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The Indian job market witnessed a sharp recovery in March after two years of the Covid-19 pandemic, growing by 18.4 per cent headcount growth (year-on-year) across key sectors led by travel and <keyword id="90487" type="General" weightage="20" keywordseo="hospitality-sector" source="Orion">hospitality sector</keyword>, a new report showed on Monday. The travel and hospitality sector, which was the worst affected due to Covid-induced lockdowns over the last two years, witnessed a robust recovery with a 47.6 per cent growth in payroll headcount in March, according per payroll distribution data collated by Allsec Technologies, a Quess Corp company which is a leading business services provider. Considering the pandemic strain on the travel and hospitality industry, it was encouraging to see this growth in contrast to the 48.7 per cent decline last year (March 2021 vs March 2020). "We have seen an optimistic recovery pattern across industries this month. It is heartening to see travel and hospitality lead the way, along with several other industries which were severely impacted by the pandemic," said Ashish Johri, CEO, Allsec Technologies. However, the travel and hospitality industry is not quite back to pre-pandemic levels but is certainly on the way to recovery. The energy sector followed close behind with a 41.5 per cent yearly increase in headcount in March this year, surpassing pre-pandemic levels with a 42 per cent growth. The IT/ITes industry performed considerably well with a 27 per cent uptick in March, accompanied by logistics which saw a 27.3 per cent growth. Industries such as financials (16.6 per cent) and Food and Beverage (12.9 per cent) also showed optimistic year-on-year trends. While most sectors have recovered from the pandemic, Healthcare (-8.3 per cent) and e-commerce (-1.5 per cent) witnessed a marginal drop (March 2022 vs March 2021). Wholesale/retail traders (-2.1 per cent) also saw a drop which can be attributed to lockdowns and restrictions that curbed businesses over the past year, according to the report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/26-ministers-resign-amidst-worst-economic-crisis-in-sri-lanka/articleshow/90636894.cms">26 ministers resign amidst worst economic crisis in Sri Lanka</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-new-xe-mutant-of-the-covid-19-pandemic-all-you-need-to-know-about-it/articleshow/90637446.cms">The new XE mutant of the COVID-19 pandemic – all you need to know about it</a>

Hiring in travel and hospitality sector saw an 18% growth in March after two years of COVID-19

Mumbai, Mar 19 () The Federation of Hotel &amp; Restaurant Associations of India (FHRAI) on Thursday said it has made a representation to the government for stimulus package for the hospitality sector which is reeling from huge losses due to cancellations of bookings after the coronavirus outbreak. "Almost all tourism verticals have been severely impacted by the crisis. However, it is the hospitality industry that has been hit the most. Our members have reported cancellations reaching a critical stage of 90 per cent," FHRAI Vice-President Gurbaxish Singh Kohli said in a statement here. Kohli also said that forward bookings, which may have helped buffer the impact, are also negligible because of the uncertainty in containing the disease spread globally. He said, the meetings, incentives, conferences and events (MICE), wedding tourism, and other kinds of celebrations have been negatively impacted. "Hotels and restaurants are facing a catastrophic situation with revenues plunging drastically," he added. The hospitality industry is highly labour-intensive and is the biggest employment generator of both direct and indirect jobs. It is also one of the few industries that is capital-intensive requiring a big chunk of it reserved as working capital. "The industry employs the largest workforce and hoteliers have a responsibility towards taking care of their employees. This includes ensuring that they are paid on time as well as their well-being, especially now in the face of the pandemic," FHRAI Joint Honorary Secretary Pradeep Shetty said. In addition to this, the working capital is draining rapidly, which is hit by almost 90 per cent for both larger establishments and budget hotels and restaurants, he said. "Paying taxes including advance tax and GST is now straining the liquidity and is making it extremely difficult to manage day to day operations," he added. Under such circumstances adhering to timely payment of equate-monthly instalments (EMIs) or the repayment of loans is an onerous task and to survive, the industry has urged the government to intervene and offer the sector a stimulus. "Our goal is to extend support to the government and the hospitality industry in leveraging tourism's intrinsic potential and act as a catalyst for inclusive, equitable and sustainable economic growth for both public and private sectors," Kohli added. SM HRS

FHRAI seeks stimulus for hospitality sector

New Delhi, Apr 23 () The coronavirus pandemic has significantly dented the performance of the hospital sector with occupancy dropping to 25-30 per cent from the 60-70 per cent in weeks preceding the virus outbreak, rating agency Icra said on Thursday. "The revenues are expected to decline by over 50 per cent. The high operating leverage inherent in the hospital business, coupled with sharp drop in revenues, is expected to translate into losses for the players in Q1 of FY2021," it added. The travel and visa restrictions have impacted the flow of international patients, the out-patient department visits have been significantly curtailed, elective procedures have been postponed, and in a majority of the private sector hospitals, the infrastructure reserved for COVID-19 patients remains under-utilised, Icra said in a statement. The performance has taken a hit due to the impact of COVID-19. The short-term outlook for the sector has turned negative due to a sharp fall in volumes - both in the OPD and the IPD, Icra Assistant Vice President Kapil Banga said. "However, we continue to maintain the stable outlook for the long term as we believe the performance of healthcare companies will remain robust over the long run due to favourable supply-demand dynamics, an ageing demographic profile, the rising per capita income, increasing penetration of medical insurance, rising healthcare awareness and double-digit growth in medical tourism (excluding the period of impact of COVID-19)", he added. The private sector space is dominated by smaller doctor-run facilities, in terms of the number of facilities as well as the number of beds, Banga said adding that these marginal players with limited financial flexibility will be hit the hardest. In the face of the sharp drop in revenues and high fixed costs inherent in the operating structure, the smaller facilities may find it challenging to make ends meet as the extra cost of the personal protective equipment has also added to the financial woes, he added. As for the recovery from the current levels, the same is expected to be gradual as it is likely to take a couple of quarters before the footfall and occupancy reverts to the pre-COVID levels, he said. "The virus outbreak has substantially affected the revenues, profitability and cash flows of the hospital sector and the same is likely to lead to a sharp drop in debt protection indicators in Q1 of FY2021," Banga said. AKT MKJ

Hospital sector performance significantly hit due to coronavirus pandemic: Icra

New Delhi, April 20 () The hotels and hospitality sector in India has declined sharply in the first quarter of 2020, as the COVID-19 outbreak impacts various segments of the sector, according to global real estate consultant JLL. Coming off a high performance base in 2019, the COVID-19 outbreak and the containment measures introduced by the government have resulted in a severe drop in foreign and domestic travel, across both the tourism and business traveller segments, the report 'India Hospitality Industry Review 2019' has said. "In the third week of March 2020, at an all-India level, the hotels sector witnessed a decline of more than 65 per cent in occupancy levels as compared to the same period of the previous year," it added. As travel restrictions around the world intensified further, second and third quarters of 2020 are likely to be similarly impacted, it added. At least 30 per cent of hotel and hospitality industry revenue could be impacted if situation doesn't improve by the end of June 2020. With more than 60 per cent of organised hotels in India already shut and several others operational with single digit occupancies, a recovery will be gradual, the report said. Industry estimates indicate that in India, branded and organised hotels annual revenue is Rs 38,000 crore, it added. "As the sector navigates turbulent times through the pandemic, growth and development of hotels in India is also likely to be impacted in the next two years. Any dry powder that is available today will focus more on buying operating assets rather than building new ones," JLL India CEO and Country Head Ramesh Nair said. The strong performance of the office sector was the key to robust hotel market performance across the top 7 business cities of India, the report said. "There are several macro factors that play favorably to India's hotel and hospitality industry. First and foremost, the massive domestic sector, which has also become travel savvy over the years, will likely drive the rebound as travelers extend their average length of stay at a certain destination," JLL Hotels &amp; Hospitality Group MD Jaideep Dang said. Secondly, India may get an increased share of manufacturing and logistics business that may bring back business travelers to the country in the medium term, he added. Focus on development could shift towards Tier 1 cities, which are fundamentally stronger business-driven markets, the report said. On debt side, new hotel development will be impacted as there will be limited lender appetite, particularly in more volatile resort markets. Investors led by private equity funds will be looking out for stressed assets as the working capital pain and reduced revenues will impact yields for existing hotel owners, it added. "2020 started with a strong deal pipeline estimated at about USD 1 billion worth of tradeable assets. Investment action will likely get deferred as the sector rebuilds itself after containment of COVID-19, however, we estimate that more assets may fall in the ring for sale in the latter half of the year", the report said. Growth and development is likely to slow down in the next two years. Projects under development will likely get delayed and raising development finance will also become more challenging, it added. Depending upon an early containment of the pandemic, green shoots on transaction activity will likely appear towards third quarter of 2020, the report said. AKT HRS

Hotels, hospitality sectors severely impacted by COVID-19 pandemic: JLL

New Delhi, Dec 23 () Profitability of domestic hospital sector would continue to improve in the current as well as next financial year driven by enhanced coverage under Ayushman Bharat as well as deeper expansion in smaller towns, says Crisil Ratings.
 The improvement in demand will also be driven by alterations made to healthcare delivery models by hospital chains to align with regulatory changes as well as factors like increasing lifestyle diseases and medical tourism.
 "With insurance coverage of Rs 5 lakh under the Ayushman Bharat scheme (up from Rs 1-3 lakh under various government schemes), preference for private hospitals is rising," Crisil Ratings said.
 The Crisil study covering 41 leading domestic hospital firms revealed that the bed additions in tier II cities will be higher in future, resulting in better materialisation of latent demand and adoption of Ayushman Bharat schemes.
 "Crisil expects 60-70 per cent of bed additions to come up in tier II locations in the next 2-3 fiscals," Crisil Ratings Senior Director Anuj Sethi said.
 Currently, healthcare facilities are clustered around tier I cities such as Chennai, New Delhi, Bengaluru, Kolkata, and Mumbai, he added.
 Even as revenue growth is set to increase to 14-15 per cent over fiscals 2020 and 2021, operating profitability of hospital firms is also expected to improve to 16 per cent over this period, Crisil said.
 "This will be supported by a rise in bed occupancy rates to 75 per cent from 60-65 per cent, automation and optimisation of clinical procedures, efficient sourcing, and continuing recalibration of pricing of services," it added.
 A series of regulatory events in financial years 2017 and 2018 had impacted revenue growth and profitability of private hospitals.
 While demonetisation and ban on large cash transactions impacted occupancy, implementation of GST, price cap on medical implants, and increase in minimum wages for nurses and staff moderated profitability, Crisil noted.
 With occupancy and cash generation improving, hospital firms (41 entities) are expected to expand capacities by investing around Rs 4,800 crore in fiscals 2020 and 2021, it added. MSS 
DRR

Profitability of domestic hospital sector to improve in FY20, FY21: Crisil

New Delhi, April 12 () The lockdown to contain spread of COVID-19 in the country has had disastrous impact on the hospitality sector, especially for hotels, hoteliers said. "The impact is disastrous. The hotels are businesses which are very capital intensive and also have very high fixed costs," Lemon Tree Hotels Chairman and MD Patanjali G Keswani told . The capital intensive component is normally debt and it has to be serviced by payment of interest on debt and repayment of debt. Hotels are also labour intensive, so they have lots of fixed costs such as wage bill, besides paying government levies, minimum load charges, among others, he added. "Earlier Indian hospitality industry was on average witnessing 65 per cent to 70 per cent or full occupancy till end of the February. First few days of the March were fine, once the things started accelerating, the occupancy has gone down to minimum," Keswani said. Going ahead, occupancy in India is going to be very low. So hotels will have to either shutdown or run in a very limited manner, he added. The government has also requested industries to not lay off staff and cut salary, where in liquidity is a problem, Keswani said. Under this situation, the industry is going to go sick very fast unless you have the external source of capital, like holding company. "The govt took a good first step to announce the moratorium on interest and principle repayment for three months. But the problem is the period is too short. One can not plan on the basis of three months. "Ideally government should have done a 12-month moratorium and said the amount you are not paying in these 12 months shall be added in the debt," Keswani said. The industry is not looking for a dole but is asking for minimum support to survive by pushing back repayment of instalments, some support for paying salaries and waiver in government levies, he added. In similar vein, Cygnett Hotels and Resorts founder &amp; MD Sarbendra Sarkar said, "The lockdown has adversely affected the hospitality industry...We are experiencing a big drop in new reservations, and increase in cancellations, etc." While RBI's three-month moratorium has come as a relief, the industry hopes that the government will soon offer schemes that will enable the sector, he said. In the meantime, Cygnett is reviewing its progress so far and seeks to make necessary changes and strategise for the post-COVID 19 period during this time, he added. Stating that COVID-19 has severely impacted the industry, Bird Group ED Ankur Bhatia said, "With occupancy crashing to a below 5 per cent against 95 per cent last year due to the unfortunate impact of COVID-19 mayhem, the tourism industry was in the front line and is the worst hit. No wonder a slew of hotels will fold up under pressure." The Associations have put forward multiple proposals to stay alive as well to ensure the employees are taken care of and retained, he added. "We welcome government's move to offer moratorium for three months on loans. The moratorium on capital and interest repayments of loans taken by the registered businesses would help for now as some of the payments were due end of March," Bhatia said. Amatra Hotels and Resorts co-founder and COO Anurag Dua said hospitality and travel sectors have been amongst the worst affected segments, with the businesses coming to a standstill as governments across the world locked down their countries to stop the spread of the coronavirus. "The moratorium of three months would provide the much-needed relief for the hospitality sector in India provided banks/NBFCs approve it unanimously with no condition precedent following the RBI move," he added. However, businesses working on rental models with private owners have not received any benefit which might act as a deterrent to operators at large, Dua said. "We expect the situation to improve once cases of COVID-19 slows and believe that the domestic tourism industry shall grow at a better rate," he added. AKT RVK

Lockdown has had disastrous impact on hospitality sector; govt support needed: Industry

New Delhi, Mar 19 () The coronavirus impact could render 3.8 crore people jobless, which is around 70 per cent of the total workforce in the tourism and hospitality sector, according to a grouping. The Federation of Associations in Indian Tourism &amp; Hospitality (FAITH) also said there should be a support fund for twelve months to support basic salaries with "direct transfer" to the affected tourism employees. "As a result of this pandemic, Indian tourism industry is looking at pan India bankruptcies, closure of businesses and mass unemployment," FAITH said in a letter to Prime Minister Narendra Modi. It is believed that around 70 per cent out of a total 5.5 crore workforce could get unemployed, which is around 3.8 crore people. This effect of job losses and layoffs has already begun throughout the country, it added. The figure is for direct as well as indirect jobs. "A large percentage of total tourism business activity of India, which is estimated at USD 28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year. Thus, in excess of Rs 5 lakh crore of direct tourism industry and almost double that of total economic activity is at risk," the letter said. With declining revenues, almost all tourism businesses are running out of working capital. However, with the responsibility of staff and payment of their salaries, EMIs to service, advance tax, PF, ESIC, GST, excise and other state levies, bank guarantees, security deposits, this industry needs your support now more than ever, it added. "We request you for a twelve-month moratorium on our EMIs of principal and interest payments on loans and working capital from Financial Institutions (both banking &amp; non-banking)," the letter said. Additionally, FAITH requested the PM for doubling working capital limits on interest free and collateral free terms. This will prevent all tourism businesses from going bankrupt, it added. "Sir, additionally to prevent insolvency, we request you for a deferment for 12 months of all statutory dues whether GST, Advance Tax payments, PF, ESIC, customs duties at the central government level or at any state government level the excise fees, levies, taxes, power &amp; water charges, bank guarantees &amp; security deposits and deferment of all renewals, across the tourism, travel, hospitality &amp; aviation industry," the letter said. FAITH also requested the PM to set up a support fund for twelve months on the lines of MNREGA to support basic salaries with 'direct transfer' to affected tourism employees, it added. "TCS (tax collected at source) on travel has been proposed in Finance Bill 2020 to be levied from April 1, 2020 and we request that it should not be introduced as it will displace business from India to overseas, which will lead to shutting down businesses of most Indian tourism companies," the letter said. It also requested a complete GST Tax Holiday for the tourism, travel and hospitality industry for a period of 12 months. The letter requested the PM to, "set up...a national tourism task force of all relevant ministries of the central government along with ministry of tourism and chief secretaries of State governments and industry stakeholders to meet regularly to fast-track all tourism investment approvals." AKT AKT ANUANU

Coronavirus impact may render 3.8 cr people jobless in tourism, hospitality sector

The last month of 2021 saw good hiring growth in India in sectors like travel and hospitality, retail and education, owing to the festive quarter and a rebound, a new report showed on Friday. The rebound was, however, likely to be hampered once again with the <keyword id="1609796" type="General" weightage="20" keywordseo="omicron" source="Orion">Omicron</keyword> variant spread in the country this month. According to the Naukri JobSpeak Index, the festive year-end marked an upswing in hiring activity over last year across all major metros. "While IT has continued to drive growth in hiring, it is heartening to see a comeback from sectors of hospitality and travel, retail, and real estate," said Pawan Goyal, Chief Business Officer, <keyword id="218117" type="General" weightage="20" keywordseo="naukri-com" source="Orion">Naukri.com</keyword>. Top metro cities saw growth in hiring when compared with December last year. Hyderabad led at +12 per cent (on-year), growth followed by Bengaluru (+11 per cent), Mumbai (+8 per cent), Pune (+4 per cent), and Chennai (+6 per cent). Delhi was flat and Kolkata de-grew by 3 per cent. "We see a lot of talent shifting back to their cities of work with most companies drafting their return to work policies. As companies continue to press the pedal on their digital transformation journeys, the demand for certain functional areas and sectors will keep growing," Goyal added. Among the emerging cities, Ahmedabad (+21 per cent) recorded the highest growth. Hiring for new jobbers and young professionals was steady in December as demand for freshers and professionals with 4-7 years of experience remained flat. Demand was slightly affected for professionals in the 8-12 years (-4 per cent) and 13-16 years (-9 per cent) experience segments, the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/best-tax-saving-investment-options-in-2022/articleshow/88751934.cms">Best tax saving investment options in 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-hinduja-global-solutions-tanks-20-as-street-expected-two-times-the-dividend-announced/articleshow/88751657.cms">IT firm Hinduja Global Solutions tanks as street expected two times the dividend announced</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rupifi-bags-25-million-from-tiger-global-others-to-boost-buy-now-pay-later-offering/articleshow/88750509.cms">Rupifi bags $25 million from Tiger Global, others to boost buy now pay later offering</a>

Retail, travel and hospitality sectors hired the most number of employees in December: Report

Kolkata, Apr 6 () The cascading effect of theglobal coronavirus pandemic is crippling the country's tourismand hospitality industry at an "astonishing pace", an industrybody said.Foreign Tourist Arrivals (FTA) has come down by about67 per cent annually in the January-March quarter, while fordomestic tourists, the figure is lower by nearly 40 per cent,according to statistics published by the tourism ministry, theIndian Chamber of Commerce (ICC) said."Disruption due to coronavirus could result in 18-20per cent erosion of nationwide occupancy across thehospitality sector, and 12-14 per cent drop in average dailyrates (ADRs) for the entire 2020," ICC Director General RajeevSingh said.The travel and tourism sector alone accounted for 9.2per cent of India's GDP in 2018, and generated 26.7 millionjobs in that year, the ICC said in a statement."Most of the tourism companies afflicted by thepandemic are now anxiously looking for interim relief to payEMIs, taxes and salaries to employees for at least sixmonths," Singh said.The industry body also recommended a host ofinitiatives for the central government, including extendingthe RBI's three-month moratorium on repayment of term loans tosix months and a complete GST holiday for the tourism, traveland hospitality industry for the next 12 months."ICC recommends setting up of a 'Travel &amp; TourismStabilisation Fund' with direct benefit transfer to each unitto prevent financial loss and consequent job loss," thestatement added. BSMRBT RBT

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Hiring in travel and hospitality sector saw an 18% growth in March after two years of COVID-19

IANS