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Tourism Projects Worth $169 Million to Be Inaugurated — India Report
07.03.2024 - 04:35 / skift.com / Narendra Modi / Air India / Bulbul Dhawan / Airlines
India is set to get multiple tourism projects worth INR 14 billion ($169 million). Prime Minister Narendra Modi will be inaugurating these projects on Thursday during his visit to Srinagar, Jammu and Kashmir. The projects aim to boost the domestic tourism industry in the country with the help of Swadesh Darshan and Pilgrimage Rejuvenation And Spiritual, Heritage Augmentation Drive (PRASHAD) schemes.
Improving tourism infrastructure: The Government of India has launched schemes such as Swadesh Darshan and PRASHAD with the aim to improve the tourism infrastructure in the country. The vision is to offer tourists and pilgrims world-class amenities and facilities at pilgrimage and tourist destinations across the country. Under these schemes, the Centre provides financial assistance to states, union territories, as well as central agencies to develop such locations.
Projects to be inaugurated: Among the projects that are set to be inaugurated on Thursday is the ‘Integrated Development of Hazratbal Shrine’ in Srinagar. This would lead to improvement of ghats around the shrine as well as construction of a Sufi interpretation center. Apart from this, the project to develop Jogulamba Devi Temple in Telangana will also be inaugurated.
The Competition and Consumer Commission of Singapore (CCCS) has approved the Air India and Vistara merger. The intention for merger between the two full-service airlines was announced by Singapore Airlines and Tata Sons in November 2022, soon after Tata acquired Air India.
To bring the merger into effect, Singapore Airlines acquired a 25.1% stake in the former national carrier as well. Post the merger, Vistara would merge into Air India, under which brand the carrier would then operate.
The Competition Commission of India (CCI) had given its approval to the merger last year in September. The competition watchdog in Singapore, however, expressed concerns regarding the significant market share held by the merging parties in four sectors between Singapore and India. The involved parties proposed measures to address these concerns. The Singapore competition authority has given its approval to the merger on the condition that these proposed measures continue to be upheld by Vistara and Air India.
The domestic air passenger traffic in the 2023-24 financial year is likely to surpass the pre-Covid levels. Rating agency ICRA has estimated that the domestic air traffic in 2024 fiscal year will grow by 8-13% at 150-155 million. The agency also maintained a stable outlook on the aviation industry in India.
ICRA is also expecting this momentum of the aviation industry to continue in the next fiscal year, with a similar year-on-year growth. It said that factors such as improved airport
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