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<keyword id="19923397" type="General" weightage="20" keywordseo="ONGC" source="keywords">ONGC</keyword> declared the highest-ever standalone net <keyword id="19933742" type="General" weightage="20" keywordseo="profit" source="keywords">profit</keyword> of Rs 40,526 crore in FY24, the company informed the exchange in a filing. The consolidated net profit of the company is also highest at Rs 57,101 crore in FY24. The <keyword id="21739636" type="General" weightage="20" keywordseo="crude-oil-production" source="keywords">crude oil production</keyword> of the company has surged by 2.4 per cent quarterly to 5.359 MMT in Q4 FY24. However, the standalone gross revenue of the company declined 11 per cent YoY to Rs 1,38,402 crore in FY24 from Rs 1,55,517 crore in FY23. The standalone profit has surged yearly by 1.1 per cent to Rs 40,526 crore in FY24. The company also announced a total <keyword id="20047030" type="General" weightage="20" keywordseo="dividend" source="keywords">dividend</keyword> of Rs 12.25 per share with a total payout of Rs 15,411 crore. This includes an interim dividend of Rs 9.75 per share which is already paid during the year and a final dividend of Rs 2.50 per share recommended by the Board. The Crude Oil production of the company in Q4 FY'24 saw an increase of 2.4 per cent over Q4 FY'23 whereas <keyword id="20646431" type="General" weightage="20" keywordseo="gas-production" source="keywords">gas production</keyword> decreased by 3 per cent. The company informed that it drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells. ONGC invested around Rs 37,000 crore in <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> in FY24, compared to Rs 30,208 crore spent in the previous year. ONGC has also declared 11 discoveries (6 in on land, 5 in offshore) during FY 2023-24 in its operated acreages. Out of these, 6 are prospects (1 in on land, 5 in offshore) and 5 are new pool (on land) discoveries. The shares of ONGC gained more than 46 per cent in the last six months on the national stock exchange and were trading at Rs 280 at the time of filing this report. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank">Go Digit IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank">Kolkata Knight Riders vs Sunrisers Hyderabad – head-to-head record, match timings and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a>

ONGC declares highest ever standalone profit in FY24

Ahmedabad (Gujarat) [India], November 9 (ANI): AdPorts and Special Economic Zone Ltd. (APSEZ) has reported robust financial results for the second quarter and the first half ending September 30, 2023, showcasing remarkable growth across key metrics. According to a press release by Adani, APSEZ witnessed a substantial YoY revenue growth of 26 per cent, reaching Rs 12,894 Crores during H1 FY24. The company's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) recorded an impressive YoY growth of 49 per cent, amounting to Rs 7,429 Crores. Profit After Tax (PAT) increased by 33 per cent YoY, reaching Rs 3,881 Crores. The port EBITDA margin expanded by 220 basis points (bps) YoY to 72 per cent in H1 FY24. APSEZ achieved record cargo volumes of 203 MMT during H1 FY24 across its 8 ports and terminals. Mundra Port, the flagship port, celebrated 25 years of successful operations, handling over 16 MMT of cargo in a month and achieving the 4 Mn TEUs milestone in just 203 days. APSEZ expanded its logistics business, adding 11 rakes, Loni ICD, and warehouses at Mumbai and Indore during H1 FY24. Karan Adani, CEO and Whole Time Director of APSEZ expressed satisfaction with the company's outstanding performance, citing a 14 per cent YoY increase in cargo volume and improved operational efficiencies contributing to the 72 per cent domestic ports EBITDA during H1 FY24. Adani said, "APSEZ achieved another milestone by registering its highest ever half-yearly revenue of Rs 12,894 Crore, EBITDA of Rs 7,429 Crore and cargo volumes of 203 MMT during H1 FY24. The splendid performance was on the back of a 14 per cent YoY increase in cargo volume coupled with improving operational efficiencies at our ports, which has resulted in our domestic ports EBITDA improving by 220bps YoY to 72 per cent during H1 FY24." APSEZ's under-construction port in Sri Lanka secured a funding commitment of USD 553 million from the US International Development Finance Corporation (DFC). The logistics business recorded significant growth, with rail volumes up 25 per cent YoY and GPWIS volumes up 42 per cent YoY during H1 FY24. APSEZ achieved an emission intensity reduction of 48 per cent and a water intensity reduction of 58 per cent from the base year (FY2016) as of H1 FY24. The company completed a mangrove plantation of 4,200 Ha against its 2025 target of 5,000 Ha. S&amp;P (DJSI) provided APSEZ with a score of 65 (out of 100), ranking it in the top 4 per cent globally in the Transport and Transport infrastructure sector in its 2023 ESG assessment. APSEZ remains poised for sustained growth, with strong financials, strategic expansions, and a commitment to environmental sustainability. (ANI)

Adani ports and Special Economic Zone Ltd. records stellar H1 FY24 performance

However, sequentially, the net profit of <keyword id="6362419" type="General" weightage="20" keywordseo="HPCL" source="Orion">HPCL</keyword> fell 14 per cent from its April-June quarter profit of Rs 6,765.50 due to the spike in crude prices. HPCL has posted its highest ever half-yearly consolidated net profit of Rs 12,592 crore during April-September 2023 (against consolidated net loss of Rs 11,033 crore during the corresponding period of previous year). The company's standalone net profit during this period was also the highest ever at Rs 11,322 crore as compared to standalone net loss of Rs 12,369 crore during the corresponding period of previous year. The standalone net profit for the period July-September 2023 was Rs 5,118 crore against a net loss of Rs 2,172 crore during the corresponding period of previous year. Average GRMs (gross of export duty) for the period July-September 2023 were $13.33 per barrel ($8.41 per barrel during the corresponding period of previous year). The average GRMs (gross of export duty) for the period April-September 2023 were $10.49 per barrel ($ 12.62 per barrel during the corresponding period of previous year). HPCL refineries processed their highest ever quarterly crude through-put of 5.75 million metrictonnes (MMT) during July-September 2023 (operating at 111.6 per cent) registering a growth of 28 per centover 4.49 MMT crude processed during the corresponding period of previous year. Visakhapatnam Refinery functioning at enhanced capacity of 11 MMTPA processed highest ever quarterly crude through-put of 3.23 MMT (116.7 per cent of installed capacity) and Mumbai Refinery operating at 105.7 per cent capacity also recorded highest quarterly crude through-put of 2.52 MMT during this period.

HPCL posts Rs 5,827 crore profit in Q2 2023-24

Global travel service provider <keyword id="54613" type="General" weightage="20" keywordseo="MakeMyTrip" source="Orion">MakeMyTrip</keyword> is experimenting with artificial intelligence (AI) chatbot ChatGPT to see if its integration can make customer experiences and their vacation planning better on the platform, the company has said. Sanjay Mohan, Group CTO at MakeMyTrip (MMT), told IANS that the ChatGPT integration is at a very early stage and the company will decide to use it only if satisfied with results. "Our teams are currently testing ChatGPT for helping customers solve their travel queries and suggest add-on services as they plan holidays. We are working on to see if the new tool can aid our existing AI-powered chatbots," Mohan said. With the use of its in-house AI-powered chatbots, customers on MMT already get suggestions and alerts of rail/flight bookings, baggage details, and car/bus/hotel bookings. According to Mohan, ChatGPT can revolutionise the hospitality sector that has finally come out from the shadow of the three-year long pandemic. "Our goal is to make MMT platform more seamless, while keeping it simple and user-friendly with smooth navigation. ChatGPT can surely help," he added. "We want to make MakeMyTrip a one-stop-shop for all the services that a traveller may need," Mohan told IANS. The online travel aggregator recently reported a growth of 64.4 per cent on gross bookings (year-on-year) that reached $1.75 billion -- its highest-ever -- for the company's fiscal third quarter that ended on December 31. The company earned adjusted operating profit of $19.7 million in Q3 FY23, as compared to $13.2 million in Q3 FY22, over the revenue of $170.5 million (versus $115 million in 3Q22). Profit for the period was $0.2 million as compared to a loss of $9 million during the same quarter last year. Demand for leisure travel and tourism improved on the back of peak seasonality, according to the company. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/how-to-compare-your-tax-liability-in-old-and-new-tax-regimes/articleshow/98116217.cms">How to compare your tax liability in old and new tax regimes</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-11r-pre-orders-to-begin-today-free-buds-z2-card-discounts-specs-and-more/articleshow/98112032.cms">OnePlus 11R pre-orders to begin today – free Buds Z2, card discounts, specs and more</a> <a href="https://www.businessinsider.in/finance/news/how-to-use-credit-card-to-make-upi-payments/articleshow/98090488.cms">How to use credit card to make UPI payments</a>

MakeMyTrip experimenting with ChatGPT to boost customer experiences

The Federation of Indian Chambers of Commerce and Industry (<keyword id="6355001" type="General" weightage="80" keywordseo="ficci" source="Orion">FICCI</keyword>) on Wednesday said the <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> 2023-24 presented by <keyword id="309842" type="General" weightage="50" keywordseo="union-finance" source="Orion">Union Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will strengthen the fundamental pillars and ensure resilience, inclusivity and sustainability. <keyword id="542619" type="General" weightage="50" keywordseo="subhrakant-panda" source="Orion">Subhrakant Panda</keyword>, president of FICCI, said: "Budget is balanced and progressive which gives primacy to inclusive growth. "The announcements made today capture the pulse of the economy while retaining credibility both in terms of projections as well as committing to the fiscal consolidation glide path. Most importantly, a historic outlay for public capex is a continuation of the heaving lifting since the time of the pandemic and will have a multiplier effect across myriad sectors of the economy besides crowding in private investment," he added. "A push to investment and consumption was required to keep the growth cycle in motion. We are happy to note that the government has continued the thrust on capital expenditure with a 33 per cent increase in the capital outlay to Rs 10 lakh crore representing 3.3 per cent of GDP. This is a step in the right direction amidst a global economic situation which is still not at ease. Moreover, the revision in tax rates under the new regime will augur well on the consumption side," added Panda. "We also compliment the government on meeting the fiscal deficit target for the current financial year despite persisting uncertainty, this lends credibility to the budget. Moreover, by projecting a 5.9 per cent fiscal deficit for 2023-24 and reiterating the commitment to bring it below 4.5 per cent by 2025-26, the Finance Minister has imparted confidence that growth remains a priority without compromising on fiscal consolidation," he said. The FICCI president added that the announcements made on Wednesday further strengthen the fundamental pillars and ensure resilience, inclusivity and sustainability. "The government is committed to ensuring manufacturing competitiveness, ease of doing business, reducing compliance touch points, and supporting livelihoods across sections. This indicates a continuation of the good work the government has done, and puts in motion an action plan for 'Amrit Kaal'. "Even as <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> offers a ray of hope in the current global context, we are not decoupled from the rest of the world. We laud the government's promise to make India exports competitive given that a slowdown in growth globally could have an impact. In this context, some incentive to support exports would have been timely," he said. "The support contained in the budget for the MSME sector is welcome. The revamped credit guarantee scheme for MSMEs will benefit from an infusion of Rs 9,000 crore enabling credit flow of Rs 2 lakh crore with a 1 per cent lower cost. In addition, the move from an accrual based payment system to a cash based one has been a long standing demand from FICCI and will ensure MSMEs don't suffer as a result of delayed payments. "The emphasis on green growth in the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> -- across sectors such as green energy, green farming, green building, green equipment -- is aligned with India's commitment towards <keyword id="66873" type="General" weightage="50" keywordseo="ndc" source="Orion">NDC</keyword> targets. The priority capital investments allocation towards energy transition, the target of 5 MMT annual production of green hydrogen by 2030, and notification of green credit program are important moves to forge ahead on the path of sustainable growth," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/evs-that-import-parts-to-get-costlier-as-budget-gives-a-boost-to-in-house-manufacturing/articleshow/97529239.cms">EVs that import parts to get costlier as Budget gives a boost to in-house manufacturing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-zooms-as-finance-minister-delivers-tax-bonanza-to-middle-class/articleshow/97510050.cms">Sensex and Nifty50’s post-budget rally fizzles out Adani Group stocks witness a rout, dragging markets down</a>

Budget strengthens fundamental pillars of inclusivity, sustainability: FICCI

Table of Contents: Masthead Sticky<ul class="summary-list"><li>Modern Monetary Theory is an alternative economic theory that suggests the US government can create more money.</li><li>Modern Monetary Theory claims that because the government is the issuer of money, it can create more since it's no longer backed by gold.</li><li>Proponents think Modern Monetary Theory can counter many economic problems, while opponents fear inflation and increased deficits.</li></ul>Modern Monetary Theory (<keyword id="12259028" type="UNKNOWN" weightage="60" keywordseo="mmt" source="Orion">MMT</keyword>) is an economic theory that suggests that the government could simply create more money without consequence as it's the issuer of the currency, according to the <a href="https://www.richmondfed.org/publications/research/economic_brief/2021/eb_21-12" target="_blank" rel="noopener">Federal Reserve Bank of Richmond.</a> As part of this theory, the thinking is that government deficits and national debt don't matter nearly as much as we think they do. Instead of relying on tax revenue or borrowing to support federal government spending, according to MMT supporters, the government can simply create more money instead. This is a big departure from how many economists think about government spending and has become a popular alternative theory as discussions about debt and government spending hit the national stage. <h2>Understanding Modern Monetary Theory </h2>The term "Modern Monetary Theory" was originally coined by Bill Mitchell, an Australian economist, and has become more mainstream over the past few years with politicians like Alexandra Ocasio-Cortez popularizing the concept. "The whole idea of MMT is that since a sovereign entity can borrow in its own currency, it can print more money when it needs to pay off all its debt. The central bank just needs to keep interest rates low," says <a href="https://business.creighton.edu/faculty-directory-profile/2010/robert-johnson" target="_blank" rel="noopener">Robert R. Johnson</a>, professor of finance at the Heider College of Business at Creighton University.MMT is essentially a paradigm shift when it comes to economic theory and a new way of thinking about governments with fiat currencies.Quick tip: Fiat currency is money that is issued by a government authority that isn't backed by a particular commodity such as gold. The US has fiat currency that is issued by the government and is considered legal tender, which is used to exchange value in the form of money."In essence, governments like the US, Japan, the UK, and Canada that use fiat currencies are not constrained by their tax revenues when it comes to government spending and can perpetually run a budget deficit. This is due to the fact that the central banks in these counties have a monopoly on the supply of money," explains Ryan Cullen, CEO and founder of <a href="https://www.culleninvestmentgroup.com/" target="_blank" rel="noopener">Cullen Investment Group</a>. This differs from the way things used to be with the Bretton Woods System, which started in 1944 and ended with Nixon in 1971. According to <a href="https://www.federalreservehistory.org/essays/gold-convertibility-ends" target="_blank" rel="noopener">FederalReserveHistory.org</a>, the system became operational in 1958 and pegged currencies to the dollar, which were backed by gold. "This is opposed to when the USD was on the gold standard and we had a fixed number of dollars in circulation based on the amount of gold we had in vaults," notes Cullen. "This was an archaic form of monetary policy because governments with full control of their money supply do not need to confine themselves to a traditional household budget that manages revenues and expenses, because they essentially have an AMEX black card of unlimited money that they do not have to pay back."Quick Tip: Learn more about the Bretton Woods System and the "gold standard" as part of <a href="https://www.federalreservehistory.org/essays/bretton-woods-launched" target="_blank" rel="noopener">Federal Reserve History</a>.<h3>Main tenets of Modern Monetary Theory</h3>The main tenets of Modern Monetary Theory are:<ul><li>Government deficits aren't inherently bad. According to the MMT theory, deficits don't matter as much as we think they do and aren't necessarily a signal of a shaky <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>. If the government can simply create more money, then the government deficits can be easily fixed. This concept is a hallmark of MMT and one of the most controversial aspects of the theory. </li><li>Governments can create more money without threat of economic collapse. Given the fact that money is no longer backed by gold and is more theoretical in the sense it can be created at any time, many MMT supporters believe that money can be created without tanking the economy. In 2005, former Federal Reserve Chairman, Alan Greenspan, followed that line of thought: "There's nothing to prevent the federal government creating as much money as it wants."</li><li>Because the government is the creator of the currency, it doesn't need to adhere to the same individual budgeting principles. As individuals we know that our expenses shouldn't exceed our income or it'll lead to debt. Proponents of MMT say that the government doesn't need to abide by such standards since it's also the creator of the money and theoretically can create more. </li><li>A federal jobs guarantee program is possible. Again, given the core tenet that the government can create more money, MMT theorists support the idea of a federal job guarantee as a way to stabilize the economy and put money toward human capital.</li><li>The Federal Interest rate should be at 0%. Many MMT supporters believe that the "natural rate of interest is zero" and there should be no bond sales. On top of that, MMT supporters want to do away with the increasing and lowering of interest rates as they're ultimately not that relevant when it comes to growth and long-term business decisions.</li></ul>Quick Tip: To learn more about Modern Monetary Theory, you can check out episode 866 of the podcast <a href="https://www.npr.org/sections/money/2018/09/26/651948323/episode-866-modern-monetary-theory" target="_blank" rel="noopener">Planet Money</a>.<h2>Brief history of MMT </h2><ul><li>The term "Modern Monetary Theory" was coined by Australian economist Bill Mitchell in the early 90s, however some of the ideas are based on earlier themes in Keynesian economics. </li><li>Ideas around MMT were developed by economists Bill Mitchell, Warren Mosler, and L. Randall Wray as early as 1992 through email listservs. </li><li>In 2019, politician Alexandria Ocasio-Cortez <a href="https://www.businessinsider.com/alexandria-ocasio-cortez-ommt-modern-monetary-theory-how-pay-for-policies-2019-1" target="_blank" rel="noopener">noted</a> that MMT should be a "a larger part of our conversation" as it relates to balancing the federal budget. </li><li>As of 2020/2021 during the pandemic, MMT has grown in popularity and has become more mainstream.</li></ul><h2>Concerns over Modern Monetary Theory</h2>On the surface, outsiders and those with more traditional beliefs may think that Modern Monetary Theory seems like an idealistic solution to growing economic problems. Though the theory is increasing in popularity, there are also many skeptics and opponents of the theory as well. "It was originally a kind of cult in macroeconomics, it's still somewhat of a cult, except that it's entered the popular press. Basically, what it is is late 1940s Keynesian economics with a wacky theory of money creation tacked onto it," says <a href="https://www.swarthmore.edu/communications-office/mark-kuperberg" target="_blank" rel="noopener">Mark Kuperberg</a>, professor of economics at Swarthmore. The primary criticisms and concerns over MMT include: <ul><li>Increased inflation. One of the chief concerns of MMT is widespread <a href="https://www.businessinsider.com/what-is-inflation" target="_blank" rel="noopener">inflation</a>, though MMT supporters have looked at instances such as the financial crisis, which led to lots of government spending and didn't result in inflation. However, this theory shouldn't set a precedent, as all other factors are not the same and one of the primary indicators of inflation - economic scarcity - has not been part of the equation. </li></ul><ul><li>More deficits. Given the core beliefs of MMT, if implemented, it could lead to even higher deficits. While that isn't a concern for MMT proponents, it's concerning for others, like <a href="https://krugman.blogs.nytimes.com/2011/08/15/mmt-again/" target="_blank" rel="noopener">Nobel Prize winner Paul Krugman</a>, who think that lending and interest rates may be compromised and cause inflation. </li><li>Examples in Venezuela, Zimbabwe, Germany, and more have shown potential downsides, destruction, and hyperinflation. According to the <a href="https://www.brookings.edu/opinions/is-modern-monetary-theory-too-good-to-be-true/" target="_blank" rel="noopener">Brookings Institution</a>, previous historical examples show clearly that creating more money can lead to <a href="https://www.businessinsider.com/hyperinflation" target="_blank" rel="noopener">hyperinflation</a> and unrest. </li></ul>Though inflation is a big concern, there are other ways to manage government spending and taxation to deal with it. "The government can essentially print as much money as it would like to fund essential services and programs and also stimulate the economy, and when inflation rises to an undesired level, you can increase taxes to bring inflation back down to your target rate," says Cullen. "It's sort of a seesaw because the government can add money to the money supply when needed, then tax more to take that money back out of circulation and decrease inflation."In regards to concerns about MMT theories being put in place and having similar results as other countries, that might not be an apples-to-apples comparison, and there's more to the equation to consider. "The United States is not Venezuela … the US government borrows a lot of money. About a third of the borrowing is from foreigners … it's not a problem in the way that, let's say, if Venezuela borrowed from foreigners, or Argentina, or a lot of developing and less-developed countries," explains Kuperberg. "Because those countries, when they borrow from foreigners, borrow in dollars. They can't print the dollars. So if their currency starts to depreciate against the dollar for whatever reason, it becomes almost impossible for them to pay off their debt. The MMT people totally understand this and they say that for a country that borrows in its own currency, this is not a problem, and they're right." So while historical examples of hyperinflation and unrest can give us a glimpse into what might happen with MMT policies, it's important to consider all relevant factors and unique considerations with the US government. Another concern of MMT is the potential transfer of wealth from everyday people to the one percent if the theory turned into actual policy with real-world ramifications. "Modern monetary policy is the most effective way to transfer wealth from the working class to the elite. When more money is created it generally goes directly to the largest investment banks, which have the closest relationship with the central bank and the Treasury Department," says Shaun Heng, vice president of operations at <a href="https://coinmarketcap.com/" target="_blank" rel="noopener">CoinMarketCap</a>. "This means that the wealth of the working class, generally stored in cash or bank accounts, loses its purchasing power. Meanwhile the purchasing power of investment banks grows exponentially."<h2>Modern Monetary Theory and investing </h2>MMT policies could have ramifications on investments as well. It could potentially lead to an increase in inflation that could affect investments and lower the overall value. On top of that, it may lead to higher stock prices, which could make it more difficult to get into the market if you have limited means. According to Heng, MMT-related policies are contributing to the growth of cryptocurrency trading as well. MMT-related policy "is one of the things driving growth in cryptocurrency. There have been a variety of programs that go hand in hand with MMT," notes Heng. "The first is the Troubled Asset Relief Program (TARP), which was one of the tools used in the bank bailout following the recent financial crisis. The other is quantitative easing. All of these programs have devalued many assets linked to dollars and have caused many to invest in cryptocurrency."On top of affecting retail investors, MMT policies would also potentially affect private investment as well, according to Johnson."​​One of the consequences of MMT would be that government spending and debt would rise, and this would crowd out private investment," explains ​​Johnson. "Many advocates of MMT in Congress, like AOC, would use MMT to fund wide-reaching proposals like Medicare for All, Free College, and the Green New Deal. The biggest problem is that citizens ultimately have to eventually pay for these proposals via either higher taxes or by suffering inflation."<h2>Readings related to Modern Monetary Theory</h2><div type="image" title="Collage of Modern Monetary Theory books" height="834" width="1668" msid="86820932" hostid="261"></div>There have been a number of books published on MMT that can offer more background and a deeper look into the theories.<ul><li>"<a href="https://www.amazon.com/Macroeconomics-William-Mitchell/dp/1137610662" target="_blank" rel="noopener">Macroeconomics</a>" by William Mitchell, L. Randall Wray, and Martin Watts, which is a 604-page textbook based on MMT theories and its predecessors.</li><li>"<a href="https://www.amazon.com/Soft-Currency-Economics-II-MMT-ebook/dp/B009XDGZLI" target="_blank" rel="noopener">Soft Currency Economics II</a>" by American economist, Warren Mosler, who is one of the founders of MMT. The book is often noted as a seminal text in the MMT movement. </li><li>"<a href="https://www.amazon.com/Deficit-Myth-Monetary-Peoples-Economy/dp/1541736192/" target="_blank" rel="noopener">The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy</a>" by Stephanie Kelton, Bernie Sanders' former economic adviser, tackles MMT and why government deficits aren't as bad as we think.</li></ul><h2>The financial takeaway</h2>Modern Monetary Theory is still on the fringes of economic thought but is becoming more mainstream. The theory is still just that - a theory - but with a growing number of proponents and opponents on each side.Either way, there are potential real-world ramifications for the economy and investors alike to be aware of if the theory is put to the test.When you buy through our links, Insider may earn an affiliate commission.<a data-type="6143817b5b926a5dd93d7aa5">Purchase power is a measure of what your money can buy - here's how it can impact your finances</a><a data-type="5fd13ec136173528f05dbb43">The federal funds rate is the benchmark interest rate that affects borrowing costs across the US economy</a><a data-type="5f7bcedf2c44cc7573481539">Why the Federal Reserve uses contractionary monetary policy to curb the inflation that accompanies an overheating economy</a><a data-type="613a80502864561673290c31">What to know about the main causes of inflation</a>

What is Modern Monetary Theory? Understanding the alternative economic theory that's becoming more mainstream

<ul class="summary-list"><li><keyword id="255878" type="ORGANIZATION" weightage="60" keywordseo="MMT">MMT</keyword> supporters are right to call for more spending, but they can still be more progressive, <keyword id="46540" type="PERSON" weightage="60" keywordseo="Paul-Krugman">Paul Krugman</keyword> said.</li><li>Where MMT sees taxes as the best way to slow <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword>, <keyword id="290150" type="PERSON" weightage="60" keywordseo="Krugman">Krugman</keyword> argued the Fed can do the same.</li><li>You can lean on the Fed to slow inflation and also allow the government to spend more and keep taxes low, he said.</li></ul><a href="https://www.businessinsider.com/modern-monetary-theory-mmt-explained-aoc-2019-3">Modern Monetary Theory</a> economists are the trailblazing left-wingers in the field. Nobel laureate Paul Krugman says he's farther left than them.Both schools are inspired by the great 2oth-century English economist <a href="https://www.businessinsider.com/john-maynard-keynes-lessons-timely-with-authoritarianism-on-the-rise-2020-8">John Maynard Keynes</a>, whose theory of fiscal stimulus influenced not only FDR's response to the <a href="https://www.businessinsider.com/infographic-of-the-great-depression-2016-3">Great Depression</a> of the 1930s, but $5 trillion of federal spending amid the coronavirus recession.Krugman was one of the "<a href="https://www.investopedia.com/ask/answers/012615/what-difference-between-keynesian-and-neokeynesian-economics.asp#:~:text=Neo%2DKeynesian%20theory%20focuses%20on,market%20as%20not%20self%2Dregulating.">neo-Keynesians</a>" who worked to integrate his theories with neoclassical economics of the 1950s and onward. But in recent years, MMT has taken that legacy forward, arguing that, since the US is the only power that can print US dollars, the government can spend first without raising cash through taxes.Where the prevailing policy strategy sees budget deficits as the primary obstacle to spending, MMT asserts that inflation is the biggest risk. Taxes can then be used to slow inflation by reining in the money supply, according to the theory.Krugman says policymakers can also rely on the Fed to handle inflation, and that's actually a more progressive <keyword id="35043" type="ORGANIZATION" weightage="60" keywordseo="economic-policy">economic policy</keyword>."MMTers, at least if they're consistent with their own doctrine, are substantially to the right of people like me," Krugman told Insider earlier this month. "The MMTers don't seem to believe that monetary policy can ever be used for anything useful."The MMT framework existed on the fringes of economic policy before the COVID-19 crisis, but Treasury Secretary Janet Yellen has said that, so long as interest rates stay at historic lows, the government <a href="https://www.businessinsider.com/biden-infrastructure-care-plans-janet-yellen-promise-big-return-economy-2021-5">should spend what's necessary</a> to power the economic recovery. That's a sharp reversal from the Obama administration's approach, which was hindered by fears of deficit spending and the growing national debt pile.If deficit worries took center stage in 2009, <a href="https://www.businessinsider.com/inflation-stimulus-debate-economic-growth-spending-federal-reserve-larry-summers-2021-3">inflation is the biggest risk</a> looming over the pandemic-era recovery. One camp, led by conservatives and moderate Democrats, is concerned that unprecedented spending and the Federal Reserve's low rates can spark the worst inflation crisis since the 1970s.The other, which Krugman resides in, sees inflation cooling once reopening ends and the country settles into a new normal. But while MMT supporters view taxes as the key weapon for curbing inflation, Krugman believes policymakers can rely on the Fed to keep price growth in check.Followers of MMT, then, can be "more cautious and less willing to go wholeheartedly into progressive policies" than those who appreciate the Fed's power, he added.While the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> hasn't fully rebounded yet, Krugman sees a repeat of Obama-era concerns potentially being the biggest mistake policymakers make during the recovery.President Joe Biden has teed up another $4.1 trillion in spending on infrastructure and care programs in recent weeks, as well as several tax increases set to pay for most of the plans. Such pay-fors are appealing for those who worry about the budget deficit, but in practice, they could keep the recovery from reaching its full potential, Krugman said.Passing more spending packages while leaving taxes untouched could keep the US from entering a demand-starved recovery like that seen after the Great Recession, he added."What the doctor ordered is some sustained moderate deficit spending," he said. "That's what worries me a little bit. That we're still too worried about fiscal responsibility and not sufficiently worried about persistent weakness of demand."

Nobel prize-winning economist Paul Krugman explains why he's more left-wing than the Modern Monetary Theory crowd

<ul class="summary-list"><li>Insider met with Nobel laureate <keyword id="46540" type="PERSON" weightage="60" keywordseo="Paul-Krugman">Paul Krugman</keyword> on Wednesday to discuss the US <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>.</li><li>Topics ranged from the <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword>'s rate strategy to the need to pay for Biden's spending plans.</li><li>Presented below is a lightly edited transcript of the half-hour conversation.</li></ul><keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">Inflation</keyword>. Multitrillion-dollar spending proposals. The Federal Reserve's rate strategy. The <keyword id="46126" type="ORGANIZATION" weightage="60" keywordseo="economic-recovery">economic recovery</keyword> in general.There wasn't a lack of topics to discuss when Insider spoke with Paul Krugman, a Nobel laureate and the author of "Arguing With Zombies: Economics, <keyword id="6358883" type="UNKNOWN" weightage="60" keywordseo="politics">Politics</keyword>, and the Fight for a Better Future." Krugman is among the world's most prominent economists and has been outspoken in his thoughts on the recovery from the COVID-19 recession.Presented below is a lightly edited transcript of the Wednesday conversation, in which Krugman addresses his biggest concerns around the rebound, what he's monitoring for possible inflation shocks, and the mistakes policymakers made over the past year, among other things.Ben Winck, Economy Reporter at Insider: Great to sit down and chat with you. The first question I'd like to ask is: How would you characterize the current inflation outlook?In the inflation debate, we have people on one end arguing it's going to be transitory, and another group saying we risk seeing rampant inflation. Is either side winning yet? Paul Krugman: Well, no. I'm on the transitory side, although not with high certainty. There's the cliche about uncharted territory and all that, but it really is. Nothing like this has ever happened in the record.But if you believe in the transitory thing, you're very much of the belief that you can expect to see some scary-looking numbers. You expect to see lumber prices soaring and shipping costs soaring for a little while. You expect to see bottlenecks and blips.Basically, both sides are predicting the stuff that we're seeing now. Anyone who wasn't expecting to see some prices of some things rise as the economy came roaring out of the pandemic wasn't paying attention.It's too early to tell, and it's going to take a while ... we don't know anything right at this point.Insider: The Fed has said it's going to look at headline inflation when it shows up, and that it's not going to look at forecasts or expectations. What are you watching for that first glimpse of broad inflation? Krugman: I'm going to be tracking this like everyone else. In the past, just the Fed's core inflation was good enough. I don't think that that will work this time, because we're gonna have special bottlenecks that will affect core prices as well.I'm going to be looking at things like a couple of the Atlanta Fed indices. I'm going to be looking at sticky-price inflation. I'm going to be looking at trimmed-mean inflation, which would purge the bottleneck effects.And to the extent that we can get information, wage contracts. It's going to be much harder than it used to be. A long time ago, long before you were born, we could do union contracts. There basically are no unions now, so that doesn't work anymore. But we'll be wanting to see if companies are building in the expectation of higher inflation into wage settlements.The whole question is whether prices that are not changing all the time are being set with the expectation of inflation in the future. Whether we get this kind of leapfrogging process, which is what makes inflation - once embedded in the economy - hard to get rid of. Things like sticky-price inflation indices and trimmed-mean inflation indices are probably our best bet.And, you know, talk to people. I'm going to be forcing myself to read the Beige Book these days, because I think, in some ways, it's going to be a better guide than the statistics are. Insider: As far as the Fed's updated inflation target, what do you think it means for the future of not just economic policy, but what we consider to be a strong economic recovery? Krugman: The tricky thing here is, the Fed has basically accepted that they kind of screwed up. That the 2% target ended up being a 2% ceiling, and that was not a good thing. They're not ready to go ahead and say, "actually 2% is too low." Although at some, at some level the arguments they're making would actually suggest that. That we have an economy with a low neutral real interest rate, which means, in order to have room to fight recessions when they happen, you actually want to have more inflation in the system.The old judgment was that 2% inflation was enough to ensure that you would never hit the zero lower bound. Nobody can believe that now. But I don't know if they're ready to go there, and it's not clear that there's any contemplation of an inflation target high enough that we can consider ourselves immune to the kinds of crises we've had. Insider: This is the question that is on everyone's mind, but I'd be remiss if I didn't ask. Do you have any timeline in mind for when tapering would begin or if any rate hikes are going to arrive before 2023? Krugman: The probability is pretty high, that we'll hit the wall before then. Not hit the wall, because that's the wrong way to put it, but that you'll want to have some lift-off on interest rates.If we're going to be growing at 8%, it doesn't take very long for us to an economy that is running extremely hot. Probably by the end of this year, we'll have a very hot economy.Now, the thing that I would be that makes it confusing is that the stimulus is time-limited and we're getting this big slug of fiscal expansion. But it will be in the rearview mirror by sometime next year.I think we're likely to have an economy that's looking hotter than is sustainable by early next year.It seems likely that we'll have an economy that is overheated but in a very mild sense. Not in a scary sense, but nonetheless overheated by early next year. But we'll also be looking at a looming fiscal contraction because the American Rescue Plan will have done its thing already.Whether the Fed will actually feel that it needs to raise rates is unclear for that reason. I think we're going to recover really fast. But the question is, are we going to be in a situation where the Fed feels that it needs to slam on the brakes over and above the deceleration that will come from the fact that the rescue plan is fading into the past. Insider: Both the Fed's interest rate plans and Biden's spending proposals have been referred to as "experiments." What would you tell everyday Americans if you were to reassure them that the outlook is still positive and there's no reason to panic? Krugman: We've learned two lessons from the past dozen years. The US economy can in fact run a lot hotter than we thought. It is, in fact, okay to have nice things. We can have full employment and it doesn't mean that that hyperinflation is around the corner. And the debt doesn't seem to be a problem at anything near current levels.So there's basically not much of a downside to having a very rapid economic recovery. If you're an ordinary American, you can say, "look, the odds are that by this time next year, jobs will be plentiful, things will be looking pretty good. Inflation might be a bit higher, but your income will be more than keeping up with it."And nobody here is being stupid or responsible. They might be making mistakes because policymakers always do. But the whole discussion among policymakers is amazingly reality-based at this point. That's reassuring. Insider: I know it's still early and we're not out of the woods yet. But we've looked back and reflected on a lot of the mistakes that we made in 2008 and 2009. What mistakes, if any, are, do you see emerging from this recovery? <div type="image" title="paul krugman" height="1673" width="2231" msid="82480645" hostid="261"></div> Krugman: I have a funny concern, which a fair number of people that I've talked to have.We're getting this big slug of money, a lot of which is still going out. Special props to Biden for ending the tyranny of cute acronyms. Instead of PATRIOT Acts and CARES acts, we now have "American" everything. The first American, well, most of that money has already gone out, and the economic effects will take some time to play out.With the second two - the infrastructure plan and the family plan - I'm worried that they're excessively paid for. In principle, they're supposed to be fully paid for. But take what we knew about the economy in 2019. We were really kind of in secular-stagnation land with low neutral real rates. We had full employment then, it was only thanks to extremely low interest rates and persistent deficit spending.What the doctor ordered is some sustained moderate deficit spending. So public investment - both in stuff and in people - was paid for in part by issuing debt. I'm a little worried that the Biden team seems to want to do these things with full pay-fors.That's what worries me a little bit. That we're still too worried about fiscal responsibility and not sufficiently worried about persistent weakness of demand. Insider: So you'd argue, in this case, we should try to have our cake and eat it too? Krugman: Yeah, that's one way to put it.I'm mixing metaphors here. We've got a lot of savings all dressed up with nowhere to go. That's basically the secular stagnation problem.And when savings are all dressed up with nowhere to go, yes, there is a free lunch. Putting all these savings that businesses don't actually want to invest, even at very low interest rates, to work is just a win all around.It's not reflected in that the numbers that they're throwing around, although there's reason to believe that the numbers are over-optimistic on the revenue side. And of course they know about this, no question. One of the weird things about right now is I'm actually talking to these people!Anyway, being fiscally responsible is way down on the list of things you should be worrying about. Insider: Are there certain pay-fors that appeal to you more than others? Krugman: Greater IRS enforcement is a win all around. There seems to be a lot of money there and it's also a real element of fairness.The corporate tax is also okay. I think we've learned that corporate taxes are not nearly the problem that we thought they are. And if we could actually get a crackdown on tax havens, that would be a really good thing as well.It's not clear that we really are getting at the issue of untaxed gains from wealth. The attempts to tighten up taxation of capital gains look a little weak.If it was up to me, I would say that the case for something like a wealth tax is still there. And it hasn't gotten any weaker from the facts. It's just that, with President Joe Manchin having veto power, lots of stuff doesn't really happen. But that's still something I'd like to see.As for the rest, I'm not very concerned about the tax issues in general. I don't think we have a problem of paying for stuff. I also don't think the incentive effect of taxes are anything near as big as people imagine that they are. It's just a very low-passion issue for me. Insider: I'm not sensing a wholehearted endorsement of <keyword id="7390959" type="UNKNOWN" weightage="60" keywordseo="Modern-Monetary-Theory">Modern Monetary Theory</keyword>, but I'm catching some hints at that. Do you think the way we've handled this recovery is going to at least elevate the debate around <keyword id="255878" type="ORGANIZATION" weightage="60" keywordseo="MMT">MMT</keyword>? <div type="image" title="President Joe Biden and Janet Yellen White House.JPG" height="2957" width="5914" msid="82480649" hostid="261"></div> Krugman: I could do the old academic put down about MMT: There's much that's true, and there's much that's new, but what's true isn't new and what's new isn't true.When people ask, "well, isn't this a vindication of MMT?" Well yeah, but it's also exactly what IS-LM macro would say.I haven't seen people make this point: In the overheating debate, MMTers, at least if they're consistent with their own doctrine, are substantially to the right of people like me. Because I say, "Look, if the stimulus that comes out of the rescue plan is too big, that's okay. The Fed can tighten monetary policy and prevent an inflationary problem."But the MMTers is don't seem to believe that monetary policy can ever be used for anything useful. We've actually had Stephanie Kelton saying you can't control inflation by raising interest rates.I'm not sure I understand their doctrine, but if that's what you believe, then you should be very worried about excessive stimulus. Because their view is the only way to reign in inflation is to have a fiscal tightening. And since that's probably not in the cards, you should actually be very worried that the first round of fiscal stuff might be too big.Whereas if you believe in conventional Keynesian macro, you say "yeah, well, but the fed can contain it by raising interest rates."If you take this stuff seriously, MMT is actually something that would make you more cautious and less willing to go wholeheartedly into these progressive policies than if you were a conventional Keynesian. Insider: In that, you don't have the Fed to serve as that backstop? Krugman: That's right. From my point of view, you want to go big because it's asymmetric. If you go too small, then you hit the zero-lower-bound and, and the Fed can't help you if you go too small.But if you go too big, the Fed can contain any overheating. If you have a doctrine that says monetary policy doesn't matter, then you don't have that asymmetry. So you don't have the argument for going really big. It's a really weird thing.The two groups of people that are not all that political who I find the hardest to talk to are supporters of MMT and cryptocurrency. Insider: And I promise that cryptocurrency isn't on the docket today. The last question I wanted to ask is, what do you find most encouraging so far about this recovery? And what concerns you the most in the months ahead? Krugman: The most encouraging thing is there's no real sign of the scarring that people worried about. We're getting more than a few stories about businesses that aren't coming back, but there are new businesses being started and people seem to be eager to go back to work. Not enough to make companies that don't want to pay higher wages happy. But this whole thing is really looking like a V-shape recovery. That's a tremendously encouraging thing.Five years after the fall of Lehman Brothers, we were still a high unemployment, depressed economy. It doesn't look extremely likely that's going to be the case five years after the coronavirus hit. So that's really good news. Insider: And your top concerns? We mentioned a few, but any others? Krugman: Well, I'm concerned obviously about a lot of things that are not economic. But, my main concern right now is that the world in 2023 will probably look a lot like the world in 2019.The world in 2019, although we had full employment, was actually really fragile. Interest rates were close to zero and fiscal policy did not appear to be a useable tool. The virus broke a lot of the rules.Back in 2019, I was saying to people: "I don't know where the next shock is coming from, but I think our shock absorbers are completely shot." What I'm afraid of is that we may find ourselves in that position again just a year or two down the road. Insider: Quick follow-up then. Does the Fed's change in language from "full employment" to "maximum employment" - looking at gaps across race, income level, and gender - give you any more hope toward how we pursue a higher labor market? Krugman: Some. It's nice to see that the Fed is keeping up. We're finally getting past the NAIRU. We're finally realizing we don't know how hot the economy could run, and the only way to find out is to try it. And the Fed has picked up on that, which is great.But the Fed can always reign in a boom, but pushing on a string is still a real issue. I would be much happier if there were 16 members in the Senate who talked the way the Fed does. It matters a lot more, whether the legislative branch is willing to think in those terms than whether some people who fundamentally control short-term interest rates believe in those things. Insider: I think it's a great place to conclude. Thank you so much. Really appreciate you making the time. It's been a privilege to chat.

Nobel prize-winning economist Paul Krugman on inflation, Modern Monetary Theory, and why government underspending worries him

<ul><li><keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> share price jumped by 6.75% on Monday as the news of Moderna’s vaccine being 94.5% effective hit the market. </li><li>After Pfizer’s vaccine’s report of being over 90% effective, Moderna’s became the second positive vaccine news from the US within a month. </li><li>Major travel (airline and hotel) stocks in the US witnessed a strong rally as the vaccine revived hopes of recovery in the travel segment soon.</li></ul>NASDAQ-listed Indian travel giant MakeMyTrip saw its share price jump by 6.75% on Monday as the news of Moderna’s vaccine being 94.5% effective hit the market. <div type="image" title="Mmt." msid="79255510" hostid="261"></div> Vaccine news uplifts spirits After Pfizer’s vaccine’s report of being over 90% effective, Moderna’s became the second positive vaccine news from the US within a month. <a href="https://www.businessinsider.in/science/space/news/within-days-of-pfizer-results-russia-claims-sputnik-v-vaccine-demonstrates-92-efficacy/articleshow/79171485.cms">Russia’s Sputnik V too</a> has claimed that it has a 92% efficiency against the virus. Meanwhile India’s COVID vaccine contender Bharat Biotech also announced on Monday that Covaxin had entered phase III of the trial. All the positive vaccine news saw the US' major travel (airline and hotel) <a href="https://www.businessinsider.in/stock-market/news/travel-stocks-rally-after-modernas-vaccine-progress-lifts-hopes-for-near-term-reopening/articleshow/79248718.cms">stocks rally</a> as people saw it as a sign that travel will recover soon. The <a href="https://www.livemint.com/market/stock-market-news/dow-jumps-350-pts-as-moderna-says-covid-vaccine-94-5-effective-11605538218252.html">Dow</a> too touched record highs after the news about Moderna’s vaccine. Back home, India’s <a href="https://www.businessinsider.in/india/news/air-travel-back-at-pre-covid-level-by-early-january-says-civil-aviation-minister-puri/articleshow/79254692.cms">aviation minister is hopeful</a> that air travel will hit pre-COVID levels in India by early January. "We opened civil aviation on 25th May, a good two months and two days after we had completely locked down, with 30,000 passengers a day. Two or three days ago, just before Diwali, we carried 225,000 people," said Civil Aviation Minister Hardeep Singh Puri. MakeMyTrip is hopeful of faster <keyword id="9459835" type="UNKNOWN" weightage="20" keywordseo="travel-recovery">travel recovery</keyword> MakeMyTrip which posted its second quarter results on October 27 is also hopeful that a vaccine would bring travel back to normalcy. “While we are already seeing green-shoots of demand across different travel services, we believe business recovery would significantly accelerate once a vaccine becomes widely available,” the company’s founder and Chairman Deep Kalra had said during the call. With the travel opening up within India, MakeMyTrip has seen a gradual recovery. The company’s adjusted operating loss for the quarter stood at $12.9 million, which was significantly lower than the previous quarter's loss of $21.3 million. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adjusted Gross Margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Y-O-Y Change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Air Ticketing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$11.9 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- 81.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hotels and packages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5.5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">93.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bus ticketing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-85% </td></tr></tbody></table> While there has been a quarter-on-quarter recovery, MakeMyTrip still has a long way to go for recovery. SEE ALSO: <a href="https://www.businessinsider.in/india/news/indias-first-vaccine-candidate-covaxins-phase-3-trials-begin/articleshow/79249854.cms">India's first vaccine candidate - Bharat Biotech's Covaxin begins its Phase-3 trials</a>

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