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As many as 67 foreign direct investment proposals worth Rs 11,703 crore were approved during the first nine months of the ongoing fiscal; the Rajya Sabha was informed on 06 February, 2018. Minister of State for Finance Shri P Radhakrishnan said “the government has cleared 67 FDI proposals worth Rs 11,703 crore during the period April 1, 2017 to December 31, 2017”.
An FDI proposal worth Rs 532 crore of Metaffinity Pvt Lt, an investment holding company, got the government’s nod, the minister said. “The foreign invest is to be brought in by two foreign investors, viz Canada Pension Plan Investment Board and Pantheon-HK Project Universe, LP, for up to 49 per cent stake in the form of non-voting equity share of Metaffinity Pvt Ltd,” as per the reply.
India remains fastest growing domestic aviation market in 2017
India remained the world’s fastest growing domestic aviation market for the third straight year in 2017 as economic and network expansion bolstered the sector, according to global airlines’ body IATA. Globally, Revenue Passenger Kilometres (RPKs) — a measure of passenger volumes — rose by 7.6 per cent in 2017, registering “above-trend growth” that was ahead of the ten-year average rate of 5.5 per cent. “The domestic India market posted the fastest full-year growth rate for the third year in a row (17.5 per cent), followed by China (13.3 per cent),” the International Air Transport Association (IATA) said in a report released last week. The grouping noted that such growth rates were driven mainly by the comparatively strong rates of economic expansion seen in each country, as well as stimulus from additional airport pairs being offered.
Such new services translate into time savings for passengers and have a similar stimulatory impact on demand as cuts in airfares, it added. “India posted the fastest domestic RPK growth for the third year in a row, driven by economic and network expansion,” the report said. In December also, India registered the highest growth rate of 17.4 per cent. Many Indian carriers have embarked on ambitious expansion plans and local airlines have placed orders for over 900 aircraft. Since late 2014, lower airfares have helped in boosting passenger growth — which in 2017 was also supported by broad-based pick-up in global economic conditions.