The domestic aviation industry is expected to report a net loss of Rs 25,000-26,000 crore this fiscal with elevated jet fuel prices and fare caps continuing to pose a major challenge for the airlines' profitability, domestic rating agency ICRA Ltd said on Thursday. The domestic airlines, however, are likely to post a reduced net loss of Rs 14,000-16,000 crore in the next financial year on the back of a "notable recovery" in air passenger traffic and lower level of debt, ICRA said. The ratings agency also estimates that the industry will require an additional funding in the range of Rs 20,000-22,000 crore during FY22-FY24.
Concerns over health and safety were reasons cited by 3,400 business and leisure travellers surveyed from 14 countries across the globe for their preference of nations other than India.
Few people know Ratan Tata as well as R K Krishna Kumar does. Widely perceived to be among the managers closest to Tata, Krishna Kumar assesses Ratan Tata, the man and business leader, in this exclusive interview to Rediff.com's Vaihayasi Pande Daniel.
"World over the cruising industry has grown consistently. Its compounded annual growth rate is 6.5-7 per cent. In India, cruising is growing 8-10 per cent year-on-year (albeit on a much smaller base) for the three-four years. It can improve with better infrastructure," said Royal Caribbean Cruise India representative Gautam Chadha.
This deferred or reduced spending is now extending across most major consumption sectors such as discretionary food and groceries, clothing and home textiles, consumer durables and home appliances, jewellery, furniture and furnishings, leisure travel, and entertainment. Oddly, the response of many manufacturers, marketers and retailers has been counter-intuitive.
Giving a new impetus to Marine leisure activity, India's first World class Marina, built at a cost of Rs 8.21 crore, was today commissioned by Union Defence Minister A K Antony on Saturday.
These measures are part of initiatives by these nations to attract Indian tourists, says Aneesh Phadnis.
Encouraged by a steady recovery seen in the first two weeks of February, hospitality firms expect the business hotels in metros including Mumbai, Bengaluru, Chennai, Kolkata and Hyderabad that have been lagging the leisure hotels in terms of revenue per available room (RevPar) to catch up in the coming months. Huge pent-up demand for MICE (meetings, incentives, conference and exhibitions) as companies slowly return to hosting physical events coupled with easing of the recently announced restrictions on international travel, will also help in getting closer to pre-Covid levels of revenue, they said. The Omicron wave that peaked in January had derailed the strong month-on-month recovery seen by the hotels since August.
The reason for the directive, the first of its kind by the airline, is that Air India does not want its own staff to occupy seats that can be sold to fare-paying passengers.
Indian and global airlines such as SpiceJet, Emirates, Virgin Atlantic among others too are marketing Covid-19 insurance products to attract passengers.
Travel companies are expecting a heavy rush to the US following the withdrawal of curbs on fully vaccinated travellers from select countries, including India, on November 8. The move will benefit those holding long-term tourist, business, and work visas. Also, new and extra flights by Air India and American Airlines are expected to provide better travel options.
Sooryavanshi and Annaatthe have already collected 6 percent of the film industry's 2020 revenue.
'I have worked every day of my life for the last 62 years and suddenly there is a cap on doctors over 55, who are not allowed to practice.' Dr Dolly Gurbaxani shares her lockdown experience.
Nearly 52,000 new hotel rooms are expected to be added in India over the next five years on rising demand from travellers as global economic conditions improve.
Kerala will be one of those places where the line between tourism, a land, a people and their way of life will blur. It won't be tourism; it will be a visit to experience Kerala.
Microsoft founder Bill Gates- promoted luxury hotel group Four Seasons on Monday said it will have four new properties in India within the next five years
According to highly placed sources, the finance ministry is likely to extend ECLGS and other loan guarantee schemes for micro, small and medium enterprises (MSMEs), hospitality and tourism sector, and the health infrastructure beyond March 31, Business Standard has learnt. This is likely to be announced by Finance Minister Nirmala Sitharaman as part of her Budget speech on February 1.
Finance Minister Nirmala Sitharaman will present the much-awaited 2022-23 Union Budget on February 1. While there has been strong recovery in some sectors, touch services like hospitality, tourism and leisure continue to suffer after two Covid-19 waves. Household savings have been hit due to increased spending on health care. Consumption has still not reached pre-pandemic levels.
'We will see footfall returning to pre-COVID levels by January.'
Indian coffee shops market over the next four-five years will grow between 6 and 18 per cent CAGR, all due to the growing coffee culture among the youth, increasing urbanisation, rising disposable income levels and changing eating and drinking preferences, says Atanu Biswas.
'China has gone too long as a rogue power, trashing international norms, agreements, and treaties as if they were not the paper they were written on.' 'The ill-advised attack on Ladakh may be the beginning of the end of that nonsense,' advocates Rajeev Srinivasan.
India's Silicon Valley, Bengaluru, which has a high population of expatriates driven by the information technology sector, is getting more reasonable on cost of living
BestMed Tourism, a joint venture between Kochi-based Focuz Group and Canadian leisure travel company, Unbelievable India Tours, kickstarted its Indian operations recently.
Parents should enroll their children in coding classes only as a leisure time activity, that too with strict curbs on screen time.
Adani group on Tuesday said it has taken over the management of Mumbai International airport from the GVK group. The group last August had announced that it would acquire GVK Group's stake in Mumbai airport. Adani group will have 74 per cent stake in Mumbai's Chhatrapati Shivaji Maharaj International Airport, post the stake purchase transaction, with 50.5 per cent being bought from GVK group and 23.5 per cent from minority partners including Airports Company South Africa (ACSA), and Bidvest Group, it had said.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Goa, Kerala, Maldives and Dubai are among the popular destinations.
'This offers us many opportunities to meet people in different ways, and we will do this with full respect to India.'
Travel companies Cox & Kings and Thomas Cook explore initiatives aimed at tapping the niche market of travel packages for kids and the disabled.
The company is confident that more hotel owners will be keen to associate themselves with the Hilton brand, the second-biggest hotel chain globally after Marriott.
An interview with Anoop Prakash, Managing Director, Harley-Davidson India.
Jagdish Khattar, Maruti Suzuki's managing director, talks about the need for small cars, global players expanding in India, and why his company will prosper.
The past appears to have interrupted the future of the New Delhi Railway Station (NDLS). With two protected heritage buildings sitting in the way of the plan to redevelop the railway station, officials in the know say the project may end up back on the drawing board since the National Monuments Authority (NMA), the body tasked with the protection and preservation of monuments and sites, is yet to give its approval. "A nod from NMA is awaited before going into the next phase of bids for the redevelopment of the New Delhi Railway Station," a senior official of the Ministry of Railways told Business Standard. While the Railways ministry is hopeful of getting approvals from the NMA before the end of the current financial year, there is no clarity on this yet.
The global recall of millions of vehicles has put the focus on quality.
The average load factor for November stands at 75 per cent, as leisure travel records a rise at this time.
'On an average we have been getting four to five such proposals a month, but we aren't pursuing them as they don't tick the boxes.'
Wall Street brokerage Goldman Sachs has flagged a slew of concerns on the surging COVID-19 caseload that has been hitting new records everyday, coupled with the rising lockdowns, forcing it to downgrade India's GDP growth forecast for the full year to 10.5 per cent from 10.9 per cent, apart from pegging down stock indices valuation and earnings. In a detailed note on Tuesday, Goldman Sachs' house economists led by Sunil Koul said these record number of pandemic cases and a host of key states announcing stricter lockdowns of late have fuelled serious growth concerns, leaving investors worried about the risks to macro and earnings recovery.
India blanked Scotland 5-0 to enter the quarterfinals of the badminton mixed team event, displaying tremendous form en route to their third successive clean sweep at the Commonwealth Games, in Gold Coast, on Friday.
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