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The Mint Report for 21 September

The Mint Report for 21 September
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First Published: Tue, Sep 22 2009. 12 13 AM IST
Updated: Tue, Sep 22 2009. 12 13 AM IST
New Delhi: Aviation regulator DGCA will soon be under scrutiny. Its American counterpart, the Federal Aviation Administration, or FAA is about conduct a final review of the DGCA’s safety measures. The FAA’s review has been prompted by a UN agency audit that found India’s aviation safety oversight lacking in 70 areas. And the audit may have had an impact because no new direct flights have been cleared between India and the United States since it came out. Meanwhile, the DGCA has responded by revamping its arrangements for overseeing aviation safety. Its new measures include creating more than 400 new technical positions and hiring 50 aviation safety inspectors.
India’s aviation workers are getting organized. Employees of domestic airlines are planning to form an umbrella federation to represent everyone from pilots to engineers to ground staff. Recently hundreds of Jet Airways pilots went on strike to protest the sacking of four colleagues who had set up a union for pilots.
India may allow the rupee to strengthen in the coming months. Goldman Sachs is predicting the RBI will strengthen the currency to Rs47.30 to a dollar by the end of the year as part of its efforts to curb inflation.
India and other developing countries are expected step up pressure at the G-20 summit by demanding a greater say in global financial institutions. Leaders of G-20 countries are going to meet in Pittsburgh in the United States on Thursday to discuss global financial regulation and climate change. India wants to see reform at the IMF and World Bank and will demand voting rights at both institutions.
Private equity firms are exploring India’s logistics industry for opportunities. Investors say that as small towns grow in the coming years, the need to move goods around will increase. Already UTI Asset Management and its partners have set up a $500 million private equity fund to invest in unlisted companies involved in logistics and related industries. Another company Tuscan Ventures has invested in two logistics companies while DHFL Venture Capital will partner with an American firm to invest in warehousing and logistics operation
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First Published: Tue, Sep 22 2009. 12 13 AM IST