India's 1st cooperative sector airline to come up in Kerala
What's the story
The Kerala government has approved the establishment of an airline by the cooperative sector, Chief Minister V D Satheesan has announced. The CM made the announcement during the silver jubilee celebrations of Calicut City Service Cooperative Society. He said this would be "for the first time in India" that flight services will be started by a cooperative.
Project leadership
Airline project to be led by C N Vijayakrishnan
The ambitious airline project will be led by C N Vijayakrishnan, the Chairman of MVR Cancer Centre.
CM Satheesan said that just like Air India and Indigo, Vijayakrishnan has been given permission to start an airline under the cooperative sector.
A team that made both MVR Cancer Centre and Calicut City Service Cooperative Society successful will assist him in this venture.
Financial assurance
Government will guarantee deposits made in cooperative sector
The Chief Minister also assured that the government will guarantee deposits made by people in the cooperative sector. He said depositors in cooperative banks should get the same assurance as those investing in nationalized and scheduled banks.
Economic impact
Cooperative movement backbone of rural, urban economies: Satheesan
CM Satheesan hailed the Calicut City Service Cooperative Society for its charitable work and development activities.
He said that the cooperative movement is the backbone of rural and urban economies.
The CM also stressed on how expansion of cooperative societies into more development initiatives is a sign of progress, highlighting their role in driving economic growth at grassroots levels.