Padmapur District Promise Failure Reflects CM Naveen's Double Standard Policy

by Hemanta Pande

NEWS HIGHLIGHTS

CM Naveen Patnaik's "double standard policy" on key issues has been exposed by none other than senior BJD leader and State's Cabinet Minister Tukuni Sahu.

Bhubaneswar, Apr 26: Biju Janata Dal (BJD) president and Odisha Chief Minister Naveen Patnaik always asserts that he believes in deeds and not in mere words. However, his "double standard policy" on key issues has been exposed by none other than senior BJD leader and State's Cabinet Minister Tukuni Sahu.

On the one hand, the Naveen Patnaik-led BJD government announced to upgrade the Padampur sub-division to a separate district, Cabinet Minister Tukuni Sahu said she had opposed the formation of Padampur district and even decided to resign on the issue.

While speaking at a felicitation function of senior citizens in Titlagarh of Balangir district, Minister Sahu said, “Had a new district been announced, I would have been the first person to resign. I had made up my mind that I would go straight to the Chief Minister to tender my resignation if Padampur was declared a district, instead of Titilagarh. But the Chief Minister did not let me do that. ”

Also Read: Elections 2024: Dharmendra Pradhan Urges Odisha CM To Publish White Paper On Developmental Works

Minister Sahu also assured the people that Titilagarh would be at the top of the list of new districts in the State.
Sahu's statement triggered a huge spark among the people of Padampur area. People are expressing their anger against the BJD government as its conspiracy has been exposed.

The coordinator of Padampur Joint Action Committee, Ajit Satpathy said, "The Chief Minister lied to get votes in the Padampur by-election. The court order was just an excuse. There was a statutory conspiracy to prevent Padampur from being made a district. It is like salt rubbed into wounds of the people of Padampur."

"BJD candidate, Barsa Singh Bariha, won the Padampur by-election over the CM's promise to make Padampur a separate district. Now, I appeal to Barsha to return the BJD ticket meant for the upcoming elections and stand with the people of Padampur," said Congress leader Muzafar Hussain.

In February 2023, the Chief Minister had announced that Padampur sub-division in Bargarh district would be upgraded to a separate district within the next one year. Earlier, he had assured to create Padampur district in the run-up to the Padampur by-election. But, Padampur is yet to get the district status as promised by the Chief Minister.

The Assembly and Lok Sabha elections will be held simultaneously in Odisha in four phases from May 13 to June 1.

Results for the Assembly and the Lok Sabha polls will be declared on June 4.

Read More: Odisha News

RBI likely to transfer Rs 1 trillion to government in FY25

by Utkalika Mohanty

New Delhi, May 10: The Reserve Bank of India (RBI) is likely to transfer approximately Rs 1000 billion to the government IN FY25 according to a report by Union Bank of India.

The report highlights that RBI is anticipated to maintain a robust dividend payout for the fiscal year 2025 (FY25). This projection represents a slight increase from Rs 874 billion transferred in the previous fiscal year.

"The government has budgeted the FY25 dividend for RBI and PSU banks & financial institutions at INR 1020bn, vis-a-vis INR 1044bn in FY24. In our view, a positive surprise is likely, similar to last year when initial budget estimate for overall dividend was only INR 480bn" said the report.

Analysts in the report predict a potential positive surprise, akin to the previous fiscal year, when the initial budget estimate for dividends was significantly lower at INR 480 billion. Despite several factors influencing RBI's dividend calculation, such as interest earnings and foreign exchange (FX) gains, analysts predict a continuation of strong dividend figures.

The majority of RBI's balance sheet, approximately 70 percent, consists of foreign currency assets, with another 20 per cent in domestic government bonds. Interest earnings from these securities are expected to range from Rs 1.5-1.7 trillion.

Additionally, interest from liquidity operations has increased RBI's earnings, particularly as the banking system returned to a deficit mode from September 2023.

While income gains of RBI from FX (Forex) sales decreased slightly due to lower sales volumes, they are expected to remain substantial despite a rise in the weighted average cost of reserves.

Moreover, a decline in provisions likely contributed to boosting RBI's dividend. Provisions for reserves, as per the Economic Capital Framework outlined by the Jalan committee, saw a rise in the contingency fund provision due to increased balance sheet growth.

The impact of the RBI dividend announcement on markets may be limited in the near term, especially with ongoing elections potentially delaying government spending.

However, if the surplus balance is utilized for activities like G-Sec buybacks, it could support the shorter end of the G-Sec curve. Overall, analysts maintain a positive outlook on longer-duration G-Secs due to favorable demand-supply dynamics.

(ANI)

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Domestic air traffic marginally came down in April: ICRA

by Utkalika Mohanty

Chennai, May 10: The domestic air passenger traffic last month marginally came down to about 132.8 lakh from about 133.7 lakh logged in March 2024, said ICRA in a research report.

ICRA report also said the domestic aviation industry is likely to close FY25 with a net loss of Rs 30-40 billion in FY2025.

According to the report, the April 2024 domestic air passenger traffic was higher by about 3.1 per cent on a year-on-year (YoY) basis and by about 21 per cent than pre-Covid levels.

For FY2024, domestic air passenger traffic was about 154 million with YoY growth of about 13 per cent, in line with its estimates, ICRA said.

The domestic air passenger traffic in FY2024, thus, surpassed the pre-Covid levels of about 142 million in FY2020.

Further, for FY2024, the international passenger traffic for Indian carriers stood at about 296.8 lakh, a YoY growth of about 24 per cents, and higher than the pre-COVID levels of about 227.3 lakh by 30 per cent.

In line with ICRA’s estimates, the international passenger traffic for Indian carriers in FY2024 also surpassed the peak levels of about 259.0 lakh in FY2019 (April-March 2019), the ICRA report said.

According to the report, the domestic aviation industry witnessed improved pricing power, reflected in the higher yields (over pre-Covid levels) and, thus, the revenue per available seat kilometre-cost per available seat kilometre (RASK-CASK) spread of the airlines.

ICRA expects the momentum in air passenger traffic seen in FY2024 is expected to continue into FY2025, though the further expansion in yields from the current levels may be limited.

As regards the recovery in the airline earnings, ICRA says it will be gradual owing to the high fixed cost.

The industry reported a net loss of about Rs 170-175 billion in FY2023 due to elevated aviation turbine fuel (ATF) prices twined with the depreciation of the Indian rupee against the US dollar.

ICRA expects the Indian aviation industry to report a similar net loss of about Rs 30-40 billion in FY2025 as seen in FY2024 as airlines continue to witness healthy passenger traffic growth and maintain pricing discipline.

Be that as it may, ICRA said the industry is facing supply chain challenges and issues of engine failures for the Pratt and Whitney (P&W) engines supplied to various airlines.

In FY2024, Go Airlines (India) Limited grounded half of its fleet due to faulty P&W engines, which led to the stalling of its operations. InterGlobe Aviation Limited (IndiGo) had also grounded more than 70 aircraft due to P&W engine issues, as of February 2, 2024, including an issue from powder metal (used to manufacture certain engine parts) contamination with its P&W fleet,” the report notes.

According to ICRA, as per estimates, 24-26 per cent of the total fleet of Indian airlines in operations was grounded by March 31, 2024.

Considering the bulk recall of the engines globally by P&W and other existing issues with the OEM’s engines, the testing by P&W is likely to take longer at 250-300 days.

This will result in high operating expenses towards the cost of grounding, an increase in lease rentals due to additional aircraft being taken on lease to offset the grounded capacity, rising lease rates and lower fuel efficiency (due to replacement with older aircraft taken on spot lease), which will adversely impact an airline’s cost structure.

However, healthy yields, high passenger load factor (PLF) and partial compensation available from engine manufacturers would help absorb the impact to an extent.

“In the current fiscal, the industry has also faced challenges related to the availability of pilot and cabin crew, leading to several flight cancellations and delays. In April 2024, Vistara had to cancel some of its scheduled flights, with many experiencing delays as well, due to a shortage of cabin crew and pilots. Further, on May 8, 2024, Air India Express had to cancel over 100 flights due to similar reasons. Such issues impact the capacity availability and add to customer grievances,” ICRA said.

(IANS)

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India set to host 'Bharat Parv' at 77th Cannes Film Festival

by Utkalika Mohanty

New Delhi, May 10: It is a special year for India as it is set to host 'Bharat Parv' at the 77th edition of the Cannes Film Festival for eminent dignitaries and delegates from around the world to showcase the myriad creative opportunities.

At the prestigious film gala, a delegation consisting of representatives from central and state governments, and members of the industry will showcase India's creative economy in Marche du Films through a series of significant initiatives, as per a statement by the Information and Broadcasting Ministry.

It will be for the first time that the country will host a 'Bharat Parv' at the Cannes Film Festival, to engage with film celebrities, filmmakers, directors, producers, buyers, and sales agents from across the world and showcase the myriad creative opportunities and a rich bank of creative talent.

The official poster and trailer of the 55th India International Film Festival (IFFI) to be held in Goa on November 20-28, 2024 and will be unveiled at the Bharat Parv.

The Bharat Parv will also see the release of the 'Save the Date' for the 1st World Audio-Visual and Entertainment Summit (WAVES) to be hosted alongside the 55th IFFI.

The Bharat Pavilion at the 77th Cannes Film Festival at 108 Village International Riviera, will be inaugurated on May 15 in the presence of eminent film personalities, as per a statement by the Information and Broadcasting Ministry.

The Bharat Pavilion at Cannes serves as a platform for the Indian film community to engage in various activities, including, fostering production collaborations, curated knowledge sessions, signing distribution deals, greenlighting scripts, B2B meetings, and networking with prominent entertainment and media players from around the world.

The Pavilion will be organized by the National Film Development Corporation (NFDC) in collaboration with the Federation of Indian Chambers of Commerce & Industry (FICCI) as an industry partner.

A 'Bharat Stall' will be put in the Marche du Cannes through the Confederation of Indian Industry (CII) to provide the industry to connect & collaborate.

The Bharat Pavilion has been designed by the National Institute of Design, Ahmedabad.

It is christened 'The Sutradhara' to depict this year's theme of "Create in India".

At the festival, several Indian movies and productions will be showcased.

In the spotlight, filmmaker Payal Kapadia's magnum opus 'All We Imagine As Light,' poised to captivate audiences and vie for the prestigious Palme d'Or. Notably, this marks a significant milestone as an Indian title graces the Competition section of the Cannes Film Festival Official Selection, after three decades.

British-Indian filmmaker Sandhya Suri's 'Santosh,' in Un Certain Regard.

Karan Kandhari's 'Sister Midnight' will be screened in Directors' Fortnight and Maisam Ali's compelling "In Retreat" in L'Acid.

A short film by Film and Television Institute of India students 'Sunflowers Were the First Ones to Know' has been shortlisted in the La Cinef Competitive section.

ShyamBenegal's 'Manthan', a film focusing on the Amul dairy cooperative movement, will be presented in the Classics section, adding a touch of historical significance to the festival's Indian lineup.

The film reels were preserved for several decades in film vaults of NFDC-National Film Archive of India (NFAI), a unit of the Ministry, and have been restored by the Film Heritage Foundation (FHM).

National Award-winning cinematographer Santosh Sivan will be the recipient of the prestigious Pierre Angenieux tribute at the Cannes Film Festival. He will also deliver a masterclass for the Cannes delegates, becoming the first Indian to be honored with this distinction.

Many Indian states including Goa, Maharashtra, Jammu & Kashmir, Karnataka, Jharkhand, and Delhi are likely to participate to help showcase India's diverse locations and film talent.

Interactive sessions at the Bharat Pavilion, organized throughout the festival, will cover topics such as incentives for creating in India, international collaboration in film festivals, India as a filming destination, and bilateral film co-productions between India and countries like Spain, the UK, and France, among others. These sessions aim to facilitate discussions, networking, and collaboration opportunities for filmmakers seeking to engage with the dynamic Indian film industry and international partners.