Recently India has signed a few key agreements cum MoUs (Memorandum of Understanding) with some of the countries in 2013. These agreements will have importance of their own, as it will provide advantages to the country for sure. Today we will talk about India’s two of the most important signed agreements of recent times that revolves around business and economy.
India Signed Memorandum of Understanding on Air Services with Singapore
On 2nd April, 2013 India signed a new Memorandum of Understanding (MoU) with Singapore in order to build a developed bilateral air services. The Civil Aviation Minister of India Mr. Ajit Singh visited Singapore, and this agreement came into effect during his visit to the mentioned country.
The MoU will eventually rationalize the capacity entitlements of both countries in terms of total number of seats per week in each direction with a special mention of a route specific cap for Singapore on each available and possible route.
The MoU will also increase the capacity entitlement by around at least 10 percent. This simply means that India now entitled to operate 29,400 weekly passenger seats from India to Singapore, and the designated airlines of Singapore also entitled to operate 28,700 weekly passenger seats from their country to ours.
It has to be mentioned here that no additional or extra point of call has been provided to Singapore. Eventually India too did not agree to the demand of Singapore for additional point of calls from cities like Pune and Madurai.
Earlier Singapore had the permission of the common pool rights to the extent of 5160 seats. This facility gave Singapore carriers greater operational flexibility at some major key cities like Chennai, Delhi and Mumbai. That facility has now been withdrawn by the Government of India.
According to the MoU, now the designated carriers of Singapore are free to operate with any aircraft type whatsoever except A-380. This MoU has been discussed between the delegation team of India and Singapore.
The Joint Secretary in the Ministry of Civil Aviation Mr. Prabhat Kumar and Director-General of Civil Aviation Authority of Singapore Yap Ong Heng headed the discussion on behalf of their respected countries.
Both the parties have nodded to update and review the air services agreement. It has been decided that they will meet in every two years to discuss the scope of improvements and other various air services matters.
India Signed Initial Pact to explore mineral wealth with Tanzania
In April 2013 India has finally inked initial pact with Tanzania to explore mineral wealth especially in the African nation. This will benefit India a lot, as it will open up the door of opportunities in front of India for sure.
The Steel Minister of India Mr. Beni Prasad Verma is now on a visit to Tanzania, which is an East African nation. Last week he released an official quote addressing the whole matter. The following is the excerpt of what he said in that official message,
"Tanzania has huge mineral resources which are yet to be fully developed. I believe there is a possibility of joint venture for Indian companies with mining entities in Tanzania,"
The release added that Mr. Verma also signed a letter of intent for strengthening mutual cooperation in the areas like mining and steel with the Energy Minister of Tanzania Sospeter Muhongo. This letter was signed at Der es Salaam in presence of both the reputed authorities.
Mr. Verma added that the LoI is basically a stepping stone, and it will help to strengthen various tie ups by promoting the bilateral relations between the countries in the mineral sector.
It has to be added here that the LoI has an aim of increasing the flow of investment opportunities in India and Tanzania. It will encourage the investors to dissect their money in the iron & steel related businesses in both the countries.
The release concluded that the LoI would also provide the opportunity to exchange technical know-how between the countries for optimum benefits. We are hoping that this will be absolute gold mine for both the sides.
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