Current Affairs – October, 2018

Latest Current Affairs October, 2018 with Current Affairs, news summary on current events of National and International importance of October, 2018 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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India To Become Third Largest Aviation Market : IATA

India will be among the top three aviation market by 2024 according to International Air Transport Association (IATA) in its 20- year air passenger forecast report. India is currently at seventh position in Global Aviation market.

Key Highlights Of Report

  • The number of air passengers around the world will double to 8.2 billion in 2037.
  • China will displace the US as the world’s largest aviation market in the mid- 2020. India will take  the third place after US around 2024  surpassing UK.
  • By 2037, India is expected to add 414 million passengers to its existing 572 million passengers.
  • Home passenger traffic in India is growing at around 18.28 per cent to reach 243 million  in 2018-19 and will grow to 293 million in 2020.
  • When it comes to International traffic, it grew by 10.43 per cent to reach 65 million in 2018 and will grow to 76 million in 2020.
  • The biggest growth in terms of air traffic will come from Asia- Pacific region with more than half the number of total new passengers in next 20 years.
  • The Asia-Pacific region is expected to see the fastest growth at the rate of 4.8%, followed by Africa (4.6%) and West Asia (4.4%).

International Aviation Traffic Association (IATA): It is the trade association for the world’s airlines formed in 1945 and headquartered in Montreal, Canada. It represents around 280 airlines or 82% of total air traffic. It helps to formulate aviation sector policy and standards. It also provides training services in many areas of aviation.

Challenges To India Aviation Sector

The study identified several factors that can impact the future growth of Indian aviation industry:

Growth Policy

The growth policy of 6.1% annually is expected to result in a total market of 520 million Indian passengers in 2037.The protectionist and other negative policy will hold India’s growth back to 4.9% and the total market will be 400 million in 2037.

Ease of Doing Business

India is now at 100th position among 132 countries on World Bank’s Ease of Doing Report. The improvement in this area will impact sustainable growth of aviation sector.

Travel and Tourism Competitiveness

India has also risen from 52nd place to 40th place in 2017 World Economic Forum’s Travel and Tourism Competitiveness Index. The improvements in this area as well as in airport infrastructure will further enhance India’s aviation market.

Month: Categories: Business, Economy & Banking

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India Building World’s Highest Railway Line

India railways announced its plan to link New Delhi and Ladakh by means of a railway line that will run along the India-China Border. The proposed Bilaspur-Manali-Leh Line would be the world’s highest railway line once launched.

Key Facts of the Project

  • The projected cost to construct the 465 km line will be Rs 83,360 crore.
  • The railway line will be the world’s highest at 5,360 metres above mean sea level which is comparable to China’s Quinghai-Tibet Railway Line at 2,000 metres.
  • The project comprise of 74 tunnels, 124 major bridges, 396 minor bridges and 30 stations on the line.
  • Keylong station on the route will be constructed inside a tunnel at the height of 3000 metres which is a first in India.
  • Notably, more than half the train route would be covered through tunnels, the longest of which is 27 km. Whole length of the tunnels would be 244 km.
  • The route will link crucial locations between Bilaspur and Leh such as Sundernagar, Mandi, Manali, Keylong, Koksar, Darcha, Upshi and Karu as well as several other towns of Himachal Pradesh and Jammu & Kashmir.
  • After the completion, the railway line will halve the time taken to cover the distance between Delhi and Leh from the current 40 hrs to 20 hrs.

In addition to providing quick all-weather access to the armed forces, the railway line will also enhance tourism in the Ladakh region that is presently connected by road and air. The Ladakh-Himachal areas receives heavy snowfall and the road and air connectivity.

Month: Categories: National

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