Istanbul: India’s budget carrier IndiGo has launched its flight on the Delhi-Istanbul sector and announced to use its expanding fleet of A320neo and A321neo aircraft to connect more Indian cities to countries such as China, Vietnam, England, Myanmar and Saudi Arabia.
William Boulter, Chief Commercial Officer of IndiGo said Wednesday here, “We are looking very seriously into other points in South East Asia, notably the obvious ones of Vietnam and Myanmar. We also want to operate shortly to Saudi Arabia on the west side”.
“We are seriously interested in getting in China as soon as we can. We are still selecting precise destinations,” he said.
“India operates only five flights from here to China per week, whereas China operates 42 flights to India per week. It’s basically time that we start readdressing that balance. I am convinced thatthere is a huge amount of traffic in India-China axis. We have not yet tapped that,” Boulter said.
The airline plans to add 125 A321neo aircraft in its fleet over number of years. In 2019, it will receive 20-25 of these aircraft from Airbus, he said.
India’s largest airline IndiGo has around 40 per cent domestic passenger market share.
Boulter said, “Once we get more A321s, we will do more longer routes.” A321neo aircraft has the capacity to carry around 230 passengers while A320 neo carries around 180 passengers.
While Delhi-Istanbul flight is being operated in A321neo aircraft having 222 seats, Boulter clarified that the flights to China would be based on A320neos.
Talking about IndiGo’s plan to connect Delhi to London, he said, “We are still hoping to operating to London this year. We haven’t chosen yet what the mid point is going to be whether Baku or Tsblisi or Istanbul.”
“We had some slots in Gatwick airport last winter but they have lapsed. So, we are again looking at which airport we can operate to in the UK. It’s not yet confirmed. We are very keen to get into the UK market this year.
“We also have a plan to put A321 aircraft domestically because in slot limited airports in Delhi and Mumbai and increasingly, other airports too, A321 gives you that additional capacity,” Boulter said.
The Delhi-Istanbul flight plans to connect 20 forward destinations using the codeshare pact that was signed between India’s largest airline and Turkish Airlines on December 21 last year. Codeshare pact allows passengers to travel on a single ticket on flights operated by the partner carrier.
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Boulter said that Delhi-Istanbul is a “strategic route” and the permission for six forward destinations have already been received by the respective countries’ governments.
“We have got six in place but we expect the others to be approved over the next few weeks. And they will be in your system for sales as IndiGo destinations.
“Once the Pakistan issues are gone away, which we hope they will, then this Delhi-Istanbul flight would be our longest flight operated by A321 aircraft,” he said.
India’s trade deficit narrows by 7.98% to $15.28 billion in June, exports falls by 9.71%
New Delhi: India’s trade deficit for June 2019 narrowed by 7.98 percent to USD 15.28 billion as against the deficit of USD 16.60 billion in June 2018, government data showed.
The country’s exports registered a negative growth of 9.71 percent during June 2019 to USD 25.01 billion as compared to USD 27.70 billion in June 2018. Non-POL exports for June 2019 declined by 5.73 percent; non-POL and non-gems and jewelry exports declined by 4.86 percent.
India’s imports in June 2019 too fell 9.06 percent to USD 40.29 billion in June 2019 as compared to USD 44.30 billion in June 2018, data further showed.
The major commodities which contributed towards decline exports in June 2019 have been Petroleum products (-32.85 percent), Rice (-28.05 percent), Cotton yarn/Fabrics/made-ups (-19.73 percent), Gems and Jewellery (-10.67 percent), Readymade garments (-9.18 percent), Organic & inorganic chemicals (-8.17 percent), and Engineering goods (-2.65 percent), data showed.
Import of petroleum crude & products in June 2019 (USD 11.03billion) has recorded a negative growth of 13.33 percent as compared to June 2018 (USD 12.73billion). In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 15.81 percent in June 2019 vis-à-vis June 2018 as per data available from World Bank, official data said.
It will take 2-3 days for scheduling to use Pakistani airspace: AI
New Delhi: Hours after the Pakistan Civil Aviation Authority ordered its airspace to be opened to all civilian traffic for flights between India and Pakistan, Air India official said that it will take 2 to 3 days for scheduling to use Pakistani airspace.
Indian airlines resumed flight operations over the Pakistan airspace, after the latter removed access restrictions, following Balakot airstrikes by the Indian Air Force in February. Air India was saddled with heavy financial losses following this.
The Ministry of Civil Aviation wrote on Twitter, “After cancellation of NOTAMS by Pakistan and India in the early hours of Tuesday, there are no restrictions on airspaces of both countries, flights have started using the closed air routes, bringing a significant relief for airlines”.
In March, Pakistan partially opened its airspace but did not allow Indian flight to fly over its airspace.
Since then, foreign carriers had been using Indian airspace have been forced to take costly detours because they cannot fly over Pakistan. The closure mainly affects flights from Europe to Southeast Asia.
RBI slaps Rs 7 cr penalty on SBI for violating various norms
Mumbai: The Reserve Bank of India said it has slapped a penalty of Rs 7 crore on the country’s largest bank SBI for non-compliance with norms related to NPA identification and fraud risk management, among others.
The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds.
Giving details of the case, it said the statutory inspection of SBI with reference to its financial position as on March 31, 2017, revealed, non-compliance with IRAC norms, sharing of information about customers with other banks, reporting of data on CRILC, fraud risk management, and classification and reporting of frauds.
Based on the inspection report and other relevant documents, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by the RBI.
“After considering the bank’s reply and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty,” the RBI said.
The penalty, RBI said, is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.