Apart from IT and pharma, the lead spenders in travel are construction, automobile and metals and mining companies and together these sectors accounted for 82 per cent of business travel spend in India in 2015, up from 78 per cent in 2013.
Travel restrictions are in place only for a limited number of countries but people are cancelling or postponing travel to prevent the spread of coronavirus.
Brent crude oil price surged 4 per cent on Friday, following tension between Iran and the US. Airlines, however, have been unable to pass on the price increase to customers due to the soft demand.
Foreign tourists are postponing their India holiday and there have been some cancellations as well, with trips to the North-East seeing the most adverse impact.
Analysts expect holiday fares to inch up further closer to the travel dates, but airlines may still not be able to fully recover higher costs as fuel costs remain elevated
Volumes are up over 20 per cent y-o-y in January-April.
Euro fell from the 83-mark to around 67.
These measures are part of initiatives by these nations to attract Indian tourists, says Aneesh Phadnis.
The move will help to reduce Air India's distribution cost by 60 per cent
Exchange rates to provide for 5-7% savings in package costs; consultants forecast higher property purchases by Indians; currency depreciation to make education cheaper
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