December 30, 1994

The public Investment Board (PIB) has cleared Air-India’s $ 350-million fleet expansion programme for the acquisition of two more Boeing 747-400s. This will be in addition to the four Boeing 747-400 aircraft already acquired and put into commercial operation by Air-India. According to informed sources, the decision of the PIB was taken here today after tight scrutiny of the detailed project report. At one stage it was thought that an investment of $350 millions by Air-India would be difficult to justify in view of the excess capacity in the international aviation industry and the fierce fare war to increase the seat/load factor of competing international airlines.

Shippers hit by congestion at Bombay Port

There is heavy congestion of containers at the Bombay Port due to a growing backlog of both export and import containers. Adding to the problem is the year-end rush by exporters to rush shipments in order to meet the LC schedules. The congestion has got the shippers worried as they have to shell out increased container detention charges being levied by the steamer agents.

Cabinet to decide today on Patents Act changes

The Union Cabinet is scheduled to finalise amendments to the Patents Act and the Customs Tariff Act at a meeting on Friday evening. Ordinances to amend these Acts are likely to be issued immediately. The Cabinet meeting is scheduled for 7 p.m. and will be followed by a meeting of the Cabinet Committee on Economic Affairs at 7-30 p.m. The Government has to effect changes to the Patents Act and the Customs Tariff Act before the end of 1994 to meet the World Trade Organisation deadline and tomorrow is the last working day of the year.

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