Category Archives: Trade News

Swosti Premium achieves 5-star Deluxe classification

Swosti Premium in Bhubaneswar, Odisha, after complete renovations and upgradaton in service standards, has now been upgraded from 5-star to 5-star Deluxe Classification by the Ministry of Tourism, Government of India.

This prestigious recognition acknowledges our team’s tireless efforts, dedication and commitment to deliver excellence in service, amenities and overall guest experience.

The 5-Star Deluxe classification is a testament towards luxurious accommodations and amenities, world-class dining experiences, exceptional service standard and State-of-the-art facilities and services.

In the coming days, Swosti Group will be unveiling the first 5-star deluxe hotel in Puri to cater to domestic and international tourists.

AI Express to connect Agartala with Guwahati, Delhi & Kolkata from Sept 1

Air India Express has expanded its route network to Tripura, introducing daily direct flights connecting the city to Guwahati/Delhi and Kolkata.

The operations on these routes will commence on September 1, 2024, and the flights are now open for booking on the airline’s  mobile app and website, and other major booking channels.

Commenting on the launch, Aloke Singh, Managing Director, Air India Express, said, “We are delighted to announce Agartala, Tripura, as our 46th destination, further expanding our footprint in the North-East after Guwahati, Bagdogra, and Imphal, enhancing our national network. This strategic addition underscores our commitment to connecting tier 2 and 3 cities of India and promoting economic growth, trade, and tourism across the country. Aligned with our core value proposition of ‘Fly As You Are,’ we remain steadfast in our commitment to delivering an unparalleled guest experience distinguished by our signature Indian hospitality.”

With this expansion, Air India Express now connects Agartala to two direct destinations and eight one-stop destinations, including Bhubaneswar, Bengaluru, Kochi, Delhi, Hyderabad, Imphal, Jaipur and Chennai, via 14 weekly departures.

Air India Express operates 77 weekly flights from Guwahati, connecting it to eight direct destinations: Agartala, Bengaluru, Chennai, Delhi, Hyderabad, Imphal, Jaipur, and Kolkata. Additionally, the airline offers one-stop itineraries from Guwahati to 20 domestic destinations, including Ayodhya, Goa, Gwalior, Kozhikode, and Pune, among others, and to four international destinations: Bahrain, Dammam, Singapore, and Sharjah.

From Kolkata, Air India Express has 124 weekly departures, connecting 12 direct destinations like Bhubaneswar, Bengaluru, Kochi, Guwahati, Hyderabad, Imphal, Bagdogra, Jaipur, Chennai, Surat, and Varanasi. The airlines also connect the City of Joy to 22 one-stop destinations, including Abu Dhabi, Kozhikode, Kannur, Doha, Dubai, Lucknow, Kuwait, Thiruvananthapuram, Gwalior, among others.

 

Scheduled from September 1, 2024
Departure Arrival Departure Time Arrival Time Frequency
Agartala Guwahati 11:50 12:45 Daily
Guwahati Agartala 10:20 11:20 Daily
Agartala Kolkata 09:20 10:25 Daily
Kolkata Agartala 07:50 08:50 Daily
Agartala – Delhi via Guwahati
Agartala Delhi 11:50 16:05 Daily
Delhi Agartala 07:20 11:20 Daily

Over 1cr tourists visit J&K from Jan-June: Centre

The Centre said on Wednesday that over one crore tourists visited Jammu and Kashmir till June 2024.

sector in the Union Territory has witnessed unprecedented growth post-abrogation of Article 370.

He said that 34,70,834 tourists visited J&K in 2020 and since then there has been a consistent rise in the numbers. In 2021, the number was 1,13,14,884 followed by 1,88,64,332 in 2022.

Last year the number rose to 2,11,24,874; and till June this year, 1,08,41,009 tourists have visited the UT.

“The Government of Jammu and Kashmir has reported that several measures have been taken that led to significant improvement in tourism, including Tourism Policy 2020 and status of industry to the tourism sector for availing incentives under the Jammu and Kashmir Industrial Policy 2021”, the MoS said.

After the overall improvement in the law and order situation, J& K has been witnessing a tourist boom for the last four years and this has helped the livelihood of thousands of people connected directly or indirectly with this industry.

Other measures comprise availing of incentives under the Jammu and Kashmir Industrial Policy- 2021 considering the status of industry to the tourism sector in the Union Territory.

The government also notified the homestay guidelines to accommodate the increasing number of tourists and to give benefits to the locals from the economic gains of the tourism sector.

The Minister said the government has also notified Jammu and Kashmir Film Policy-2021, and Houseboat Policy-2020, identified 75 off-beat destinations.

Border tourism has picked up in Jammu and Kashmir and hitherto unknown locations have been opened up for tourism like Gurez, Keran, Teetwal and R.S. Pura, and the Union Territory is also emerging in adventure and Golf tourism, said Rai in the reply.

“The government of Jammu and Kashmir has undertaken various infrastructure projects to boost the tourism sector and it also is emerging as an international tourist destination after successful hosting of major events such as the 3rd G-20 Tourism Working Group Meeting,” Rai said.

Modern infrastructure and the growing number of luxury hotels and resorts make Jammu and Kashmir a prime location for destination weddings and MICE (Meetings, Incentives, Conferences and Exhibitions) tourism, he said.

“The government of Jammu and Kashmir has reported that due to the above initiatives, the contribution of Tourism in Gross State Domestic Product (GSDP) has increased from 7.84 per cent in FY 2019-20 to 8.47 per cent in Financial Year 2022-23,” added the Minister.

Tourism sector has recorded an annual average growth rate of 15.13 per cent during the last three years. (Source: IANS)

Qatar Airways expands aircraft order to include 20 Boeing 777-9

On the second day of the Farnborough International Airshow 2024, Qatar Airways announced that its significant order of Boeing 777X aircraft has been expanded to include an impressive 20 Boeing 777-9. This is in addition to its existing order of 40 Boeing 777-9 commercial aircraft, bringing the total to 94 commercial and cargo of Boeing 777X aircraft. The announcement also includes a commitment for 40 additional GE9X engines and spare engines, as well as a long-term services agreement.

On the first day of Farnborough Airshow 2024, Qatar Airways showcased Qsuite Next Gen, the latest version of the World’s Best Business Class, which will be featured on the 20 additional order of the Boeing 777-9 aircraft, amongst other aircraft. The highly-anticipated Qsuite Next Gen includes updated features such as movable monitors with Bluetooth connectivity, companion suits with window views, larger lie-flat and double beds, lockable drawers, touchscreen Passenger Control Unit and more.

Engr. Badr Mohammed Al-Meer, Group CEO, Qatar Airways, said, “Qatar Airways is proud to announce an expansion to the existing Boeing 777X aircraft order with an additional 20, totalling 94 Boeing 777X aircraft. We, as the World’s Best Airline, are an industry leader and operate one of the youngest fleets, offering unparalleled innovation and quality. Keeping an eye on the future, we continue to ensure that all Qatar Airways passengers are only met with the best products and services available in the industry.”

Stephanie Pope, Commercial Airplanes President and CEO, Boeing, added, “Qatar Airways is a leader in our industry, and we are honoured the airline added 20 more 777-9 jets to its large Boeing order book. We appreciate their confidence that Boeing’s market-leading widebody family will provide outstanding fuel efficiency and a superior passenger experience for its global operations.”

Russell Stokes, President and CEO, Commercial Engines and Services, GE Aerospace, added, “We are pleased to extend our partnership with Qatar Airways to support the airline’s commitment to an excellent customer experience and best-in-class efficiency. The GE9X is the world’s most powerful and most fuel-efficient turbofan and we look forward to continuing to support the growth of the Qatar Airways family with this technology.”

 

Surpassing 2019 levels, business travel spend to reach USD 1.48tn by year end: GBTA

According to the latest GBTA Business Travel Index Report, because of economic stability, pent-up demand and recovery momentum spending in the business travel industry is projected to surpass USD 2 trillion by 2028.
Meanwhile, the forecast by the Global Business Travel Association (GBTA), a business travel and meetings trade organisation, for 2024 predicts global business travel spending will reach USD 1.48 trillion USD by the end of the year, an increase on 2019 spending which was a previous record at USD 1.43 trillion.

“We are witnessing the expected rebound in the sector, reflecting the resilience and adaptability of businesses and the value of business travel worldwide,” said Suzanne Neufang, CEO, GBTA. “With projected spending expected to continue to increase through 2028, the future of business travel looks promising. However, we must remain vigilant and adaptive to potential headwinds in this period of stabilisation, as factors such as changing economic conditions, technological advancements and sustainability developments will also shape the sector ahead.”

GBTA shared that global business travel spending is anticipated to increase 11.1% in 2024. Growth is expected to continue to gradually moderate, resulting in an annual compound growth rate of 6.95% from 2025 to 2028.
According to GBTA, in 2023, the business travel industry had recovered approximately $675 billion of the USD 770 billion lost in 2020, according to GBTA BTI analysis, achieving 93% of the pre-pandemic peak of USD 1.43 trillion by the end of 2023. The sector experienced a significant resurgence in 2023, with spending growing by 30% compared to 2022, reaching USD 1.3 trillion.

The estimated breakdown of the USD 1.34 trillion in 2023 business travel expenditures includes USD 501 billion for lodging, USD 282 billion for air travel, USD 245 billion for food and beverage, USD 165 billion for ground transportation and USD 142 billion for other travel expenses.

Meanwhile, recovery in business travel continues to vary by region.
GBTA revealed that Asia Pacific emerged as the fastest-growing region in 2023 (36%), followed by Western Europe (33%) and North America (25%). The recovery bounce back was led in 2023 by the U.S, Middle East and Africa, and Latin America, all achieving 100% or more of 2019 spending numbers. For 2024, China and the U.S. are forecast to continue to lead as the top two markets, respectively, for overall business travel spending.
Business travel spending also continues to differ across industries.

GBTA’s report states that the financial and insurance activities sector is projected to experience the most significant expansion (72%) in business travel spending through 2028. Conversely, the retail trade (41%) and agriculture, forestry and fishing (32%) sectors are anticipated to see the least growth during this period.

With an optimistic outlook overall, there are factors that could impact business travel’s longer-term forecast, such as persistent inflation, China’s slower recovery, geopolitical tensions, industry workforce challenges and incidence of natural disasters. Increased focus on corporate sustainability also has the potential to impact the sector, demonstrating the vital importance of coordinated action across the industry for business travel’s future.

GBTA’s data also points out that potential upside impacts for the business travel sector include ongoing economic stability, technological advancements, particularly in artificial intelligence (AI), and stronger-than-expected economic growth in key markets like the U.S. and India.

GBTA’s survey of 4,100 business travellers across 28 countries and four regions (North America, Europe, Asia Pacific, and Latin America), revealed an increase in overall business travel, with international travel remaining below average. 64% of business travellers globally report increased spending on business travel compared to 2023. However, over one-third (37%) say they have experienced more restrictive travel policies since pre-COVID.

GBTA highlights that business travellers globally estimate their own spending, on average, amounts to USD 834 per person based on their last business trip. Lodging accounts for USD 312, on average, and food and beverage is USD 153. Air travel averages USD 176 while ground transportation (USD 103) and miscellaneous expenses (USD 89) round out the total.A majority of survey respondents (81%) reported that their most recent business trip was very (46%) or moderately (35%) worthwhile in achieving their business objectives. When asked about their most recent business trip, the most common purpose of travel among all global business travellers is attending seminars/training followed by conventions/conferences.

Compared to 2019, 76% of business travellers travelled the same or more for business travel. Those traveling more (28%) outpaced those who travel less (20%) over the same period. Although overall business travel has increased, both international and group travel remain, on average, lower than 2019 levels. Two-fifths (40%) of the trips taken are three-to-five-night stays, while two-night stays account for one-third (32%). Additionally, 58% said they extended work trips for leisure or vacation about the same (41%) or more frequently (17%) than previous.

When asked about their greatest priorities while traveling for work, maximising comfort (43%) and minimising cost (41%) are on the same level globally, with 16% saying reducing carbon emissions. Additionally, European travellers (22%) are more likely to prioritise reducing their carbon footprint compared to other regions.

GBTA’s data revealed that when it comes to payment methods for business travel, nearly two-thirds (61%) of global business travellers across all regions are given a corporate credit card. Credit card utilisation is significantly higher among North American business travellers, as nearly a third put 100% of their trip expenses on their corporate card.
Additionally, three in five (59%) business travellers surveyed have uploaded their corporate credit card to a mobile wallet and approximately 87% report they use their mobile wallet for at least 10% of their business travel transactions.

FM announces simpler tax regime for foreign cruise operators in India

In a significant push towards strengthening India’s maritime economy, Finance Minister Nirmala Sitharaman announced key initiatives in the Union Budget aimed at revitalising the country’s shipbuilding and shipping sectors. The reforms are expected to unlock a market potential of INR 12 trillion, providing a substantial boost to employment and skill development.

Sitharaman proposed a simple tax scheme for foreign shipping companies operating domestic cruises to boost cruise tourism in the country during the Union budget presentation.

“To give a fillip to this employment generting industry, I am proposing a simpler tax regime for foreign shipping companies operating domestic cruises in the country,” Sitharaman said.

Sitharaman said ownership, leasing and flagging reforms will be implemented to increase the share of the Indian shipping industry and generate more employment.

“To give a fillip to this employment generating industry, I am proposing a simpler tax regime for foreign shipping companies operating domestic cruises in the country,” she said.

Key highlights of the announcement include the introduction of ownership, leasing, and flagging reforms designed to increase the Indian shipping industry’s market share. These measures are anticipated to generate more jobs and enhance the industry’s global competitiveness.

To further stimulate the domestic cruise industry, the government will implement a presumptive taxation regime for cruise ship operations of non-residents. Additionally, tax exemptions will be provided for income derived from lease rentals of cruise ships by foreign companies operating in India.

Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, praised the initiatives, noting their alignment with the Maritime Amrit Kaal Vision 2047. This long-term strategy aims to elevate India’s rank in global ship tonnage from 18th to the top five by 2047 and improve the country’s position in shipbuilding from 22nd to the top five. These advancements are expected to attract foreign investment into Indian shipyards and create numerous job opportunities in the manufacturing sector.

The comprehensive reforms announced in the budget reflect the government’s commitment to bolstering India’s maritime infrastructure and addressing the challenges posed by recent global geopolitical disruptions that exposed the nation’s reliance on foreign shipping.