New Delhi: After weeks of turmoil, there was some good news for India’s airlines. Aviation minister Praful Patel said his ministry expected the industry to grow by at least 8.5% every year, until 2015. This is in sharp contrast to the last calendar year, when the country’s airline market fell by 4.7%. But the government is also trying to address the industry’s concerns. Patel said a group of ministers would look into both high sales taxes and base prices for jet fuel.
CavinKare wants to take on the giants of the fast-food industry. The company already sells packaged foods, but has now opened a restaurant in Puducherry. It eventually plans to take on McDonald’s and KFC in India, and then expand overseas.
Standard Chartered is investing in an Indian infrastructure firm. Its Private Equity arm is buying a 10% stake in Ramky Infra, for Rs200 crore. In 2006, three other private equity firms bought a total of about 14% of the company.
Markets zoomed upwards on Thursday after the previous day. The Sensex shot up 498 points, closing at 15,518, while the Nifty went up 148 points ending the day at 4,605.
India’s wholesale prices have taken the steepest fall in 30 years. The Wholesale Price Index was down 1.74% in the week ending 1 August. But analysts say food inflation, which is already high, may increase from October, because of the poor monsoons this year.
The government may be struggling to contain swine flu, but a biotech company in Pune says it has created a new anti-viral drug to help fight the virus. Indus Biotech says their drug is derived from a plant in the human food chain, making it low on toxicity. The Indus team will present their data in front of the Union Health Ministry next week and seek an approval roadmap. But some wonder if the new drug is a way to cash in on the current flu scare.