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☆ Policy continuity is key if India wants to see strong economic growth in the next 5 years, Nomura says
▼ + stars: | 2024-04-29 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

Optimism in India's growth shows little signs of slowing, but policy continuity will be crucial if it wants to see strong growth in the next five years, Rob Subbaraman, Nomura's chief economist and head of global markets research Asia ex-Japan, said. India's elections are underway and Modi is widely expected to win a strong mandate for a third term in office. That projection is much higher than Nomura's growth outlook for China (3.9%), Singapore (2.5%) and South Korea (1.8%) in the same period. "With China's economy slowing, India is likely to be the fastest growing Asian economy this decade," Nomura said in a recent note. "Irrespective of the election outcome, policy continuity and a focus on macroeconomic stability are important growth underpinnings," the bank's analysts added.

Persons: Rob Subbaraman, Modi, Subbaraman, Nomura Organizations: Modi, CNBC, Bharatiya Janata Party Locations: Asia, Japan, China, Singapore, South Korea, India

☆ Inflation, operating costs had the biggest impact on Asian firms last year, survey shows
▼ + stars: | 2024-04-25 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

Higher costs had the biggest impact on Asian businesses in 2023, even as they continued to grapple with a global economic slowdown and rising borrowing costs, according to a survey by UOB. Of those polled, 32% said they were impacted by high inflation, another 32% said they faced increased operating costs, while 24% said rising labor costs hurt their business, UOB's 2024 Business Outlook Survey reported. Still, about four out of 10 companies said they felt "very positive" about the business environment in 2023, while 32% said they were "somewhat positive," the survey showed. Some 35% of the companies polled said the business environment in 2023 declined compared to the previous year. To combat future headwinds, 30% of the companies said reducing business costs will be their top priority in the next one to three years.

Organizations: UOB, Survey Locations: Southeast Asia, Greater China, China , Hong Kong, Thailand, Vietnam, Malaysia, Singapore, Indonesia

☆ Tesla’s entry into India’s EV market will be 'good news’ for the country, says MG Motor India
▼ + stars: | 2024-04-24 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +3 min

"When India as a market gets attention, more and more players and investments will come in. Numbers are still constrained because consumers don't have compelling choices," Chaba told CNBC's Sri Jegarajah in Gurugram, India. India's electric vehicle sector still lacks competition, but entry from international automakers like Tesla will level the playing field, MG Motor India's CEO Emeritus Rajeev Chaba said. Tesla CEO Elon Musk postponed a scheduled trip to India this week where he was to meet Prime Minister Narendra Modi, citing "heavy Tesla obligations." It'll be good for the industry, good news for the country, and for serious players like us."

Persons: Tesla, Chaba, EVs, CNBC's, Rajeev Chaba, Elon Musk, Narendra Modi, Maruti Suzuki, It'll, Musk Organizations: Bain & Company, CNBC's Sri, Motor, Reuters, Tesla, Tata Motors, Mahindra, Maruti Locations: India, CNBC's Sri Jegarajah, Gurugram, New Delhi, Mumbai

☆ India kicks off the world's largest elections this week. Here’s what you need to know
▼ + stars: | 2024-04-18 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +7 min

A worker fixes a flag of the ruling Bharatiya Janata Party on a hoarding of their leader and India's Prime Minister Narendra Modi on April 15, 2024. The 2024 general elections will pan out in seven phases over the next six weeks, starting April 19. India's meteoric riseUnder Modi's rule, India's economy has scaled to new heights. It is now the world's fifth-largest economy with a GDP of $3.7 trillion and has set its sight on becoming the world's third largest economy by 2027. Home to 1.4 billion people, the world's most populous country is the fastest growing economy in the world.

Persons: Narendra Modi, Idrees Mohammed, Hong Kong's, Modi, Suyash Rai, Joe Biden, Chietigj Bajpaee, Biden, Bajpaee, Rahul Gandhi, Rajiv Gandhi, Indira Gandhi, Jawaharlal Nehru, Amitendu Palit, Modi's, R.satish Babu Organizations: Bharatiya Janata Party, India's, Afp, Getty, Voters, Monetary Fund, Carnegie India, CNBC, White, Bloomberg, India, South Asia, Chatham House, BJP, National Democratic Alliance, Indian, Developmental Inclusive, Indian National Congress, Institute of South Asian Studies, National University of Singapore, NDA, Centre, of Foreign Relations, Reuters Locations: Lok Sabha, Lok, Hong, Washington, U.S, India, China, Raipur, Coimbatore

Singapore's Changi Airport has lost its pole position as the world's best airport to Doha's Hamad International Airport, according to air transport rating firm Skytrax. Travelers of more than 100 nationalities participated in the Skytrax survey, which also named Hamad International Airport as the best airport in the world for shopping. Changi Airport has been crowned the world's best airport 12 times by Skytrax, including winning first place consecutively from 2013 to 2020, and again in 2023. In this year's survey, the city-state's airport won the titles of "Best Airport in Asia" and the "World's Best Airport Immigration Service." Tokyo's other major international airport, Narita International Airport, ranked No.

Organizations: Doha's Hamad International Airport, Hamad International Airport, Changi, Immigration Service, Korea's, Narita International Airport, Best Airport Staff, Passengers Locations: Doha's, state's, Asia, —, Narita

DUBAI — One of the world's busiest airports temporarily halted operations as the United Arab Emirates experienced its heaviest rainfall on record. The airport said road blockages and flooding have prevented many passengers from reaching the airport for departing flights. Fly Dubai, a budget carrier owned by the government of Dubai, suspended all flights from the UAE hub until 10 a.m. local time on April 17, citing extreme weather. The UAE saw over 100 mm of rain, a 75 year record since the UAE began recording rainfall. It also advised people to take preventative measures to avoid property damage from heavy rain and hailstorms.

Organizations: United Arab Emirates, Dubai's, CNBC, Emirates, National, of Meteorology, Disaster Authority Locations: DUBAI, Dubai, UAE, Al Ain

☆ India's market cap can 'easily' jump ten-fold in the next two decades, economist says
▼ + stars: | 2024-04-09 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

After overtaking Hong Kong's stock market in December, India currently has the fourth largest in the world, and is now valued at over $4 trillion. India's market capitalization can easily grow to $40 trillion in the next 20 years, driven by stronger investor confidence and robust economic growth, analysts said. After overtaking Hong Kong in December, the country's market is now ranked the fourth largest in the world, valued at over $4.6 trillion. "India's GDP growth has led to companies increasing their earnings and that is resulting in the stock market performance," said Atul Singh, CEO and managing director of wealth management firm LGT Wealth India. The country's financial year starts on April 1 and ends on March 31.

Persons: Sujan Hajra, Anand Rathi, Manish Chokhani, Atul Singh Organizations: Hong, Enam Holdings, BSE, LGT Wealth, India's Ministry, Statistics Locations: India, Hong Kong

☆ India's Vistara cuts flights as pilots' protest over salary revision leads to cancelations, delays
▼ + stars: | 2024-04-05 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

Tata Group currently owns a 51% stake in Vistara, and the remaining 49% is owned by Singapore Airlines. India's Vistara airline has cut flights following cancelations and delays all week as pilots have been on a strike of sorts over salary revisions. Tata Group, which owns a 51% stake in Vistara — the remaining 49% is owned by Singapore Airlines — announced its merger with Air India. Pilots used to "get the same amount of money" whether they flew for 10 or 70 hours earlier — even though the minimum was 70 — he said. The new structure will cut the salary from about $7,400 (for 70 hours but not always enforced) to $5,200 for a strict 40 hours, he said.

Organizations: Tata Group, Singapore Airlines, Air India, Singapore Airlines —, CNBC, Pilots, Tata Locations: Vistara, Air India, India

☆ India stares at high youth unemployment as hiring in its behemoth IT sector slows
▼ + stars: | 2024-04-04 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

India is facing a youth unemployment problem as a decline in white-collar jobs in its information technology sector has left many fresh graduates and young people unemployed. In the October to December period last year, unemployment in India's youth aged 20 to 24 years rose to 44.49%, from 43.65% in the previous quarter. Unemployment among 25- to 29-year-olds rose to 14.33% during the same period from 13.35% in the prior quarter, according to the Centre for Monitoring Indian Economy. "One of the largest segments that employ white-collar employees is IT and services, and hiring in the sector has slowed down quite a bit," he told CNBC. Data from Foundit showed that online hiring for both IT hardware and software sections plummeted by 18% last year from 2022.

Persons: We've, Chandra Garisa, Foundit, Garisa Organizations: Centre, Monitoring, CNBC Locations: India

☆ India wants to become the top manufacturing alternative to China. But first it needs to beat Vietnam
▼ + stars: | 2024-04-02 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +6 min

The Biden administration has encouraged American companies to move electronics and technology manufacturing operations out of China and into friendlier countries, particularly Vietnam and India in Asia-Pacific. Vietnam's head startIndia and Vietnam are attractive manufacturing alternatives for foreign investors and companies, due in part to low labor costs. Import taxes remain highOne hurdle for India's manufacturing hub ambitions is the country's 10% import duty for information and communication technologies. India's import taxes were intended to protect domestic manufacturers, but lowering those duties will be part of the government's efforts to attract foreign firms to manufacture goods within the country. For example, India in January lowered import taxes for certain metal and plastic parts used in manufacturing mobile phones from 15% to 10%.

Persons: Biden, Mukesh Aghi, Samir Kapadia, Narendra Modi's, Aghi, Nari Viswanathan, Viswanathan, Tim Cook, Narendra Modi, Andy Ho, Modi, Kapadia, Pankaj Mahindroo, VinaCapital's Ho, Ho Organizations: Hindustan Times, Getty, Republicans, U.S ., India Strategic Partnership, India Index, Vogel Group, U.S, White House, Washington, Financial Times, Apple, Indian, Google, Dixon Technologies, Samsung, Motorola, India Cellular and Electronics Association, CNBC, corporates Locations: Noida, India, Asia, China, Vietnam, The U.S, U.S, United States, Singapore

☆ Mumbai overtakes Beijing to become Asia's billionaire capital for the first time
▼ + stars: | 2024-03-27 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

With 92 billionaires, Mumbai ranks third behind New York and London, but ahead of Beijing, and Shanghai. Tuul & Bruno Morandi | The Image Bank | Getty ImagesMove over, Beijing. Mumbai is now the Asian capital with the most number of billionaires, according to Hurun Research Institute's global rich list. In Asia, Mumbai — India's financial capital — moved ahead with 92 billionaires, according to Hurun. Following close behind are Beijing (91) and Shanghai (87).

Persons: Bruno Morandi, Topping, — Organizations: New, Tuul, Bank, Getty, Research, New York, London, Mumbai, Beijing, Shanghai, Shenzhen, Hong Kong, Moscow, New Delhi, San Francisco, Hurun Research, United States, India, United Kingdom, Germany, Russia, Italy, France Locations: Mumbai, New York, London, Beijing, Shanghai, Asia, China, U.S, India, Switzerland, Brazil

☆ India wants to be a global chip powerhouse in 5 years
▼ + stars: | 2024-03-18 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

India wants to be among the world's top five semiconductor producers in the next five years, said Ashwini Vaishnaw, minister of electronics and information technology, railways and communications. The chip industry "is a very complex market, and global value chains and global supply chains are extremely complex in the current context," Vaishnaw said on CNBC's Street Signs Asia on Friday. As of December, Taiwan holds about 46% of global semiconductor foundry capacity, followed by China (26%), South Korea (12%), the U.S. (6%) and Japan (2%), according to market intelligence firm TrendForce. I call it 'trust shoring' because there is a global trust in India," Vaishnaw said. "A lot of our chips are designed in India, and that presence in India is also creating opportunities for a number of Indian companies."

Persons: Ashwini Vaishnaw, Vaishnaw, Narendra Modi, Frank Huang, Rajeev Chandrasekhar Organizations: Qualcomm, CNBC, Tata Electronics, Powerchip Semiconductor Manufacturing Corp, PSMC, Economic Times Locations: India, Taiwan, China, South Korea, U.S, Japan, Chennai

☆ India to hold the world's biggest election starting April in over a month-long exercise
▼ + stars: | 2024-03-18 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

Around 970 million registered voters are expected to cast their votes for India's next prime minister. India will hold the world's largest general elections starting April this year with nearly a billion voters set to exercise their franchise. The seven-stage election process will start from April 19 and last till June 1, 2024, according to the schedule announced by the Election Commission of India. The country has about 970 million registered voters. Since Modi won a second term in the 2019 general election, India has seen the economy strengthen, with Indian equity benchmarks hitting record highs.

Persons: India's, Narendra Modi's, Modi, Rajiv Kumar, Krishnamurthy Subramanian Organizations: India, India's, Narendra Modi's Bharatiya Janata Party, BJP, WealthMills Securities, CNBC, BSE, International Monetary Fund, U.S, White House Locations: India, BJP, Hong Kong, China

☆ Asian currencies could be on the ‘back foot’ despite likely U.S. rate cuts this year, JPMorgan says
▼ + stars: | 2024-03-13 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

The U.S. dollar is expected to remain resilient despite possible Fed rate cuts this year. Asian currencies could be on the "back foot" this year despite signals that the U.S. Federal Reserve could cut interest rates soon, according to Julia Wang, executive director and global market strategist at JPMorgan Private Bank. Emerging market currencies often stand to gain when the Fed cuts interest rates and the U.S. dollar weakens. "The dollar probably could remain somewhat resilient," Wang told CNBC's Squawk Box Asia on Wednesday. However, Supaat, pointed out that Asian currencies did rally last year when there where expectations that the Fed was going to cut rates.

Persons: Julia Wang, Wang, CNBC's, Saktiandi Supaat, it's, Supaat Organizations: U.S, U.S . Federal, JPMorgan Private Bank, U.S ., Asia Locations: U.S, China

☆ From disappointment to the Olympic dream, Singapore's sprint queen is 'ready' for the next challenge
▼ + stars: | 2024-03-12 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

Singapore's Shanti Pereira of Singapore celebrates winning the women's 200m final athletics event during the 19th Asian Games at Hangzhou Olympic Sports Centre on Oct. 2, 2023. The 28-year-old track-and-field athlete — often referred to as Singapore's sprint queen — brought home a gold in the women's 200-meter race and silver in the 100-meter race at the Asian Games. As a result, she could not progress beyond the Asian Games heats that year. Three weeks before the Southeast Asian Games, she finally snapped out of that downward spiral. The same year, Pereira broke the national record in the 100-m sprint six times and 200-m race four times.

Persons: Singapore's Shanti Pereira, Shanti Pereira, —, Pereira Organizations: Singapore, Hangzhou Olympic Sports, Asian, Paris Olympics, CNBC, Games, Sports Excellence, Singapore Management University's, Southeast Asian Games Locations: Singapore, U.S

☆ Women CEOs in this island-nation enjoy twice the pay of their male counterparts, lead globally on board representation
▼ + stars: | 2024-03-12 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: 1 min

In 2023, New Zealand had the strongest board representation with more than 40% of female CEOs, according to MSCI. New Zealand is showing the way for women participation in executive roles as well as compensation at a time when the rest of the world suffers from dismal female representation in leadership positions. Women CEOs in New Zealand earned an average salary of $5.9 million, more than twice their male counterparts with an average pay of $2.6 million. This Pacific Island nation had the strongest board representation with more than 40% of female CEOs, according to according to MSCI's latest report. Women held 19% of CFO roles.

Persons: MSCI's, — Organizations: New Zealand Locations: New Zealand, . New Zealand

☆ Elon Musk's X suspends some India accounts after order from Modi government
▼ + stars: | 2024-02-22 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +3 min

Elon Musk's social media platform X said Thursday it will block certain accounts and posts from India in response to executive orders by the government. X said it did not agree with the order but failure to comply would subject the company to "potential penalties including significant fines and imprisonment." Tens of thousands of Indian farmers — mostly from the northern state of Punjab — have been protesting since mid-February in renewed calls for better crop prices which were promised to them in 2021. In October, the Modi government warned Musk that X would have to comply to country's new and upcoming IT rules. However, it has written an appeal challenging the Indian government with accounts that are pending to be blocked, the company said.

Persons: Elon, X, Jack Dorsey —, Musk —, Narendra Modi's, Modi, Musk, Naman Tandon Organizations: Global Government Affairs, CNBC, country's Ministry of Information, Broadcasting, Reuters, Twitter Locations: Punjab, Haryana, Ambala, India, New Delhi, Delhi, Pakistan, Sri Lanka

Vcg | Visual China Group | Getty ImagesAsia-Pacific's travel sector is seeing strong growth, with demand for flights set to match pre-pandemic levels this year — thanks to Chinese tourists. The region's travel demand in December 2023 improved to almost 83% of 2019 numbers compared with just 57% in January, according to the International Air Transport Association. Experts believe Chinese tourists will fuel this demand, particularly as they visit Southeast-Asian destinations within the wider region. watch nowTravel demand from Chinese tourists in Southeast Asia saw a notable rise in January, said James Sullivan, head of Asia-Pacific equity research at JPMorgan. Outside of Asia Pacific, the U.S., U.K., South Korea, Japan and Australia were popular holiday spots for Chinese travelers.

Persons: Willie Walsh, CNBC's, James Sullivan, Sullivan Organizations: Visual China, Getty, International Air Transport Association, JPMorgan, ASEAN, Research, Citi, Asia Pacific Locations: Yantai, Shandong Province, China, Southeast Asia, Asia, ASEAN, Thailand, Singapore, Malaysia, Vietnam, Indonesia, U.S, South Korea, Japan, Australia

☆ Why the Year of the Dragon doesn't bode well for China’s declining population
▼ + stars: | 2024-02-14 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

In this zodiac cycle, those born between Feb.10, 2024 and Jan. 28, 2025 will be classified as "Dragon babies." While people in China also hold these beliefs, birth rates in the country have actually fallen during the "Dragon Years." For instance, Singapore's birth rates rose by 21% in 1988, and 8% in 2000 and 2012. Asian folklore, however, may not be able to do much for China's falling birth rates, which could continue to drop "quite precipitously," Tay warned. China's birth rates have seen a secular decline, falling to 6.39% in 2023 from 22.37% in 1988.

Persons: Jacelyn Phang, feng, Yuan Zhong Siu, Phang, Erica Tay, Maybank, Tay, Tianchen Xu Organizations: CNBC, The Economist Intelligence Locations: China, Asia

Over the last several years, such upstart consumer brands have been gaining market share in China and South Korea, according to a report from Bain and Company released Monday. China and South Korea stood out as markets where insurgent brands were doing particularly well. In South Korea, incumbent brands dominated just four sectors — fragrances, confectionery, diapers and bottled water, the report showed. High penetration of e-commerce in Indonesia (26%) and Singapore (13%) also gave insurgent brands a boost. Incumbent brands still hot

Persons: David Zehner, Bain, Zehner, There's, It's Organizations: Future Publishing, Bain and Company, Bain, CNBC Locations: Qingzhou city, East China's Shandong, Asia, China, South Korea, Pacific, South, Indonesia, Singapore, Malaysia, Philippines, India, confectionary

☆ Gold demand hit record highs in 2023 amid geopolitical risks, China weakness
▼ + stars: | 2024-02-02 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +2 min

Gold purchases from central banks led to last year's surge, with purchases exceeding 1,000 tons for two consecutive years. Gold demand hit record highs in 2023 as persistent geopolitical tensions and weakness in China's economy pushed investors toward the safe haven asset, the World Gold Council said in report. Prices hit an all-time high of $2,100 an ounce in December as central banks as well as retail investors increased purchases of gold — central bank purchases have exceeded 1,000 tons for two consecutive years. "2023 was the second highest year in history of central bank gold buying, within a hair's breadth of the record high in 2022," Fan told CNBC in a Zoom interview. Gold has actually done very well in renminbi terms, and very well compared to other asset classes in China."

Persons: Shaokai Fan, Fan, China Evergrande, Gold Organizations: Gold, CNBC, People's Bank of Locations: Russia, Ukraine, Israel, People's Bank of China, China, Hong Kong

☆ India set to clock up to 8% GDP growth as it boosts manufacturing capacity, minister says
▼ + stars: | 2024-02-02 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +4 min

Workers assemble mobile phones at a Dixon Technologies factory in Noida, India, on Jan. 28, 2021. Bloomberg | Bloomberg | Getty ImagesIndia could clock up to 8% annual GDP growth for several years as it focuses on boosting its manufacturing capabilities, a key government minister told CNBC on Thursday. watch nowHe spoke extensively about the country's mobile manufacturing ecosystem, claiming that 99% of the phones used in India were made within the country. The country exported $11 billion mobile phones last year, and they are likely to rise to between $13 billion and $15 billion in 2024, Vaishnaw said. Apple 's presence in India has grown exponentially since it first started manufacturing in the country in 2017.

Persons: Vaishnaw, Narendra Modi's, Nirmala Sitharaman, CNBC's, Apple, OnePoll, Joe Biden, India's Modi, Narendra Modi, Modi, Mandel Ngan Organizations: Dixon Technologies, Bloomberg, Getty, CNBC, Union, Railways, Communications, Electronics, Technology, CNBC's Sri, Deloitte, India, Apple, Samsung, Micron, U.S, India's, White, Afp Locations: Noida, India, Delhi, Mumbai, Chennai, China, Washington ,

India's Finance Minister Nirmala Sitharaman along with her staff poses for pictures as she leaves the Finance Ministry Office to present the annual budget in parliament in New Delhi on February 1, 2024. India's finance minister, Nirmala Sitharaman, said on Thursday the country's fiscal deficit for financial year 2025 will narrow to 5.1% from the revised 5.8% for 2024. Capital expenditure will rise by 11.1% to 11.11 trillion rupees ($133.9 billion) in fiscal year 2025, while tax revenue for the year would be 38.31 trillion rupees ($461.7 billion), she said while presenting the interim budget before the general elections. As much as 750 billion rupees at a 50-year interest free loan will be set aside for states to boost tourism. The Finance Ministry said earlier this week that India could become the world's third-largest economy by 2027 with a gross domestic product of $5 trillion.

Persons: Nirmala Sitharaman, Sitharaman Organizations: India's, Finance Ministry Office, Finance Ministry Locations: New Delhi, India

Vipin Kumar | Hindustan Times | Getty ImagesIndia is set to release its interim budget for 2024 on Thursday, ahead of the country's highly anticipated general elections. The interim budget is seen as a stop-gap financial plan during an election year, aimed at meeting immediate financial needs before a new government is formed. Typically, the interim budget won't include big and sweeping policy announcements. Fiscal deficit targetIndia's fiscal deficit stands at 6.4% of gross domestic product for the 2023-2024 financial year. TaxesDon't expect significant shifts in taxation as this is only an interim budget, analysts say.

Persons: Vipin Kumar, Nirmala Sitharaman, Nomura, Goldman Sachs, Goldman, Nilesh Shah, Shah, it's, Bathini, Modi, India's Organizations: Hindustan Times, Getty, India, Bharatiya Janata Party, Goldman, Mahindra Asset Management, CNBC, Capital, WealthMills Securities, India's Finance, BJP Locations: New Delhi, India, China, Japan, Germany

☆ Religious trips will fuel India’s tourism boom — airlines are gearing up with record aircraft orders
▼ + stars: | 2024-01-26 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

India's tourism sector is set for a boom as more travelers take trips around the country for religious purposes. "Religious tourism is still the biggest segment of tourism in India … the creation of a new religious tourist centre (Ayodhya) with improved connectivity and infrastructure can create a meaningfully large economic impact," Jefferies highlighted. Indian media reported that around half a million people visited the Ram temple on its opening day which was inaugurated by Prime Minister Narendra Modi. The YouTube broadcast of the opening ceremony on Modi's channel alone received more than 11 million views. If it continues develop tourist destination including religious tourism, chances are that more and more people will come to visit India and it will even benefit on the foreign exchange side," said Nilesh Shah, managing director at Kotak Mahindra Asset Management.

Persons: Jefferies, —, Narendra Modi, Nilesh Shah Organizations: YouTube, Mahindra Asset Management Locations: Ayodhya, India, Rome's Vatican, Mecca, Saudi Arabia, Tirupati, Andhra Pradesh, Temple, Jammu, Kashmir

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