Vijay Mallya, the defaulter owner of Kingfisher Airlines, now blames faulty engines as the reason for the failure of Kingfisher Airlines.
He is wanted by the Indian authorities for default in payment of loans related to Kingfisher Airlines that was grounded in 2012. He is also wanted in other cases.
DGCA REPORT ON PRATT & WHITNEY ENGINES
A group firm of Pratt & Whitney has been sued for supplying defective engines to Kingfisher Airlines, Mallya said amid aviation regulator DGCA ordering detailed inspection of P&W engines powering some Airbus 320 neo planes being operated in India.
Vijya Mallya’s Tweet
“Not surprised at DGCA enquiry into Pratt & Whitney aircraft engines. Kingfisher Airlines sadly collapsed also due to faulty engines,” he said in a tweet.
DGCA has ordered detailed inspection of 21 Airbus 320 neo planes of IndiGo and GoAir that are equipped with P&W engines, which have been frequently facing technical glitches.
Economic Affairs Secretary, Shaktikanta Das said that GST will be effective from 1st of July all the states agreed for this decision. According to Mr. Shaktikanta Das, GST is playing the role of Game changer and it takes place of various consumption taxes. He also added that when GST is applied in India the opportunities for competitiveness, investment and job creation also increased.
WHAT IS GST?
GST implementation would abolish all central, state and interstate taxes; and only “single-taxation” system would be levied.
Finance Minister Arun Jaitley said in the interview with London news agency PTI, all the processes regarding the GST implementation will be completed till 15 September. He also added that after Independence this is the first Tax reform in India. The draft for this is already prepared and would be presented in the parliament which is started from 9th of March.
Proposal for 4 tax rates
– 4 proposed levels for Goods and Services tax rates will be categorized in 5, 12, 18 and 28%.
– After the GST bill is passed in the parliament it must be forwarded to all state assemblies for approval.
The State Bank of India’s Economic Research Department provide its details regarding GDP estimates noticed that the Q3 FY17 evaluations are urgent as in it ought to have given the effect of what occurred in the economy amid those two months of demonetization.
The report additionally included that regardless of the upward amendment of Q1 FY16 and Q2 FY16, the GDP gauges for Q1 FY17 and Q2 FY17 have been changed upwards demonstrating change in monetary movement in first half of current financial year.
In an announcement, the CSO said Real GDP or Gross Domestic Product (GDP) at steady (2011-12) costs in 2016-17 is probably going to achieve a level of Rs 121.65 lakh crore, as against the initially amended gauge of GDP for 2015-16 of Rs 113.58 lakh crore, discharged in January 2017.
GVA (Gross Value Added) in 2015-16
“The development in GDP amid 2016-17 is assessed at 7.1% when contrasted with the development rate of 7.9% in 2015-16,” it said. Genuine GVA (Gross Value Added) is foreseen to increment from Rs 104.70 lakh crore in 2015-16 to Rs 111.68 lakh crore in 2016-17. The ‘farming, ranger service and angling’ area is probably going to indicate 4.4% development in its GVA amid 2016-17, as against the earlier year’s development of 0.8%. The second propel assessments of National Income, 2016-17, uncovered that the development in the GVA from “assembling” segment is evaluated to be 7.7% contrasted with 10.6% in 2015-16.