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India’s air passenger traffic to surpass pre-Covid numbers: Scindia

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3 years ago

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 India’s civil aviation sector has emerged stronger from Covid-19 and passenger traffic will surge to 410 million by 2024-25, surpassing the pre-pandemic numbers, Civil Aviation Minister Jyotiraditya Scindia said on Friday.

Before Covid struck, the passenger throughput (both domestic and international) was 344 million. With international operations set to resume from March 27, the minister exuded confidence that by 2022-23, the number will reach close to 300 million passengers and grow further to 410 million by 2024-25.

The minister was speaking at the inaugural session of Wings India 2022, Asia’s largest civil aviation show being held at Begumpet Airport in Hyderabad.

“I am confident in days to come, when you look at combination of domestic and international passengers, the throughput in India which was close to 344 million passengers in 2018-19 prior to Covid will reach close to 300 million by the year 2022-23 and by by 2024-25 we will surpass 410 million passengers creating a new history in India,” he said.

The minister said the aviation sector has gone through tremendous change during Covid. “The number of air passengers in India in 2018-19 was 140 million but then we got hit by Covid but even through this Covid period between the first wave and the second wave and between the second wave and the third wave if there is one sector which reemerged strongly it is the civil aviation,” he said.

He pointed out that post the second wave the sector recovered to reach close to 3.9 lakh passengers per day against the pre-covid number of close to 4.1 lakh passengers. “We were almost back to pre-Covid numbers but then Omicron came and again those numbers dipped to 1.6 lakh passengers per day. Post third wave numbers have again come back close to 3.83 lakh passengers,” he said.

“I am very confident that our sector in days and months to come with the next year will surpass pre-Covid number of 4.1 lakh passengers per day,” the minister added.

He said the international passengers were close to 60 million in 2018-19 but fell to almost 10 million, “But today I am glad that from day after tomorrow we are opening up 100 per cent of international operations so that India can once again reconnect to the rest of the world.”

Scindia said buildings of airports and other infrastructure powers the economic growth. “Civil aviation has an economic multiplier of 3.1. This means every dollar invested in the area of civil aviation yields economic output of 3.1 dollars. It is also an employment multiplier. The economicA multiplier effect is 1:6.1. It means that every direct employment created in area of civil aviation creates 6.1 indirect jobs. Both in terms of employment and output this is one of the largest employment and output generating sectors in the economy,” he said.

Airports Authority of India (AAI) chairman Sanjeev Kumar said domestic traffic has almost come to pre-Covid level and hoped that with the reopening of international air traffic from March 27, the international sector will also reach pre-Covid level soon. He exuded confidence that the double-digit growth would soon return to Indian aviation sector.

Stating that various stakeholders had paused expansion decisions due to the pandemic during last two years, he said the time has come to resume working on these decisions.

Civil aviation secretary Rajiv Bansal the sector is poised for remarkable growth. He said the growth would be across spectrum of the sector. He said UDAN scheme would be further strengthen to provide air connectivity to tier III and tier IV cities.

Ministers from France, Laos and Nepal and delegations from 22 countries are participating in the four-day event organised jointly by the Ministry of Civil Aviation and the Federation of Indian Chambers of Commerce & Industry (FICCI). Various stakeholders have set up 125 stalls in the exhibition area spread over 8,000 square meters.

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Business

Bharat NCAP Awards 5-Star Crash Test Rating to Mahindra Thar Roxx

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6 hours ago

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November 15, 2024

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The Mahindra Thar Roxx has earned a prestigious 5-star rating in Bharat NCAP’s latest crash tests, reflecting its commitment to safety. Recently evaluated under stringent testing, the SUV excelled with a 31.09 out of 32 score for adult occupant protection and 45 out of 49 for child safety.

Tested in its AX5L and MX3 variants, the Mahindra Thar Roxx delivered notable results, scoring 15.09 out of 16 in the Frontal Offset test and a perfect 16 out of 16 in the Side Impact test. The assessment revealed strong protection for most areas, with adequate ratings for the driver’s chest and lower legs.

The Mahindra Thar Roxx has received high marks for child occupant safety, scoring 24 points in Bharat NCAP tests, along with 12 points for CRS (Child Restraint System) installation and a Vehicle Assessment Score of 9. This top-tier safety rating applies to all Thar Roxx units produced from November 2024 onward, underscoring Mahindra’s dedication to enhancing safety features across its SUV range. Additionally, Mahindra’s XUV400 and 3XO models have also achieved 5-star safety ratings, further emphasizing the automaker’s commitment to robust safety standards.

The Mahindra Thar Roxx offers two interior themes – Classic Ivory and a new Dark Mocha Brown. Comfort and convenience are prioritizing with ventilated seats, leatherette upholstery, a digital driver display, a larger 10.25-inch touchscreen, a high-quality Harmon Kardon sound system, a panoramic sunroof, rear AC vents, wireless connectivity for Apple CarPlay and Android Auto, and a six-way adjustable driver’s seat, combining practicality with luxury.

Mahindra Thar 5-door comes packed with safety and interior upgrades to enhance its appeal. On the safety side, it includes essentials like six airbags, three-point seatbelts for all occupants, hill control features, electronic stability control, and a seatbelt reminder. Advanced driver-assist features, such as autonomous emergency braking, adaptive cruise control, lane-keeping support, lane departure alerts, and a 360-degree camera system with blind spot monitoring, add an extra layer of protection.

Mahindra Thar Roxx offers two engine choices: a 2.0-litre turbo-petrol and a 2.2-litre diesel. The petrol engine comes in two setups—150 bhp and 330 Nm of torque for the manual, and 174 bhp with 380 Nm for the automatic. The diesel option is available only with four-wheel drive.

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Why The Indian Stock Market Struggled: Inflation, FPI Outflows, And Currency Pressure; Everything You Need To Know

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2 days ago

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November 13, 2024

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The Indian stock market on Wednesday (November 13) wrapped the another challenging day, marking the fifth consecutive session of losses.

The Sensex and Nifty, the two benchmark indices, both ended lower amid concerns over inflation and a broad selloff in metal stocks.

Market Snapshot

By the close of the trading session, Sensex was down by 984.23 points, or 1.25 per cent, ending at 77,690.95. Nifty 50 followed suit, shedding 324.40 points, or 1.36 per cent, to settle at 23,559.05.

The day saw a sea of red on both the Sensex and Nifty, with the majority of stocks ending lower. Among the few gainers were NTPC, Tata Motors, and Infosys, which saw minor upticks on BSE.

However, the broader market was dominated by heavy losses, especially in stocks such as JSW Steel, State Bank of India (SBI), Adani Ports, Mahindra & Mahindra (M&M), and Tata Steel, all of which posted declines.

Reasons behind the sharp decline

One of the major factor contributing to the market’s downward trajectory is the growing concern related to inflation.

As per the data which released by the Ministry of statistics and Programme Implementation regarding the India’ retail inflation, it showed that for the month of October, it surged to 6.21 per cent, breaching the Reserve Bank of India’s (RBI) upper tolerance limit of 6 per cent for the first time in over a year. The primary factors that contributed to surge include rise food prices, driven by the extended monsoon season and crop damage.

Adding to the pressure is the continued outflow of foreign portfolio investments (FPIs). On November 12, FPIs sold shares worth Rs 364.35 crore, bringing the total outflows for November to Rs 23,911 crore

The Indian rupee also struggled on November 13, weakening by 1 paisa to close at 84.38 against the US dollar.

The rise of the US dollar, which surged 1.8 per cent in November, has been exacerbated by the US presidential election result and higher bond yields. The US 10-year bond yield spiked to 4.42 per cent, further diverting capital away from emerging markets like India.

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Trump Victory Revives The Crypto Mania; Bitcoin Touches 81,000 Mark, Other Virtual Currencies Also Surge

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4 days ago

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November 11, 2024

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The world of cryptocurrency, which was enduring its long-drawn-out winter since the end of the pandemic, appears all set to come out of its ‘haitus’.

And this new surge has been powered by the recent triumph of Donald Trump at the 2024 US election. The president-elect, Donald Trump, who once thought that crypto was a ‘scam’, has come a long way. Donald Trump, by all means, is the most crypto-friendly president that the US has had so far.

Bitcoin

As a result of this newborn optimism, major names in the crypto business. The biggest of them all, Bitcoin, saw the biggest jump. Bitcoin scaled the USD 80,000 mark for the first time.

In the past 5 days, the cryptocurrency has surged in value by 7.76 per cent or USD 5,865.47, taking the overall value to 81,456.88 for one USD. In the Indian context, one Bitcoin is worth Rs 68,72,585.50.

Ethereum

And it is not just Bitcoin that has seen its value gallop. The second biggest name in the crypto world, Ethereum has observed a rise in its price since Trump’s victory. 8.71

In fact, this crypto has seen an even bigger jump of 17.00 per cent or USD 462.66, in the past 5 days, taking the overall value to USD 3,184.54.

Ripple

Another cryptocoin, Ripple, has also seen its prices rise. In the past 5 days alone, the value of this digital currency has jumped to USD 0.59.

This came to pass after an 8.71 per cent USD 0.05 rise in its value.

Dogecoin

The meme coin or a currency that was started as a joke, Dogecoin or ‘Dog Coin’ also saw a gargantuan rise in its prices. Just in the past 5 days, Dogecoin jumped in value by a substantial 49.76 per cent.

The price increased by USD 8.24, taking the overall value to USD 24.80. It is to be noted that Tesla boss Elon Musk, who is a close ally of Donald Trump, is a major proponent of this cryptocurrency.

One of the controversial policies that Trump has advocated throughout his campaign is weakening the US Dollar and loosening any scope of scrutiny on cryptocurrency. In fact, it is even reported that he would ‘fire’ the Security Exchange Commission chair, Gary Gensler. Gensler has been at the forefront of attempts to regulate cryptos.

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