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The Mint Report 26 April 2011

The Mint Report 26 April 2011
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First Published: Tue, Apr 26 2011. 10 00 PM IST
Updated: Tue, Apr 26 2011. 10 00 PM IST
No more airport charges- at least at Mumbai. The Supreme Court on Tuesday knocked down an order that allowed operators to charge passengers an airport development fee for modernization of facilities. That order was earlier approved by the civil aviation ministry.
The Supreme Court’s order came after it was approached by an NGO called Consumer Online Foundation.
Currently, passengers at Delhi pay Rs200 for domestic flights and Rs1,300 for international travel. In Mumbai it’s Rs100 for domestic and Rs600 for every international flight. But while Delhi’s airport operator GMR can continue charging because it has approval, Mumbai’s operator GVK will have to stop.
Stocks of both companies nose-dived after the decision. GMR lost 3.16% on the BSE to 38.30 on a day wider markets dropped marginally. GVK tumbled 4.57% to 25.05.
In other news, the government has made it clear it plans to go ahead with the proposed nuclear plant at Jaitapur in Maharashtra. On Tuesday tt tried to mollify protestors with a decision to set up an independent nuclear regulatory organization to oversee safety. The government also announced a fresh compensation package for the people displaced. The $10 billion Jaitapur plant is expected to be up and running in 2019.
A new report says rising food prices could send millions in Asia back into poverty. A study from the Asian Development Bank says that if food inflation remains at 10% or more in these countries, 64 million people will fall below the poverty line. That’s everyone who earns less than $1.25 a day. In India, food inflation in 2010-11 was 14.8% and in 2009-10 it was 8.87%.
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First Published: Tue, Apr 26 2011. 10 00 PM IST