The president wants our supply chains to start and end here in the United States. "Or maybe the costs go up tremendously because of disruptions abroad, reducing the supply. We saw during the pandemic that when you rely on products that are made either in China or in Southeast Asia or elsewhere if you have a disruption in that country or you have disruptions to international shipping, all of a sudden, we can’t make the products that we need to make because we’re missing some of the key inputs that were supposed to be delivered from abroad," he said. "The president has made clear that it reduces our vulnerability. The world has reported global supply chain delays over the past two years caused firstly by the Covid-19 pandemic resulting in staff shortages at factories and ports in China and other countries, and also on cargo ships. Such a policy, he asserted, is not just about jobs. ![]() We are offering not only the best-trained workforce in the world, a highly reliable legal system, but also strong incentives to locate production in the United States," Ramamurti, Deputy Director of President's National Economic Council and his Advisor for Strategic Economic Communications, told PTI in an interview. "We have tried to make America a good place to invest for those types of companies that have a choice in terms of where to put their money. Ramamurti said the Biden administration is looking to build up the American manufacturing capacity in key areas like clean energy production, semiconductors and related industries as well as anything related to infrastructure. Inbound tourism, MICE, and in-person meetings will see significant growth,” he said, referring to meetings, incentives, conferences and exhibitions.Having learnt the bitter lessons of disruptions in supply chain during and after the COVID-19 crisis, Joe Biden wants the entire system of producing and delivering a product or service to start and end in the US to reduce 'vulnerability', according to Bharat Ramamurti, the President’s top economic advisor. “This will also add to the industry performance in FY23 in terms of occupancy, (and) room rates which is expected to grow by a minimum of 15 percent this year. The G20 summit would open new growth avenues for the Indian travel and hospitality ecosystem and bolster the demand for high-quality accommodation. "A rise in international arrivals is also expected in FY23 as compared to FY22, which opens multiple windows of opportunity for the industry, Kachru said. The occupancy in these markets increased in the range of 11-16 percent. Other markets like Delhi, Chennai and Mumbai saw RevPAR growth of 94.3 percent, 82 percent and 105.3 percent, respectively. ![]() RevPAR is derived after multiplying a hotel's average daily room rate by its occupancy rate. In the fourth quarter of the calendar year 2022, Bengaluru saw the steepest RevPAR (revenue per available room) growth of 110.6 percent from the year-ago period. The meetings of several G20 working groups started in December 2022 and will end by the last quarter of the year 2023. The year-long event is expected to drive demand for the hotel industry. In key business cities, room rates for five-star hotels went up by about 20 percent since the last quarter of 2022, according to industry estimates. "There will be a significant increase in demand for hotel rooms in these areas, which is expected to drive up costs, particularly in urban areas and during peak travel seasons," he said. The meetings are being held in not only metropolitan cities like Delhi and Mumbai and state capitals like Lucknow but also at tourist and historical sites like Udaipur, Agra, Varanasi and Hampi. While only the meeting cities would see the G20 demand, these would bring to the forefront of the global tourism map several lesser-known destinations and heritage sites in the country, he said. ![]() The total number of rooms booked would vary between 100,000 a night for 300 meetings and about 200 rooms booked for two to three nights, he said. "Indirect requirement during the G20 meetings will be of 150,000 to 200,000 room per night," said KB Kachru, Vice President, Hotel Association of India (HAI) & Chairman Emeritus & Principal Advisor, South Asia Radisson Hotel Group. The country will host ministers, officials and finally heads of state during the year-long presidency. Non-member countries and international organisations, too, are invited. India officially took over as the leader of the Group of 20 countries, which has 19 nations and the European Union as its members, on December 1, 2022. ![]() India's G20 presidency is driving demand in the hotel industry, with over 300 meetings being held across 56 locations in the country that are expected to be attended by more than 1.5 lakh delegates from 29 nations.
0 Comments
Leave a Reply. |