Aviation Industry Hit

Continuing on the recovery path, domestic air passenger traffic crossed the 10-million mark in November for the first time since the pandemic hit aviation industry but Omicron has the potential to spoil the party, according to rating agency ICRA.

Aviation sector has been hit hard by the pandemic and all airlines in India have resorted to cost-cutting measures like pay cuts to survive the crisis.

Clampdown may soon be removed from the crucial aviation sector, sources said, with the matter being discussed in Prime Minister Narendra Modi's meeting with the Chief Ministers yesterday. Passenger air traffic - domestic and international - was halted even before PM Modi announced the 21-day countrywide "curfew-like" lockdown on the evening of Marc...

Moody's cut its outlook for the aerospace and defence industry to negative from stable and warned that even when markets recover, the damaged balance sheets of most airlines would hurt demand for new aircraft.

Major airlines across the world have been curtailing their flight operations drastically as the aviation industry has been hit hard after many countries, including India, have partially sealed their borders amid the outbreak of the deadly COVID-19 (coronavirus disease 2019).

IndiGo, the country's largest airline by market share, on Thursday announced a pay cut for its senior employees due to shrinking revenues. Chief executive officer Ronojoy Dutta said he will take a cut of 25 per cent as the coronavirus outbreak has affected the profitability of the commercial aviation industry. IndiGo's announcement comes at a time ...

Fears of massive bankruptcies and calls for emergency bailouts swept global airlines Tuesday as a top US official warned the coronavirus crisis threatens the industry even more than the September 11 attacks, which saw US airspace shut down entirely.

Airlines across the world are rushing to cut flights and costs, and warning of a hit to earnings, as a new virus that started in China spreads, raising fears of a pandemic that could plunge the global economy into recession.

Ratings agency Standard and Poor's Indian unit, Crisil, warned on Monday that nearly three gigawatts of solar power projects worth $2.24 billion could be at risk of penalties for missing a July 2020 completion deadline as the coronavirus hit solar industry supplies.

Boeing issued a stark warning on Wednesday about the impact of the deadly coronavirus outbreak, saying there was "no question" it would hammer the aviation industry and the broader economy.

A small plane veered off the runway and hit two helicopters while taking off near Mount Everest on Sunday, killing three people and injuring three, officials said.

Excise duty applicable to aviation turbine fuel (ATF) or jet fuel has been cut, the government announced on Wednesday. The Revenue Department, under the Ministry of Finance, said in a notification that excise duty of 11 per cent will be applicable on ATF, as against the existing 14 per cent. The new rate of excise duty will take effect on October 1...

First it was Indigo, then Vistara and now Jet Airways. Three private players in the aviation industry have been hit by controversies in the last two months, which has led the civil aviation ministry to direct the aviation watchdog Director General of Civil Aviation or DGCA to ensure discipline in the air and among the ground staff.

Due to rise in demand, SpiceJet, IndiGo, GoAir and Jet Airways have plans or firmed up orders for over 800 new planes in the past month.

Jet fuel constitutes over 40 per cent of airlines' operating costs and the price cut will ease the operating cost of cash-strapped carriers which have taken a hit on their financials due to high input cost, low demand and high competition.

Continuing on the recovery path, domestic air passenger traffic crossed the 10-million mark in November for the first time since the pandemic hit aviation industry but Omicron has the potential to spoil the party, according to rating agency ICRA.

Aviation sector has been hit hard by the pandemic and all airlines in India have resorted to cost-cutting measures like pay cuts to survive the crisis.

Clampdown may soon be removed from the crucial aviation sector, sources said, with the matter being discussed in Prime Minister Narendra Modi's meeting with the Chief Ministers yesterday. Passenger air traffic - domestic and international - was halted even before PM Modi announced the 21-day countrywide "curfew-like" lockdown on the evening of Marc...

Moody's cut its outlook for the aerospace and defence industry to negative from stable and warned that even when markets recover, the damaged balance sheets of most airlines would hurt demand for new aircraft.

Major airlines across the world have been curtailing their flight operations drastically as the aviation industry has been hit hard after many countries, including India, have partially sealed their borders amid the outbreak of the deadly COVID-19 (coronavirus disease 2019).

IndiGo, the country's largest airline by market share, on Thursday announced a pay cut for its senior employees due to shrinking revenues. Chief executive officer Ronojoy Dutta said he will take a cut of 25 per cent as the coronavirus outbreak has affected the profitability of the commercial aviation industry. IndiGo's announcement comes at a time ...

Fears of massive bankruptcies and calls for emergency bailouts swept global airlines Tuesday as a top US official warned the coronavirus crisis threatens the industry even more than the September 11 attacks, which saw US airspace shut down entirely.

Airlines across the world are rushing to cut flights and costs, and warning of a hit to earnings, as a new virus that started in China spreads, raising fears of a pandemic that could plunge the global economy into recession.

Ratings agency Standard and Poor's Indian unit, Crisil, warned on Monday that nearly three gigawatts of solar power projects worth $2.24 billion could be at risk of penalties for missing a July 2020 completion deadline as the coronavirus hit solar industry supplies.

Boeing issued a stark warning on Wednesday about the impact of the deadly coronavirus outbreak, saying there was "no question" it would hammer the aviation industry and the broader economy.

A small plane veered off the runway and hit two helicopters while taking off near Mount Everest on Sunday, killing three people and injuring three, officials said.

Excise duty applicable to aviation turbine fuel (ATF) or jet fuel has been cut, the government announced on Wednesday. The Revenue Department, under the Ministry of Finance, said in a notification that excise duty of 11 per cent will be applicable on ATF, as against the existing 14 per cent. The new rate of excise duty will take effect on October 1...

First it was Indigo, then Vistara and now Jet Airways. Three private players in the aviation industry have been hit by controversies in the last two months, which has led the civil aviation ministry to direct the aviation watchdog Director General of Civil Aviation or DGCA to ensure discipline in the air and among the ground staff.

Due to rise in demand, SpiceJet, IndiGo, GoAir and Jet Airways have plans or firmed up orders for over 800 new planes in the past month.

Jet fuel constitutes over 40 per cent of airlines' operating costs and the price cut will ease the operating cost of cash-strapped carriers which have taken a hit on their financials due to high input cost, low demand and high competition.