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Indian government consumption key to growth in economy amid pandemic, central bank says

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MUMBAI (Reuters) – Indian government spending will support the economy during the pandemic, but private consumption will be needed to drive any economic recovery once the coronavirus threat eases, the central bank said on Tuesday.

“An assessment of aggregate demand during the year so far suggests that the shock to consumption is severe, and it will take quite some time to mend and regain the pre-COVID-19 momentum,” the Reserve Bank of India said in its annual report.

April-June quarter GDP data, set to be released on Aug. 31, is expected to show a contraction of 20%, according to a Reuters poll.

Private consumption will come back gradually with non-discretionary spending leading the way, until a durable increase in disposable incomes enables discretionary spending to catch up, the bank added.

“Upticks that became visible in May and June after the lockdown was eased … appear to have lost strength,” the bank said.

This weakening was mainly due to reimposition or tougher imposition of lockdowns, suggesting the contraction in economic activity was likely to prolong into the second fiscal quarter, it added.

Key downside risks to growth are wider pandemic spread, a deviation of seasonal monsoon rains from the predicted normal volume and global financial market volatility, the bank said.

The RBI advised that fiscal incentives for industry ought to be re-aligned in favour of productive labour-intensive companies so as to generate employment.

It also highlighted the need for specialised infrastructure-focused lending companies to help drive funding of major infrastructure projects. It also called for the diversification of financing options for companies, saying capital markets and foreign direct investment offer opportunities to bring in investors with a longer-term view, as also more durable capital.

The RBI said the banking sector needs to be freed of risk aversion, which is impeding the flow of credit to productive sectors and undermining the role of banks in the economy.

Despite a reduction in banks’ bad loans as of March 2020, the system’s resilience will be tested by the economic fallout of the pandemic, since measures to alleviate it masked the consequent build-up of stress in the system, the RBI said.

“Against this backdrop, a recapitalisation plan for public and private sector banks assumes critical importance,” it added.

In a separate report, the RBI had warned that banks’ bad loans could nearly double by the end of this fiscal year, while the capital adequacy ratio could fall to 11.8% in a severely stressed situation.

Data in the annual report showed frauds of 100,000 rupees and above at banks increased by 159% in terms of value in 2019/20, but the RBI said the date of occurrence of these was spread out over several previous years.

Total frauds stood at 1.86 trillion rupees in FY20 versus 715.43 billion rupees in FY19, data showed.

In the April-June quarter of 2020, however, frauds came down to 288.43 billion rupees in value versus 422.28 billion in the corresponding quarter in 2019.

The RBI’s own balance sheet increased 30.02% by June 30, it added.

The increase on the asset side was due to a rise in domestic and foreign investments, loans and gold while on the liability side it was due to the increase in notes issued, deposits and other liabilities, RBI said.

Reporting and photo: Reuters

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2 decades of culinary excellence: BBM’s founding legacy with Hotel Asia continues in 2025

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Hotel Asia Exhibition and International Culinary Challenge is referred to be the hospitality industry event in the Maldives. In this year’s Culinary Challenge (19 to 22 October 2025) comprising competitions over 20 categories, most will take place at the Faculty of Hospitality and Tourism Studies, Maldives National University, and some at the Synthetic Track, Hulhumalé.

A Founding Partnership that Endures

Since the very first edition in 2001, Bestbuy Maldives (BBM) has played a central role in shaping the International Culinary Challenge into the Maldives’ most prestigious culinary platform. The event has become a cornerstone for professional development, bringing together chefs from across the Maldives to compete, learn, and showcase their craft.

BBM and their associated Principals sponsor an overwhelming majority of categories. “From the beginning, our goal has been to create opportunities for Maldivian chefs to rise to global standards. This partnership has grown with the industry itself,” said A.V.S. Subrahmanyam, Chief Operating Officer of BBM.

Nurturing Local Talent

BBM’s contribution extends beyond sponsorship. The company has built a long-term system for recognizing and developing local culinary talent.

  • BBM Chairman’s Trophy for the Best Maldivian Competitor.
  • Most Promising Young Chef Award for emerging talent.
  • Global exposure programs for Maldivian chefs through sponsored participation in international events.
  • Pro-bono Masterclasses with world-renowned chefs to encourage learning and innovation.

Investing in the Future of Hospitality

Through initiatives such as Building Young Talent, BBM continues to mentor aspiring professionals and support the next generation of chefs. The company also promotes inclusivity by sponsoring opportunities for female and young chefs to gain international exposure.

BBM’s industry partnerships include its role as Title Sponsor of the Hotelier Maldives Awards, celebrating excellence across the Maldivian hospitality sector.

Proud Sponsors of Culinary Excellence

In 2025, BBM and its partner brands proudly sponsor 14 competition categories and 8 Main Awards, further strengthening their role in the development of culinary arts in the Maldives. Categories include Decorated Cake, Artistic Showpiece, Bread and Pastry Display, Three Desserts (Display), Desserts, Rice Dish, Asian Noodles, Team Challenge, Maldivian Dish, Creative Sandwich, Young Chef, Tea Challenge, tapas/finger food, and Iced Mocktail.

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Bestbuy Maldives, MNU forge partnership to advance hospitality education

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The Maldives National University – Faculty of Hospitality and Tourism Studies (MNU-FHTS) and Bestbuy Maldives (BBM) have officially signed a Memorandum of Understanding (MoU) to strengthen industry-academic collaboration and advance hospitality education in the Maldives.

The MoU was signed by Dr Aishath Shehenaz Adam, Vice Chancellor of MNU, and Ismail Hilmy, Chairman and Managing Director of BBM, during a ceremony attended by the university’s Chancellor Dr Mahmood Shaugee, senior management, and representatives from both organisations.

This partnership marks a significant milestone in developing a state-of-the-art Food and Beverage Practical Demonstration Kitchen at MNU-FHTS. BBM will support the upgrading of the existing Garde Manger kitchen and classrooms, contributing financially and materially to create a modern, industry-standard learning environment for future hospitality professionals.

Beyond infrastructure, the collaboration will extend to academic and training support, research and innovation in culinary arts, community engagement, and professional networking opportunities, ensuring that students gain practical, real-world experience aligned with industry expectations.

Highlighting the broader purpose of this partnership, BBM stated that, “This is a significant step in the direction of BBM’s vision involving hospitality industry outreach in the Maldives — because tomorrows start today. Initially, we will set up a world-class model kitchen that will be suitable for masterclasses and hands-on training for students; and also for product demonstrations, masterclasses, and interaction with groups of customers.”

Speaking at the ceremony, representatives from both institutions emphasised their shared vision to promote excellence in education, innovation, and human capital development in the Maldivian hospitality sector. This partnership underscores BBM’s continued commitment to supporting education and industry growth, and MNU-FHTS’s mission to bridge the gap between academia and industry — nurturing the next generation of hospitality leaders in the Maldives.

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SATA 2025 announces partnerships; confirms Hotelier Maldives, Maldives Insider as Media Partners

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Hotelier Maldives and Maldives Insider have been confirmed as official Media Partners of the South Asian Travel Awards (SATA) 2025. The announcement was made during a signing ceremony held at Hulhulé Island Hotel, Maldives, where SATA unveiled its distinguished partners for the 9th edition of the annual awards.

Now in its ninth year, SATA has become a key platform for recognising excellence in South Asia’s tourism and hospitality sector. The partnership with Hotelier Maldives and Maldives Insider will strengthen the awards’ regional visibility and ensure extensive coverage of the event across Maldives and beyond.

This year’s awards ceremony will take place from 19th to 20th September 2025 at Cinnamon Grand Colombo, Sri Lanka, bringing together industry leaders, stakeholders, and innovators from across South Asia.

In addition to the media partnership, SATA 2025 also announced its corporate partners. Honda Marine has been named the Platinum Partner, while The Hawks, Velana International Airport, and Allied Insurance Company of the Maldives join as Gold Partners. Renaatus Realty has been confirmed as the Silver Partner, and Hulhulé Island Hotel continues as the official Hospitality Partner in the Maldives.

Speaking at the ceremony, SATA organisers noted that the strong lineup of partners reflects the growing importance of collaboration within the tourism and hospitality industry. With the support of its partners, SATA 2025 aims not only to celebrate outstanding achievements but also to foster long-term cooperation and sustainable growth in the region’s tourism sector.

The awards are endorsed by leading national tourism bodies and associations across South Asia, including the Sri Lanka Tourism Development Authority, Nepal Tourism Board, Visit Maldives Corporation Limited, and several travel and hotel associations across the region.

This year’s evaluation process was conducted by a panel of nine jury members representing different countries, including tourism leaders from India, Sri Lanka, Bangladesh, Nepal, Bhutan, Spain, and the Maldives.

Through partnerships with media outlets such as Hotelier Maldives and Maldives Insider, SATA 2025 will ensure broad engagement across key markets, strengthening its position as one of South Asia’s most prestigious hospitality and travel award platforms.

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