On Thursday, Prime Minister Narendra Modi is learnt to have reviewed the state of the economy with Finance Minister Nirmala Sitharaman and top officials of the Ministry to assess measures being planned to tackle the slowdown.
There is an emerging consensus among FMCG majors that, like their automobile counterparts, the impact of the slump is more evident in rural India and that, in geographical terms, the north is the worst hit.
Industry players say the worst is still to come and that the of consumer demand and the liquidity crisis — could get prolonged as automakers compulsorily transition to new technologies, rendering their products more expensive.
According to the latest subscription data provided by the Telecom Regulatory Authority of India (TRAI), as of May 2019, there were 1,01,465 wireline subscribers and 1,13,39,647 wireless subscribers in J&K circle.
Fares for scheduled flights out of Srinagar on Saturday skyrocketed shortly after the advisory was issued. The spot fares for a Srinagar-Delhi flight on Friday evening remained between Rs 7,000 and Rs 8,000; it went up to Rs 16,000-Rs 17,000 for Saturday.
Airlines flying to Srinagar have also started offering fee waivers on ticket cancellations for flights to and from the airport. Additionally, travel operators have indicated that people have started cancelling upcoming trips to the region.
This announcement comes days after the company announced a nearly 40 per cent jump in its profit at Rs 512 crore on a revenue of Rs 1,789 crore ( a y-o-y growth of 14.5 per cent) in the quarter ended June 2019.
Differences between co-founders of the airline — Rahul Bhatia and Rakesh Gangwal — came into the open after the latter sought intervention of markets regulator Sebi to address alleged corporate governance lapses on July 8.
IndiGo, India’s largest airline by domestic market share, extended its lead during the quarter due to the fall of Jet Airways that caused a sudden capacity crunch in the aviation industry leading to an uptick in fares and increase in yields for airlines.
Pakistan reopens its airspace: Indian carriers together lost over Rs 550 crore due to the restrictions that had resulted in longer flight times and higher fuel burns. A chunk of this was for flag carrier Air India, which lost Rs 491 crore till July 2.
While India is yet to take a stand on whether or not to allow Huawei in 5G trials, officials at the telecom department have indicated that a decision will be taken in consultation with the ministries of home affairs and external affairs.