The US Federal Aviation Authority's (FAA) thumbs up to Indian air safety standards opens up a tiny window of opportunity for our cash-strapped carriers.
The US Federal Aviation Authority's (FAA) thumbs up to Indian air safety standards opens up a tiny window of opportunity for our cash-strapped carriers. This means that for now, Jet Airways and Air India would be allowed to fly to the US and earn some desperately sought revenue.
But it's not just the airlines that were nervous before the US audit of the Directorate General of Civil Aviation (DGCA). Civil Aviation mantri Praful Patel and his babus too had their fingers crossed! Considering that India was on the verge of being downgraded to the level of sub-Saharan nations in terms of air safety standards barely a few months ago, this "A-OK" report should gladden their heart. It should also give a fillip to Praful's moves to decentralise DGCA and improve safety standards.
Green shoots?
As we head into the season of elections and festivities beyond, the question being asked is, Is it too early to talk of green shoots of recovery in the Indian economy? A recent survey of industry has got India Inc buzzing.
According to the survey, based on corporate results from across 515 companies, the economy is likely to grow by seven per cent in 2009-10. Net profits are up by 26 per cent. One-third of the country's manufacturing sector has reported growth of up to 20 per cent. Capital goods and consumer goods sectors have expanded too.
But it may be prudent not to read too much into the findings. Most of the growth has taken place in sectors which were already showing high growth. They are concerned that while 18 sectors moved upwards to higher growth levels, 23 sectors have drifted downwards. It is pointed out that the number of sectors registering negative growth has actually increased. But perhaps it can be cautiously suggested that the worst is behind us. Keep your fingers crossed!
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