Low-cost Indian carrier SpiceJet has secured its board’s approval to raise up to INR 30 billion ($358 million) through institutional investors, a move disclosed in a filing to the Indian stock exchange on Tuesday.
24.07.2024 - 03:25 / skift.com / Nirmala Sitharaman / Bulbul Dhawan
The Indian government is exploring adventure tourism as an avenue of promoting destinations across the country. For instance, earlier this month, the newly appointed minister of tourism Gajendra Singh Shekhawat went skydiving in Haryana on World Skydiving Day.
It may or may not have been effective in promoting the sport in India, but he took the opportunity to share that the government was focusing on developing Goa and Madhya Pradesh as skydiving hubs.
This week, in the Indian Parliament, Shekhawat said that the government is promoting adventure tourism as part of its efforts to promote Indian destinations and has also formulated National Strategies for Adventure Tourism.
Adventure Tourism in India: While still a lesser explored avenue, adventure tourism in India is gaining significance.
The government is also focusing on Ladakh as an adventure tourism destination, with activities such as mountain biking, trekking, river rafting, ice trekking, bactrian camel ride, mountain climbing, and camping.
Funding to Develop Tourism Circuits: India is developing tourism circuits in Northeast India and Jammu and Kashmir, and is including adventure tourism destinations such as Tawang, Ladakh, Darjeeling, and Sikkim in these circuits.
Between 2014 and 2019, the government of India allocated a cumulative amount of INR 8.16 billion ($97.5 million) for development of tourism circuits in Northeast India, of which INR 7.83 billion ($93.5 million) has been released.
For the development of tourism circuits in Jammu and Kashmir, INR 5.88 billion ($70.2 million) were sanctioned by the government. An amount of INR 5.18 billion ($61.9 million) has been released out of this allocation.
The government of India announced the full Budget for the 2024-25 financial year on Tuesday. While the hopes of travel executives were not met, the government announced its plans to establish a Vishnupad Temple at Gaya, and Mahabodhi Temple at Bodh Gaya in Bihar to boost spiritual tourism.
Finance minister Nirmala Sitharaman also said that a comprehensive development initiative will be taken to develop Rajgir — a key religious destination in the state of Bihar.
The government is also focusing on developing Odisha as a major tourist destination by developing and promoting its temples, monuments, wildlife sanctuaries, natural landscapes, and beaches.
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Low-cost Indian carrier SpiceJet has secured its board’s approval to raise up to INR 30 billion ($358 million) through institutional investors, a move disclosed in a filing to the Indian stock exchange on Tuesday.
The travel industry in India had a long wish list for the Union Budget released Tuesday: Industry status for tourism; a uniform tax rate for hotels; streamlined registration for online travel agencies; infrastructure status for hotels.
India’s rising middle class and higher disposable income have boosted spending on discretionary services, while the growing lower middle class has bolstered domestic travel, said Rajesh Magow, group CEO of MakeMyTrip, during an earnings call on Tuesday.
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Paytm started as a financial services company in India, but is now diversifying its revenue streams, with a special focus on travel. The fintech company often refers to itself as an online travel agency and is looking at travel as a core business segment.
India’s largest online travel agency MakeMyTrip and budget airline Air India Express have partnered to launch ‘Xpress Holidays’ – a platform that would allow travelers to book end-to-end holiday packages.
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The global adventure tourism market, valued at $324.9 billion in 2022, is projected to reach $2 trillion by 2032, growing at a CAGR of 19.5%. Factors such as increased income, affordable travel, and advanced technology fuel this growth.