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India’s recovery to take time after economy shrinks 24% in June quarter

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4 years ago

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NEW DELHI (Reuters) – India’s economy shrank by nearly a quarter in April-June, much more than forecast and pointing to a longer than previously expected recovery with analysts calling for further stimulus.

Consumer spending, private investments and exports all collapsed during the world’s strictest lockdown imposed in late March to combat the COVID-19 pandemic and India – the world’s fastest-growing large economy until a few years ago – now looks to be headed for its first full-year contraction since 1980.

Gross domestic product shrank by a record 23.9% in April-June from a year earlier, official data showed on Monday, against a Reuters poll forecast for an 18.3% contraction.

Krishnamurthy Subramanian, chief economist at the Ministry of Finance, said India’s economy was set for a “V-shaped” recovery and should perform better in the coming quarters as indicated by a pickup in rail freight, power consumption and tax collections.

Some private economists, however, said the fiscal year that began in April could see a contraction of nearly 10%, the worst performance since India won independence from British colonial rule in 1947, and likely to push millions more into poverty.

“Given the limited fiscal space and the need to stimulate a more durable growth, the growth recovery will be gradual and is likely to continue into 1H FY22,” said Suvodeep Rakshit, senior economist at Kotak Institutional Equities, Mumbai.

Consumer spending – the main driver of the economy – dropped 31.2% year-on-year in April-June compared to a 2.6% fall in the previous quarter, data showed, while capital investments were down 47.9% compared to a 2.1% rise in the previous quarter.

Prime Minister Narendra Modi announced a $266 billion stimulus package in May, including credit guarantees on bank loans and free food grains for poor people, but consumer demand and manufacturing have yet to recover.

The Reserve Bank of India, which has reduced the benchmark repo rate INREPO=ECI by a total of 115 basis points since February, is expected to cut interest rates to boost growth after keeping them on hold this month amid rising inflation.

Virus cases on rise

The coronavirus has been spreading in India faster than anywhere else in the world, with more than 3.6 million people already infected and a death toll of over 64,400.

Continuing restrictions on transport, educational institutions and restaurants have hit manufacturing, services and retail sales, while keeping millions of workers out of jobs.

Manufacturing has already entered recession as output fell 39.3% in April-June after falling 1.4% in the previous quarter, and construction and trade services plunged by around 50%.

With an annual growth of 3.4% in the April-June quarter, the farm sector, which accounts for 15% of economic output, offered some hope the rural economy will be able to support millions of migrant workers who have returned to their villages.

Still, Rupa Rege Nitsure, group chief economist at L&T Financial Holdings, said the government will have to take more steps to boost the economy overall.

“Unless the central and state governments focus on re-starting the economic machine completely, the real process of repair and reconstruction will not gain momentum,” she said.

Reporting and photo: Reuters

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Pulse Hotels’ Malik Mohamed to deliver presentation at Hotelier Maldives GM Forum 2024

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2 days ago

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September 8, 2024

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Malik Mohamed, Director of Business Intelligence at Pulse Hotels & Resorts, is set to deliver a presentation at the upcoming Hotelier Maldives GM Forum 2024. The GM Forum, the largest gathering of hospitality professionals in Maldives, will take place on September 19 at CROSSROADS Maldives.

Malik’s presentation, titled “Business Intelligence and Revenue Optimisation,” will address key strategies and insights related to maximising revenue through effective business intelligence practices. His session is expected to provide valuable information for hotel managers and industry professionals attending the forum.

Ali Naafiz, Editor of Hotelier Maldives, commented on the inclusion of Mohamed’s presentation in the forum, stating, “The GM Forum continues to bring together experts who can share practical and relevant knowledge. Malik Mohamed’s presentation will offer attendees a chance to gain a deeper understanding of how business intelligence can drive revenue growth.”

This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.

Sponsors and partners of GM Forum 2024 include:

  • Ooredoo Maldives: Digital Partner (Title Sponsor)
  • Bestbuy Maldives (BBM): Silver Sponsor
  • Dhivehi Insurance: Silver Sponsor
  • Fuel Supplies Maldives: Silver Sponsor
  • Manta Air: Aviation Partner
  • Male’ Aerated Water Company: Beverage Partner
  • Atmosphere Wellness: Wellness Partner
  • Souvenir Marine: Transport Partner
  • Printlab: Printing Partner
  • CROSSROADS Maldives: Venue Partner
  • Lights Out: Coverage Partner
  • Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives

With Mailk Mohamed joining the lineup of speakers and presenters, the Hotelier Maldives GM Forum 2024 will offer attendees insights into the latest developments in digital payment technologies and their applications in the Maldivian hospitality sector.

John Bevan, CEO of dnata Travel Group, will serve as the keynote speaker at the Hotelier Maldives GM Forum 2024. The event will also feature Etienne Ng, Regional Director for Southeast Asia at Weixin Pay (WeChat Pay), as a featured speaker. Both leaders are expected to share valuable insights relevant to the Maldivian hospitality industry during the forum.

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Etienne Ng, Regional Director for Southeast Asia at Weixin Pay (WeChat Pay), to speak at Hotelier Maldives GM Forum 2024

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3 days ago

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September 7, 2024

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Hotelier Maldives has announced that Etienne Ng, Regional Director for Southeast Asia at Weixin Pay (WeChat Pay), will be a featured speaker at the Hotelier Maldives GM Forum 2024. The GM Forum, the largest gathering of hospitality professionals in Maldives, will take place on September 19 at CROSSROADS Maldives.

Etienne Ng leads Weixin Pay’s operations across Southeast Asia, where the platform has seen substantial growth. His session at the forum will primarily focus on Chinese travel trends and their spending behaviour. He will also highlight the role of digital payments in enhancing guest experiences and operational efficiency within the hospitality industry.

Ali Naafiz, Editor of Hotelier Maldives, commented on the announcement: “Etienne Ng’s participation at the Hotelier Maldives GM Forum 2024 will offer attendees valuable insights into the growing impact of digital payments in the tourism and hospitality sectors. His experience in managing Weixin Pay’s expansion in Southeast Asia makes him a key voice in discussions about the future of payment solutions in the industry.”

This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.

Sponsors and partners of GM Forum 2024 include:

  • Ooredoo Maldives: Digital Partner (Title Sponsor)
  • Bestbuy Maldives (BBM): Silver Sponsor
  • Dhivehi Insurance: Silver Sponsor
  • Fuel Supplies Maldives: Silver Sponsor
  • Manta Air: Aviation Partner
  • Male’ Aerated Water Company: Beverage Partner
  • Atmosphere Wellness: Wellness Partner
  • Souvenir Marine: Transport Partner
  • Printlab: Printing Partner
  • CROSSROADS Maldives: Venue Partner
  • Lights Out: Coverage Partner
  • Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives

With Etienne Ng joining the lineup of speakers, the Hotelier Maldives GM Forum 2024 will offer attendees insights into the latest developments in digital payment technologies and their applications in the Maldivian hospitality sector.

John Bevan, CEO of dnata Travel Group, will be the keynote speaker at the event. Hotelier Maldives will soon announce additional speakers, presenters, and panel discussions, further shaping the forum’s agenda.

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John Bevan, CEO of dnata Travel Group, announced as Keynote Speaker for Hotelier Maldives GM Forum 2024

Published

5 days ago

on

September 5, 2024

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The Hotelier Maldives GM Forum 2024 is set to welcome John Bevan, CEO of dnata Travel Group, as the keynote speaker. The GM Forum, the largest gathering of hospitality professionals in Maldives, will take place on September 19 at CROSSROADS Maldives.

John oversees 30 travel brands in various sectors across 20+ countries. He joined dnata in November 2017 as CEO B2B Europe after serving as COO of Spafinder Wellness in Miami. In May 2018, his role at dnata expanded to include all B2B and B2C trading brands within the UK.

John, who has held several non-executive director posts in travel, as well as served on the board of both the UK’s Institute of Travel & Tourism and Association of British Travel Agents, will share his insights on the evolving landscape of global travel and its implications for the Maldives’ hospitality sector. His keynote address is highly anticipated, given his leadership role at dnata Travel Group, a global powerhouse in travel services.

“We are thrilled to have John Bevan as our keynote speaker this year. His vast experience and forward-thinking approach will provide invaluable perspectives to our attendees. The GM Forum is a platform for knowledge exchange and innovation, and having a leader of John’s caliber underscores our commitment to excellence,” Ali Naafiz, Editor of Hotelier Maldives, said.

This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.

Sponsors and partners of GM Forum 2024 include:

  • Ooredoo Maldives: Digital Partner (Title Sponsor)
  • Bestbuy Maldives (BBM): Silver Sponsor
  • Dhivehi Insurance: Silver Sponsor
  • Fuel Supplies Maldives: Silver Sponsor
  • Manta Air: Aviation Partner
  • Male’ Aerated Water Company: Beverage Partner
  • Atmosphere Wellness: Wellness Partner
  • Souvenir Marine: Transport Partner
  • Printlab: Printing Partner
  • CROSSROADS Maldives: Venue Partner
  • Lights Out: Coverage Partner
  • Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives
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