community, which has political influence in a large number of seats in Haryana, the state he comes from, western Uttar Pradesh and Rajasthan.

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April 7,2024

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Purulia: West Bengal Chief Minister Mamata Banerjee on Sunday alleged the central investigating agencies were asking TMC leaders to either join the BJP or face action.

Addressing an election rally in Purulia district, she alleged agencies such as the ED, CBI, NIA and the I-T Department were working as 'arms' of the BJP.

"Agencies such as the NIA, ED and CBI are being used to harass TMC leaders. They are carrying out raids without prior information, and barging into houses. What the women would do if someone entered their house when everyone was asleep in the dead of night?" she asked.

Banerjee was referring to Saturday's incident in Bhupatinagar where a team of the NIA was attacked by a mob when it went to arrest two accused in a blast case.

"The agencies are asking our leaders and activists to either join the BJP or face action," she alleged.

Asking people not to fall for any provocation, Banerjee alleged the BJP was fanning communal passions during Ram Navami.

The chief minister also accused the BJP-led government at the Centre of depriving West Bengal of funds for MGNREGA and PM-Awas schemes.

She said the state government will provide Rs 1.2 lakh for building houses for the poor.

"The EC will not give permission to us to give the money now. After the elections, we will construct the houses of the poor," she said.

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