Federal Aviation looms in Indian skies
After agriculture, R&D and the proposed nuclear deal, India is ready to sign an overarching civil aviation pact with US.india Updated: Apr 19, 2006 01:25 IST
After agriculture, R&D and the proposed nuclear deal, India is ready to sign an overarching civil aviation pact with US.
Setting aside the hiccups in the US deal, the Union Cabinet has approved the proposed agreement memorandum with the Federal Aviation Authority (FAA) of US. Under the arrangement, the FAA will help Indian aviation establishment to develop and modernise the aviation infrastructure and share information in managerial, operational and technical areas. The framework agreement provides for technical assistance, developing aviation standards, procedures, policies, training and equipment apart from training personnel.
The FAA will also provide resources, logistical support and equipment for air navigation facility at major airports in the country. It will also assist Indian aviation authorities in certifying its airports. However, the extent of support will depend on availability of funds with Indian government to implement the modernisation of aviation infrastructure. Directorate General of Civil Aviation, Airport Authority of India, Hindustan Aeronautics Ltd, National Aerospace Laboratory and Indian Space Research Organisation will be the beneficiary of this aviation pact.
As per the proposed plan of action, the FAA will have to sign agreements with various wings of Indian aviation establishment for specific operational and technical collaborations.
Meanwhile, the Union government has paved the way for United Bank of India to come up with a public offer by cleaning up its balance sheet.
Science and Technology Minister Kapil Sibal has stated that the Cabinet has approved write-off of United Bank’s losses worth Rs 278.44 crore.
This is in line with packages offered for 13 other public sector banks. The bank will return share capital worth Rs 700 crore to the government and convert remaining Rs 832.43 crore equity into preferential shares.