Business, Economy & Banking Current Affairs - 2019
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Indian low-cost airlines SpiceJet has joined the International Air Transport Association (IATA). SpiceJet is the first Indian budget carrier to join the IATA, which has over 290 airlines as members.
The membership of IATA will allow SpiceJet to explore and grow its collaborations with international member airlines of IATA through interlining and code shares and also enables to seamlessly expand the network options for its passengers in future.
International Air Transport Association (IATA)
International Air Transport Association (IATA) is the trade association for the world’s airlines and represents some 290 airlines which contribute to about 82% of total air traffic.
Functions of IATA
- IATA helps airlines to operate safely, securely, efficiently, and economically under clearly defined rules.
- IATA provides professional support is provided to all industry stakeholders with a wide range of products and expert services.
- IATA aims to assist airlines by simplifying processes and increasing passenger convenience while reducing costs and improving efficiency.
- IATA also aims to improve understanding of the air transport industry among decision makers and increase awareness of the benefits that aviation brings to national and global economies.
- IATA advocates for the interests of airlines across the globe and challenges unreasonable rules and charges and strive for sensible regulation.
IATA headquartered in Montreal, Quebec, Canada supports airline activity and helps formulate industry policy and standards. IATA which is the successor to the International Air Traffic Association, which was formed in 1919 at The Hague was formed in April 1945 in Havana, Cuba.
Reserve Bank of India (RBI) governor Shaktikanta Das called for permanent status to Finance Commission. RBI Governor Shaktikanta Das is also the member of the fifteenth finance commission.
Necessity of the Permanent Status
- The permanent status will ensure consistencies between finance commissions so that there is some certainty in the flow of funds to states.
- The permanent status will also provide for continuity between the successive finance commissions.
- The permanent status will also provide for the finance commission to function as a leaner entity in the intervening period until the next finance commission is set up in a full-fledged manner.
- The establishment of the finance commission through permanent status will also enable it to address issues arising from the implementation of the recommendations of the finance commission during the intervening period.
The RBI governor also called on for a robust expenditure planning without compromising on fiscal consolidation as fiscal federalism gathers momentum in the era of uniform goods and services tax (GST). He said that it is equally important to undertake robust expenditure planning based on a ‘commonly agreed expenditure code’ to address the socio-economic challenges without diluting the goals of fiscal consolidation.