Author: HBI Staff | Hyderabad
According to LiveMint, As India’s massive restaurant industry continues to deal with an unprecedented lockdown that has caused several restaurants to suspend dine-in facilities, and forced some to temporarily shutter down—it is trying to salvage the millions it employs. The National Restaurant Association of India (NRAI) said it is encouraging employees of restaurants that are temporarily shut to those who are currently out of jobs to take up temporary employment with online grocer BigBasket that is scrambling to fulfill orders across cities as the three-week shutdown has increased the demand for its services, but disrupted the movement of its supplies…
Ixigo, a 13-year-old travel and hotel booking service in India, said on Monday it is cutting the salary of its entire staff as the firm grapples with severe disruption in its business due to the coronavirus outbreak that has pushed New Delhi to issue a nationwide lockdown. Aloke Bajpai, co-founder and chief executive of Ixigo, said the leadership at the firm has agreed to take a 60% pay cut while the rest of the staff, about 200 people, have agreed to have their salaries reduced between 20% to 50%. Bajpai and Rajnish Kumar, the other co-founder, have decided to forgo…
According to Business Today, Travel firm MakeMyTrip has announced salary cuts as tourism sector have taken a massive hit due to the coronavirus outbreak. MakeMyTrip founder Deep Kalra said that the pay cut will happen across top and managerial levels of the company. Moreover, the salary cut has been done across MakeMyTrip (MMT) Limited subsidiaries – Goibibo and redBus. Besides, the company might also lay off about 400 employees who are not on its payroll. “MakeMyTrip has about 650 people employed for backend and support services. It has plans to fire 60 per cent of its total headcounts in these…
The Ministry of Tourism, Government of India hosted the eleventh webinar “an epic called India- a land of myriad stories” on 28th April 2020 as part of its ongoing engagement with industry and its audiences on the overall theme of ‘Dekho Apna Desh’ . The objective of this webinar series is to create awareness about and promote various tourism destinations of India – including the lesser known destinations and lesser known facets of popular destinations. The Dekho Apna Desh Webinar Series has been able to get some of the best tourism industry experts, City and Heritage walks practitioners, story tellers…
Cabinet Secretary, Rajiv Gauba, said that there are no plans to extend the lockdown period beyond the current 21-day announced by Prime Minister Narendra Modi on March 24 to fight the coronavirus pandemic. He expressed surprise on reports that the lockdown could be extended. “I’m surprised to see such reports, there is no such plan of extending the lockdown,” Cabinet Secretary Rajiv Gauba said on reports that the lockdown could be extended. The 21-day lockdown came into effect on the intervening night of March 24-25. The government has asked all states and UTs to strictly enforce the lockdown in view…
OYO has announced that it has been working closely with Apollo Hospitals to develop and support accommodation requirements of suspected Covid19 patients requiring quarantine/self-isolation. This is part of Project Stay I (Stay isolated) where Apollo hospitals are partnering with select hotel brands to create isolation rooms in hotels with light medical supervision for quarantine and creating a barrier before people come into the hospitals. The objective is to create isolation and quarantine facilities away from the main hospitals in cities across the country and reduce the burden on hospitals providing acute care. As part of the partnership envisaged, OYO is…
The finance ministry has asked the Reserve Bank of India (RBI) to consider implementing a series of emergency measures aimed at helping borrowers cope with the economic havoc wreaked by the Covid-19 pandemic, said a person aware of the development. Department of financial services secretary Debashish Panda wrote to the RBI on Tuesday suggesting a moratorium of a few months on the payment of equated monthly installments (EMIs), interest and loan repayments and a relaxation in the classification of nonperforming assets (NPAs), according to the person cited above. Panda also underscored the importance of maintaining liquidity in the system. The…
India is likely to agree an economic stimulus package of more than INR1.5 lakh crore (USD19.6 billion) to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, two sources familiar with the matter told Reuters. The Indian government has not yet finalised the package and discussions are ongoing between Prime Minister Narendra Modi’s office, the finance ministry, and Reserve Bank of India (RBI), said both the sources, who asked not to be named as the matter was still under discussion. One of the sources, a senior government official, said the stimulus plan…
The coronavirus pandemic and the resulting lockdown on Monday led a foreign brokerage to sharply cut India’s growth forecast for the next financial year starting April 1, to 4 per cent from the 5.1 per cent estimated earlier. In a note, UBS Securities said it expects India to clock a 4.8 per cent growth in FY20, reports PTI. “For the full year, we now expect India’s real GDP growth to slow further to 4 per cent year-on-year in FY21 (previously 5.1 per cent),” UBS said in a research note. It can be noted that a lot of worries are being…
According to Financial Express, Oyo Hotels & Homes has raised USD807 million from existing backer SoftBank and founder Ritesh Agarwal-led RA Hospitality Holdings, according to the company’s RoC filings sourced from business signals platform paper.vc. The investment is part of Oyo’s USD1.5 billion series F financial round announced in October last year. The latest investment will take Oyo’s total fund count to over $2 billion. The bulk of the fresh funds will be used to expand its business in the US, the company had said earlier. Last month, the Gurgaon-based firm said it narrowed its net losses in India from…
