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Govt committed to support domestic travel & hospitality sector with multiple infrastructure projects: Nitin Gadkari

NEW DELHI, March 1: Nitin Gadkari, Union Minister for MSME and Roads, Transport & Highways, Govt of India today said that with the goal of Atmanirbhar Bharat, the government is committed to create multiple opportunities for MSMEs, boost tourism with the help of upcoming infrastructure projects.

Addressing the webinar on ‘MSME Travel and Hospitality Industry’, organized by FICCI and supported by OYO Hotels and IATO, Gadkari said, “The infrastructural projects in the pipeline as part of the central Government’s plans have laid the foundation of Atmanirbhar Bharat and will also boost domestic tourism in the country. Innovation is key to the revival of the travel and hospitality sector. Industry players such as FICCI, OYO Hotels & Homes and IATO should take advantage of the government schemes to come together and support MSMEs.”

Gadkari further added, “The government's initiatives, such as collateral-free automatic loans for business, including MSMEs; INR 50,000 crore equity infusion through MSME Fund of Funds, which benefits companies with higher credit ratings, will generate tremendous business opportunities. It will turn into a win-win situation for the industry. The domestic tourist destinations, including hills, forests, and religious pilgrimage, will benefit from upcoming projects such as Char Dham Road, New Delhi-Dehradun Expressway, 22 Green Express Highways, and others. There's a huge potential for small hotel partners, agents to tap into this and look at expanding their offerings catering to the needs of tourists."

Ritesh Agarwal, Member FICCI Executive, Committee & Founder & Group, OYO Hotels & Homes said, "I would thank Shri Nitin Gadkari ji, Union Minister for MSME and Roads, Transport & Highways for his valuable time. Along with our 200+ small hotel partners, travel agents, we had an insightful experience listening to the government's vision to support MSMEs and their efforts to revive the hospitality sector in the country. OYO Hotels & Homes have continuously been supporting the local communities and small businesses with various initiatives such as home-stays in Kevadia, generating economic opportunities to boost domestic tourism in the country."

Dilip Chenoy, Secretary-General, FICCI said, "Throughout the pandemic, we at FICCI have worked with multiple industry partners to benefit the MSMEs. The government has supported the industry and created a clear roadmap for the revival of the economy."

Pronab Sarkar, President, Indian Association of Tour Operators (IATO) & Founder Member, Swagatam Tours Pvt. Ltd said, "With domestic tourism uptake being affected during the pandemic, we have been continuously supporting the government in its measures to revive the economy. However, with the sector being worst affected, we are still hopeful for some financial support/stimulus package, policy changes so that our tour operators and travel agents can benefit from the required working capital to sustain these challenging times."

The webinar saw active participation of 200+ OYO hotel partners and travel and tour agents. The discussion focused on the future of hospitality and tourism, including strategies and steps taken by the government to support MSME players, boosting the country's infrastructure and thereby focusing on promoting domestic tourism, which is an integral contributor in building India's robust revival story.

Sensex surges 750 points to end trading at 49,850; Nifty closes above 14,750

NEW DELHI, March 1: The benchmark BSE Sensex surged nearly 750 points and NSE Nifty rallied over 232 points on Monday as investors cheered the domestic economy returning to positive territory after two quarters of contraction.

The 30-share BSE index briefly traded above the 50,000-mark during the mid-session, before ending at 49,849.84, showing a rise of 749.85 points or 1.53 per cent.

Likewise, the NSE barometer Nifty settled with a gain of 232.40 points or 1.60 per cent at 14,761.55.

Of the Sensex constituents, 29 closed with gains.

Top performers were PowerGrid, ONGC, Ultratech Cement, Asian Paint, Kotak Bank and Titan – rising as much as 5.94 per cent.

After two consecutive quarters of contraction, the Indian economy has finally entered an expansionary path.

The Gross Domestic Product (GDP) grew 0.4 per cent in the October-December 2020 period compared with the same period a year back, data released by the National Statistics Office on Friday showed.

Analysts said, the high-frequency indicators were pointing towards the fact that the domestic economy is slowly entering the recovery path.

On Friday,the BSE Sensex had crashed 1,939.32 points or 3.80 per cent – its worst one-day fall since May 4 last year. Similarly, the broader NSE Nifty had plunged 568.20 points or 3.76 per cent – its biggest single-day drop since March 23 last year.

Foreign investors had sold equities worth ₹8,295.17 crore on a net basis on Friday, as per exchange data.

Elsewhere in Asia, bourses closed significantly higher amid some stability in bond markets after last week’s turmoil. Further, progress in the US stimulus package also lent some support to investor sentiments globally.

Meanwhile, the global oil benchmark Brent crude was trading 0.88 per cent lower at USD 65.39 per barrel.

On the forex market front, the rupee dropped 8 paise to end at 73.55 against the US dollar.


 

 

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