Finance minister Arun Jaitley admits to '2-3 areas of differences' between Centre, RBI

New Delhi, Mar 12: The coronavirus pandemic could deal a crippling blow to the Indian travel and tourism industry, specially with the government suspending all visas, with the economic impact being assessed to run into thousands of crores of rupees. According to industry chamber CII, this is the one of the worst crises ever to hit the Indian tourism industry impacting all its geographical segments - inbound, outbound and domestic, almost all tourism verticals - leisure , adventure, heritage, MICE, cruise, corporate and niche segments.

The whole tourism value chain across hotels, travel agents, tour operations, destinations, restaurants, family entertainment venues and air, land and sea transportation have been hit.

In an impact assessment of the coronavirus pandemic, CII Tourism Committee said inbound foreign tourism of over USD 28 billion in value terms accounts for an average 60-65 per cent between October to March.

"As the news of the virus started picking up from November, the percentage of cancellations started going up in this segment exponentially and is reaching a peak of almost 80 per cent now in March in many Indian locations. The value at risk from this segment will be in multiples of tens of thousands of crores," the CII assessment report said.

With India cancelling all visas, the chamber said the impact "will be worse".

It further said,"The forward bookings for the inbound season of October 2020-March 2021 which should have started picking are all muted. These are showing highly discouraging signs with cancellations of important global travel marts which are marketplaces for contracting for the next season."

It further said there are reports of large scale forward cancellations from NRI segment from developed markets, which account for over 60 per cent during April to September inbound visits.

"Unless the progression of the virus stops, almost the entire value for the remainder of 2020 season is at risk," the report added.

ANAROCK Property Consultants Chairman Anuj Puri said India's hospitality sector will definitely be impacted by the announcement of a global pandemic, and the mounting numbers of confirmed coronavirus cases in the country.

"The cancellation of visas for foreigners as well as the strong advice issued to Indians to refrain from unnecessary travel will have a marked effect. This is the most unsettling healthcare crisis in recent times and hotel bookings will go south," he added.

On Indians being advised to refrain from unnecessary travel, as per the CII report almost 28 million plus Indians are estimated to have travelled outside in 2019 and there were almost 1.8 billion domestic tourist footfalls.

The holiday season of Indians -- those travelling within the country and outside -- is heavy in April-July, October and December.

"The December holiday season of 2019 took an estimated hit of almost 40-50 per cent, the holiday season of April to July 2020 is likely to take a humongous hit which could be as high as 80-100 per cent, unless there is positive news of the progression of virus decreasing," the CII assessment report said.

There are advanced cancellations and highly reduced forward booking pipelines for the holiday season. Only corporates are flying and that too only on highly essential same day travel. Most of the MNCs are advising work from home, stifling travel, it added.

On suspension of visas, MakeMyTrip Group CEO Rajesh Magow told ,"The period between February till the end of March is typically a lean period because of exam season but we are seeing a demand slowdown for the upcoming summer holiday season especially for international travel. The situation remains dynamic making it hard to quantify the actual impact on our business and industry at large."

He further said,"The decision by the government will have an impact on inbound and outbound international travel. So far there are no restrictions or advisories issued for domestic travel."

VFS Global Regional Group COO - South Asia, Middle East and North Africa, Americas Vinay Malhotra said,"While it is too early to comment on the impact of coronavirus on visa application trends, so far, our visa application processes in India continue on schedule as per the mandates of our client governments."

He also said the company is exploring steps to assuage concerns of people about visiting busy public areas due to the nature of the virus by considering discounted rates on courier return services for visa customers who want to avoid returning to the visa centres to pick up their passports.

Besides, he said,"We are also contemplating lower fees for our Visa at your doorstep service, for those customers who are requesting an alternative to visiting the centres to submit visa applications."

Mumbai, May 4: Days after Facebook, private equity firm Silver Lake said it will invest 56.56 billion rupees ($746.74 million) in Reliance Industries's digital arm, giving it a valuation of 4.90 trillion rupees. Silver Lake on Monday agreed to pay Rs 5,655.75 crore to buy 1.15 per cent stake in the firm that houses billionaire Mukesh Ambani's telecom arm Jio.

The investment in Jio Platforms comes within days of Facebook investing USD 5.7 billion to buy a 9.99 per cent stake in Jio Platforms. The investment is at a premium of 12.5 per cent to the Facebook deal.

"This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 per cent premium to the equity valuation of the Facebook investment announced on April 22, 2020," Reliance said in a statement.

Washington, May 15: A top US senator has unveiled an 18-point plan, including enhancing military ties with India, to hold the Chinese government accountable for its "lies, deception, and cover-ups" that ultimately led to the global COVID-19 pandemic.

The prominent suggestions are moving manufacturing chain from China and deepening military-strategic ties with India, Vietnam and Taiwan.

"The Chinese government maliciously covered up and enabled a global pandemic that has caused misery for so many Americans. This is the same regime that locks up its own citizens in labour camps, steals America's technology and jobs, and threatens the sovereignty of our allies,” said Senator Thom Tillis, presenting his detailed, 18-point plan on Thursday.

"This is a major wake-up call to the United States and the rest of the free world. My plan of action will hold the Chinese government accountable for lying about COVID-19; sanctioning the Chinese government while protecting America's economy, public health, and national security," he said.

The plan seeking to create a Pacific Deterrence Initiative and immediately approve the military's request for USD 20 billion in funding. It also calls for deepening military ties with regional allies and expand equipment sales to India, Taiwan and Vietnam.

Encourage Japan to rebuild its military and offer Japan and South Korea sales of offensive military equipment, it said.

"Move manufacturing back to the US from China and gradually eliminate our supply chain dependency on China. Stop China from stealing our technology and provide incentives to American companies to regain our technological advantage. Strengthen cybersecurity against Chinese hacks and sabotage," the plan stated.

"Prevent American taxpayer money from being used by the Chinese government to pay off their debt. Implement the US ban on (Chinese technology company) Huawei and coordinate with our allies to implement similar bans,” it added.

The plan seeks restitution from the Chinese government and imposition of sanctions for lying about the virus. It further said China should be sanctioned for their atrocious human rights record.

Senator Tillis' plan urges the Trump Administration to formally request the International Olympic Committee to withdraw the 2022 Winter Olympics from Beijing.

"Stop China's propaganda campaign inside the United States. Treat Chinese government-run media outlets as the propaganda proxies that they are," the plan stated.

Urging the government to investigate the Chinese government's cover-up of the spread of COVID-19, the plan also seeks to investigate America's reliance on China's supply chains and threats to public safety and national security.

"Ensure the independence of the WHO through investigations and reform. Expose and counter China's predatory debt-trap diplomacy targeting developing countries. Increase intelligence sharing on potential pandemics and lead the creation of a watchdog organization to monitor foreign governments' handling of deadly viruses," Tillis said in his suggestions.

The coronavirus, which first emerged in China's Wuhan city in December last, has killed over 3,00,000 people with 4.3 million confirmed cases across the world. More than a quarter of all confirmed COVID-19 cases are from the US.

There has been increasing pressure on the President Trump, in the last several weeks, to take action against China as lawmakers and opinion-makers feel that the COVID-19 spread across the world from Wuhan because of Chinese inaction.

Meanwhile, Senator John Barrasso, in a speech on the Senate floor on Thursday, highlighted the need to update the Foreign Intelligence Surveillance Act (FISA) legislation that was put on hold by the coronavirus pandemic.

"The virus could have been contained had it not been for the Chinese Government's unscrupulous cover-up. China knew the risk months before the rest of the world; yet Chinese communist leaders destroyed key evidence, they under-reported the number of coronavirus cases, and they misled the world about its deadly, rapid spread," he said.

Asserting that the virus should have been contained in Wuhan, he said tens and tens of thousands of Americans and hundreds of thousands of people worldwide have died as a result of China's failure.

Barrasso said the US should encourage its companies to create American and western supply chains. "That way our frontline workers have what they need in the time of crisis," he said.

"Not again, not ever will we be exclusively sourced for critical drugs from China. We should diversify supply and bring home as much of our supply chain as possible," he added.

Congressman Troy Balderson introduced bicameral legislation with Congressman Doug Collins and Senator Lindsey Graham that will hold China accountable for deceptive actions taken by its leaders that led to the spread and subsequent global pandemic.

The COVID-19 Accountability Act authorises president Donald Trump to impose sanctions on China if it fails to cooperate with a full investigation led by the US or its allies into the events that lead to the COVID-19 outbreak.

"The number of Ohioan lives needlessly claimed by this pandemic could have been significantly reduced had China taken appropriate measures to control the virus' spread and disclose its severity," said Balderson.

"The United States can't look the other way when China so recklessly compromised worldwide health and the global economy. China and its Communist Party leadership must be held accountable," he said.