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

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.
Business
Cooperative taxi service to improve drivers’ income, ensure better services: Centre

New Delhi, March 29: The objective of a taxi service based on cooperative model is to ensure democratic management by active participation of all members, and to ensure that maximum profit earned by such cooperative taxi society is distributed equitably among the taxi drivers who will be members of that society, the government has said.
India is home to over 8 lakh cooperative societies, serving nearly 30 crore members across 30 different sectors.
While replying to the discussion on Tribhuvan Sahkari University Bill, 2025 in the Lok Sabha, Union Home Minister and Minister of Cooperation, Amit Shah, said this week that in near future, a cooperative taxi service will be started, in which registration of two wheelers, taxis, rickshaws and four wheelers will be possible and the profit will go directly to the driver.
Based on principles of “Sahakar se Samriddhi”, a taxi-service cooperative will be formed by willing taxi drivers and the management will rest with the members of such society.
“Such an initiative will lead to overall prosperity and improving the income, working conditions, and standard of living for such taxi drivers/members of the cooperative society while providing better services to the consumers,” according to the ministry.
‘Sahkar’ or cooperation is a concept where a group of people voluntarily come together and form a cooperative society or Sahkari society based on mutual benefit and common economic interest.
Sahkari models of economic cooperation have been found to be more fruitful for its members, being more equitable and resulting in inclusive growth for all, like in the case of Amul.
These cooperatives play a crucial role in promoting self-reliance, financial inclusion, and rural development, particularly in agriculture, dairy, fisheries, banking, housing, consumer services, labour, sugar etc.
These cooperatives compete in the market alongside other players including private enterprises. The cooperatives are registered under the cooperative laws of the respective state/UT and societies which work in multiple states/UTs and are registered under the Multi State Cooperative Societies Act.
The government has promoted and assisted startups and other enterprises in the past for equitable and inclusive growth of the nation.
Business
Travel From Uran To Gateway Of India In AC Boats Soon! E-ferries Set To Hit Waters In 2 Weeks; Travel Time To Reduce

Mumbai: The travel time between Uran and the Gateway of India will be cut in half with the introduction of electric ferries in about two weeks. Speed trials are currently underway and the service is expected to begin soon, according to reports quoting an official from the Jawaharlal Nehru Port Authority (JNPA).
In December 2024, JNPA approved a Rs 37.8 crore lease for two electric ferries over a 10-year period. The boats were initially scheduled to begin operations in January, but technical delays pushed the launch back.
Currently, wooden passenger boats take over an hour to complete the journey, but the e-ferries will reduce travel time to just 30-40 minutes. This upgrade will majorly benefit local residents, JNPA personnel and officials from customs, the air force, CISF and ports who frequently use the route.
Each ferry will accommodate 20-24 passengers, and tickets will be available for purchase online, said JNPA chairman Unmesh Sharad Wagh. The frequency and schedule of the ferries will be determined based on demand.
Details On Routes Of New E-Ferries
The new service will operate between the Gateway of India and JNPA via the sea route, while during the foul weather season, it will run from Bhaucha Dhakka to JNPA. This initiative aims to make commuting more efficient and comfortable for passengers.
The journey from Mumbai to Jawaharlal Nehru Port (JNP) will be significantly shortened, saving passengers up to 20 minutes, with a total travel time of 30-40 minutes. The ferries will also enhance passenger comfort with air-conditioned seating, improving the overall travel experience.
These e-ferries are part of the Harit Sagar, or ‘Green Port,’ initiative, which focuses on sustainable port operations and minimizing environmental impact. Launched by the Ministry of Ports, Shipping, and Waterways (MoPS&W), the initiative aims to achieve net zero emissions by 2047 and increase renewable energy usage across major ports by 60 per cent. The introduction of pollution-free, environment-friendly ferries aligns with this vision, marking a step toward cleaner and more sustainable maritime transport.
Business
Special drive led to declaration of foreign assets, income of Rs 30,300 crore: FM Sitharaman

New Delhi, March 26: Union Finance Minister Nirmala Sitharaman said that a special campaign carried out by the Income Tax Department has led to the declaration of foreign assets and income to the tune of Rs 30, 300 crore after over 30,000 taxpayers revised their income tax returns or filed belated returns for 2024-25.
The Finance Minister said in the Lok Sabha that SMS and e-mails were sent to around 19,501 taxpayers, asking them to review their income tax returns based on information collected by the Income Tax Department on foreign deposits.
She said the “nudge campaign” resulted in 11,162 taxpayers revising their tax returns and filing the Schedule Foreign Assets Form, declaring total assets of Rs 11,259.29 crore and disclosing foreign income of Rs 154.42 crore. Another 883 taxpayers revised their ITRs and corrected their status from resident to non-resident in the revised return for 2024-25.
An additional 13,516 taxpayers declared foreign assets of Rs 7,564 crore and foreign income of approximately Rs 353 crore in their revised ITR for 2024-25.
The Income Tax Department launched a compliance-cum-awareness campaign, aimed at encouraging voluntary disclosures of offshore wealth and income. The drive focused on a data-driven and non-intrusive approach, which led to a 45.17 per cent year-on-year jump in voluntary disclosures in 2024-25 compared to 2023-24.
According to sources, tax authorities received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividends earned outside India by its citizens.
The number of taxpayers disclosing foreign assets and income voluntarily has shot up from 60,000 in 2021-22 to 2,31,452 taxpayers in 2024-25.
India is one of the early adopters of Common Reporting Standards (CRS) and has been receiving data since 2018.
More than 125 countries have agreed to share financial information of individuals linked to other jurisdictions on an automatic basis, including details of accounts held, account balances, dividends, interest received, and gross payments.
A similar exchange occurs with the US under the Inter-Governmental Agreement under the Foreign Accounts Tax Compliance Act (FATCA), 2010.
Using this data received under the automatic exchange of information, the Central Board of Direct Taxes (CBDT) launched a Compliance-Cum-Awareness Campaign on November 17, 2024, urging taxpayers to declare their foreign assets and income in revised Income Tax Returns (ITRs) for Assessment Year (AY) 2024-25.
This campaign followed a system-driven and taxpayer-friendly approach, utilising the information received through CRS and FATCA.
The Income Tax Department also facilitated taxpayers by providing a step-by-step guide to filling out Schedule Foreign Assets and Schedule Foreign Source Income, along with explanatory materials to help them understand the information received under these frameworks.
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