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As the world continues to open up and travel restrictions ease, Indian travellers are eagerly exploring new horizons. According to the report "Travel Trends 2024: Breaking Boundaries," the following ten destinations are at the top of the list for Indian globetrotters this year. Each location offers a unique blend of cultural experiences, scenic beauty, and exciting activities, making them irresistible to the adventurous Indian traveller. <cmsannotation type="cmsannotation" annotationid="Amsterdam, Netherlands" comment="subhead" text="Amsterdam, Netherlands"><keyword id="22442" type="General" weightage="20" keywordseo="Amsterdam" source="Orion">Amsterdam</keyword>, Netherlands</cmsannotation> <div type="image" title="1" msid="110265065" hostid="261" sizebytes="1582190" caption="&amp;lt;p&amp;gt;Biking along Amsterdam&amp;#39;s picturesque canals.&amp;lt;/p&amp;gt;"></div>Amsterdam, with its picturesque canals, vibrant cultural scene, and historic architecture, tops the list of trending destinations. The Dutch capital is renowned for its museums, such as the Van Gogh Museum and the Anne Frank House, which offer deep dives into art and history. Biking through the city's scenic streets, exploring the lively neighbourhoods like Jordaan, and enjoying the thriving café culture make Amsterdam a must-visit. <cmsannotation type="cmsannotation" annotationid="Singapore, Singapore" comment="subhead" text="Singapore, Singapore"><keyword id="6356662" type="General" weightage="20" keywordseo="Singapore" source="Orion">Singapore</keyword>, Singapore</cmsannotation> <div type="image" title="2" msid="110265085" hostid="261" sizebytes="1653618" caption="&amp;lt;p&amp;gt;Home to the iconic Marina Bay Sands and Gardens by the Bay.&amp;lt;/p&amp;gt;"></div>A perennial favourite, Singapore continues to attract Indian travellers with its blend of modernity and tradition. The city-state's iconic landmarks, such as Marina Bay Sands, Gardens by the Bay, and Sentosa Island, offer a plethora of activities. The diverse culinary scene, from hawker centres to Michelin-starred restaurants, provides a gastronomic adventure. Singapore’s efficient public transport and safe environment make it an ideal destination for families and solo travellers alike. <cmsannotation type="cmsannotation" annotationid="London, United Kingdom" comment="subhead" text="London, United Kingdom">London, United Kingdom</cmsannotation> <div type="image" title="8" msid="110265353" hostid="261" sizebytes="2374525" caption="&amp;lt;p&amp;gt;London East Side from The Shard.&amp;lt;/p&amp;gt;"></div>London remains a top choice for Indian travellers due to its rich history, cultural diversity, and numerous attractions. From the historic Tower of London and Buckingham Palace to the contemporary Tate Modern and West End theatres, the city offers endless exploration opportunities. Shopping at Oxford Street, strolling through Hyde Park, and enjoying the vibrant nightlife further enhance the London experience. <cmsannotation type="cmsannotation" annotationid="Frankfurt, Germany" comment="subhead" text="Frankfurt, Germany">Frankfurt, Germany</cmsannotation> <div type="image" title="3" msid="110265152" hostid="261" sizebytes="2139530" caption="&amp;lt;p&amp;gt;Frankfurt&amp;#39;s stunning skyline at dusk.&amp;lt;/p&amp;gt;"></div>Known as the financial hub of Germany, Frankfurt is gaining popularity among Indian travellers for its impressive skyline and rich cultural heritage. The city’s museums, including the Städel Museum and the German Film Museum, cater to diverse interests. The Römer, Frankfurt's medieval town hall, and the charming Altstadt (Old Town) provide a glimpse into the city's history. Additionally, Frankfurt’s central location makes it a great base for exploring other parts of Europe. <cmsannotation type="cmsannotation" annotationid="Melbourne, Australia" comment="subhead" text="Melbourne, Australia">Melbourne, Australia</cmsannotation> <div type="image" title="4" msid="110265166" hostid="261" sizebytes="1682062" caption="&amp;lt;p&amp;gt;Street art and cafes in Melbourne&amp;#39;s vibrant laneways.&amp;lt;/p&amp;gt;"></div>Melbourne's dynamic art scene, world-class dining, and vibrant street culture make it a top destination. Indian travellers are drawn to its laneways adorned with street art, the bustling Queen Victoria Market, and the stunning Royal Botanic Gardens. Melbourne's coffee culture and multicultural festivals, along with nearby attractions like the Great Ocean Road and Phillip Island, offer a comprehensive travel experience. <cmsannotation type="cmsannotation" annotationid="Bali, Indonesia" comment="subhead" text="Bali, Indonesia"><keyword id="19988" type="General" weightage="20" keywordseo="Bali" source="Orion">Bali</keyword>, Indonesia</cmsannotation> <div type="image" title="5" msid="110265191" hostid="261" sizebytes="1458184" caption="&amp;lt;p&amp;gt;Bali, Indonesia &amp;lt;/p&amp;gt;"></div>Bali continues to be a favourite for its idyllic beaches, spiritual retreats, and lush landscapes. Indian travellers flock to this Indonesian paradise for relaxation and adventure alike. From the terraced rice paddies of Ubud to the vibrant nightlife of Seminyak and the surf-friendly beaches of Kuta, Bali offers diverse experiences. The island’s rich culture, evident in its temples and traditional dances, adds to its allure. Read - <a href="https://www.businessinsider.in/travel/news/these-are-10-places-you-must-visit-during-your-next-trip/slidelist/101863670.cms" data-type="tilCustomLink" target="_blank">10 Best places to visit in Bali</a> <cmsannotation type="cmsannotation" annotationid="Montreal, Canada" comment="subhead" text="Montreal, Canada">Montreal, Canada</cmsannotation> <div type="image" title="6" msid="110265223" hostid="261" sizebytes="1502198" caption="&amp;lt;p&amp;gt;Unique blend of French and Canadian cultures.&amp;lt;/p&amp;gt;"></div>Montreal's unique blend of French and Canadian cultures makes it a captivating destination. Known for its vibrant festivals, such as the Montreal International Jazz Festival, and its rich history, the city offers something for everyone. The charming Old Montreal, with its cobblestone streets and historic buildings, contrasts beautifully with the modern downtown area. Indian travellers also enjoy the city's culinary scene, which includes a mix of fine dining and local delicacies. <cmsannotation type="cmsannotation" annotationid="Sydney, Australia" comment="subhead" text="Sydney, Australia">Sydney, Australia</cmsannotation> <div type="image" title="7" msid="110265254" hostid="261" sizebytes="1223801" caption="&amp;lt;p&amp;gt;The iconic Sydney Opera House and Harbour Bridge.&amp;lt;/p&amp;gt;"></div>Sydney's iconic landmarks, including the Sydney Opera House and Harbour Bridge, are major draws for Indian tourists. The city's beautiful beaches, such as Bondi and Manly, offer great spots for relaxation and water sports. Sydney's diverse neighbourhoods, like The Rocks and Darling Harbour, provide cultural and historical insights. The city's vibrant arts scene and world-class dining further enhance its appeal. <cmsannotation type="cmsannotation" annotationid="Brisbane, Australia" comment="subhead" text="Brisbane, Australia">Brisbane, Australia</cmsannotation> <div type="image" title="9" msid="110265300" hostid="261" sizebytes="1956762" caption="&amp;lt;p&amp;gt;Riverside views from South Bank Parklands in Brisbane.&amp;lt;/p&amp;gt;"></div>Brisbane is emerging as a popular destination for its warm climate, outdoor lifestyle, and cultural attractions. The South Bank Parklands, with its river views and recreational facilities, is a favourite among visitors. Brisbane's burgeoning food scene, lively arts and music events, and proximity to the Gold Coast and Sunshine Coast make it an attractive destination for Indian travellers seeking a blend of urban and natural experiences. <cmsannotation type="cmsannotation" annotationid="Munich, Germany" comment="subhead" text="Munich, Germany">Munich, Germany</cmsannotation> <div type="image" title="10" msid="110265317" hostid="261" sizebytes="1594469" caption="&amp;lt;p&amp;gt;The historic Marienplatz square in Munich.&amp;lt;/p&amp;gt;"></div>Munich's rich Bavarian culture, historic sites, and modern amenities make it a top choice. Indian travellers are drawn to its renowned Oktoberfest, beautiful parks like the English Garden, and impressive museums such as the Deutsches Museum. The city's historic Marienplatz and Nymphenburg Palace offer glimpses into its royal past. Munich also serves as a gateway to exploring the scenic Bavarian Alps and nearby castles. The travel trends of 2024 highlight the adventurous spirit of Indian travellers, who are eager to explore diverse destinations that offer a mix of cultural experiences, historical insights, and modern amenities. The first three months of 2024 alone saw an astounding 9.7 crore air travellers, a figure that would have taken a whole year to achieve just a decade ago. This surge in travel underscores the growing enthusiasm and capability of Indian globetrotters to venture far and wide. According to the "Travel Trends 2024: Breaking Boundaries" report, there has been a significant increase in Indian travellers exploring key markets. Visits to Japan surged by 53 per cent, trips to Vietnam skyrocketed by 248 per cent, and travel to the US increased by 59 per cent compared to 2019. These statistics reflect a broader trend of Indian travellers seeking unique and enriching experiences across the globe. From the charming canals of Amsterdam to the vibrant streets of Singapore, the cultural richness of London, and the scenic beauty of Melbourne and Bali, Indian travellers are breaking boundaries and embracing the world with open arms. As they continue to explore top destinations like Montreal, Sydney, Brisbane, and Munich, their journeys contribute to a dynamic and interconnected global travel landscape. SEE ALSO: <a href="https://www.businessinsider.in/travel/international/article/exploring-the-world-on-wheels-international-road-trips-from-india/articleshow/110247281.cms" data-type="tilCustomLink" target="_blank">Exploring the world on wheels: International road trips from India</a>

Top trending international destinations for Indian travellers in 2024

<ul class="summary-list"><li>After six years of flying, Cherry Tan left her dream job as a flight attendant.</li><li>She decided to open a hawker stall with her husband in Singapore.</li></ul>As a teenager, Cherry Tan knew she wanted to become a flight attendant.She mapped out a plan to fulfill that dream. At 19, she applied for a cabin crew position at <a target="_blank" class="" href="https://www.businessinsider.com/toured-singapores-flight-attendant-training-center-looked-physically-demanding-2023-3">Singapore Airlines</a>. When she was rejected failed, she temporarily switched gears to pursue a bachelor's degree in hospitality business at the Singapore Institute of Technology. But the dream of becoming a flight attendant never went away, and she continued to apply after graduation.After four years of rejections, at 23 and on her 10th attempt, she got the job.Tan spent the next six years flying around the world and exploring new countries every other day."Being a cabin crew member was the best time of my life," Tan, now 29, told me, adding that she enjoyed the work-life balance it afforded.<div type="image" title="A flight attendant stands in front of a Singapore Airlines plane." height="1600" width="1200" msid="113208984" hostid="261" sizebytes="108054"></div>But toward the end of her fifth year, Tan was hungry for a change in her life. Flying began to feel mundane, and she was uncertain about the job stability and career progression of being a flight attendant, she said.At the same time, her husband, Duncan Hsu, now 36, had been working as a chef in a hotel and wanted to start his own business. Tan saw this as an opportunity for them to open a hawker stall together in a <a target="_blank" class="" href="https://www.businessinsider.com/singapore-hawker-center-food-michelin-photos-tips-cost-2021-3">kopitiam</a> — an open-air coffee shop selling a variety of dishes at an affordable price in Singapore.So in May, the couple invested 30,000 Singapore dollars, or around $23,000, of their own money to open a stall in the west of Singapore.They named the stall Kiang Kiang Taiwan Teppanyaki and planned a menu inspired by a style of Japanese cooking that was introduced to Taiwan in the 1970s — "teppan" means "iron plate," and "yaki" means "grilled." Diners choose between steak, chicken, pork, or halibut, and then add either rice or noodles and additional sides.As the dishes were inspired by her husband's Taiwanese heritage, the meat is served with Taiwanese-style black pepper or mushroom sauce.<h2 id="73ed91fb-62c4-486c-965f-82f3d03854bb">Trading a comfortable job for longer hours and lower pay</h2>As a flight attendant at Singapore Airlines, Tan said she made around SG$6,000, or $4,600 a month, depending on the number of flights she embarked on. When she left her job to become a hawker, Tan estimated that she took a 50% pay cut.But Tan simply saw her pay cut as part of the process. "This is not our end goal," she said, adding that they plan to expand the business in the future. "So I just had to bite the bullet."And despite earning less, her bank account still grew because of her <a target="_blank" class="" href="https://www.businessinsider.com/singapore-hawker-stall-nasi-lemak-best-food-changi-photos-review-2022-4">long hours as a hawker</a>. As a flight attendant, Tan got around a day off after working for two or three days a week. She also spent more on food and shopping while traveling to different countries, she said.Now, Tan works 12 hours a day, six days a week. "I don't have time to spend my money elsewhere," she said.Tan said it took time to get used to working in the 147-square-foot stall space, which gets hot and stuffy when Hsu grills meat.<div type="image" title="Two people working in a hawker stall." height="3264" width="4896" msid="113208977" hostid="261" sizebytes="309000"></div>Her parents were against the career switch. "Even until today, they asked me why I had to give up a comfortable job," she said.<h2 id="c31013cd-cce7-457a-987b-1706cffbf53a">No easy business to break into</h2>The hawker business is challenging to succeed in. Although startup costs may be lower than those of other food and business enterprises, it is physically demanding and can <a target="_blank" class="" href="https://www.businessinsider.com/hawker-chan-michelin-star-bib-gourmand-hawker-restaurant-singapore-2023-7">yield narrow profits</a>."There's no guarantee you will succeed. People have failed. That's the reality. If you don't do your homework well, you don't study your menu, you will fall very fast," KF Seetoh, a food critic and the founder of Urban Hawker in New York City <a target="_blank" class="" href="https://www.businessinsider.com/michelin-star-singapore-restaurant-hawker-stall-chef-nasi-lemak-food-2024-3">previously told BI</a>. Urban Hawker is the first street food center in the US that features Singaporean hawker cuisine.Despite the risks involved, Tan was confident in her decision. "I was not really concerned about whether the business would succeed because I have a lot of faith in my husband," Tan said. She met Hsu in 2014 on an internship in Taiwan. The pair got married in 2019.<div type="image" title="A couple poses in front of their stall" height="2754" width="3118" msid="113208978" hostid="261" sizebytes="351014"></div>When they first started out, business was slow. They sold around 50 sets — which range between SG$ 8.50 to SG$ 13.50 a piece — each day. They had monthly expenditures to consider, too: Tan estimates that the cost of operating the stall is around SG$21,000 monthly, including rent, which costs around SG$5,500.But business started to look up when Tan's videos about her hawker life gained traction on TikTok. Local media also began to cover the business. The fact that the stall owner had worked at Singapore Airlines added a layer of curiosity and drew interest, she said.On a visit to their food stall on a Friday afternoon in August, I spotted a few customers finishing their final bites of the hot plate dish. It was almost the end of the lunch hour, and the side option of bean sprouts was sold out.While Hsu cooks the final delivery orders in the kitchen, Tan never pauses for a break. She helps to pack orders, pours sauce into takeaway packets, and chats cordially with customers.<div type="image" title="Chicken chop teppenyaki" height="3189" width="4756" msid="113208983" hostid="261" sizebytes="411400"></div>Tan said the skills she gained as a Singapore Girl — a nickname given to the airline's female flight attendants — have proven helpful in unexpected ways. "I'm used to talking to customers. So, as a hawker, I can make customers feel comfortable," she said. "I think it's nice. I mean, you don't really get that in hawker stalls because people usually just order their food and go," she said.<h2 id="f1fa0e0d-b920-4ba4-8ed1-a0dac6943221">The perks of being a hawker</h2>When Tan was a flight attendant, she simply had to report for work, follow instructions, and get paid a regular salary at the end of each month.But now, Tan gets to be her own boss. While Hsu oversees cooking, Tan handles the cashier, administrative work, accounting, and marketing.Although Tan doesn't see herself returning to the life of flying, one thing she does miss is the food."I'm not talking about the airplane food," she said. "I mean the food overseas. You know, biryani in India, The Cheesecake Factory in the US," she said with a laugh.<div type="image" title="A woman working at a hawker stall" height="3243" width="4864" msid="113208979" hostid="261" sizebytes="537254"></div>She said she feels pride in being part of a bigger movement to prevent <a target="_blank" class="" href="https://www.businessinsider.com/how-the-michelin-list-ruined-hawker-culture-food-for-singapore-2023-6">Singapore's hawker culture</a> from dying.In 2022, <a target="_blank" class="" href="https://www.businessinsider.com/best-chicken-rice-singapore-hawker-maxwell-tian-tian-review-michelin-2023-12">hawker culture</a> was inscribed on the UNESCO Representative List of the Intangible Cultural Heritage of Humanity. According to the National Environment Agency's website, the median age of hawkers is 60 — despite the retirement age in Singapore being 63.As Tan said, "You'll need a new generation to help the hawker culture."As the buzz from lunch hour began to wind down, Tan started to prepare ingredients for the dinner crowd."The hawker lifestyle is challenging, but I think if more youngsters are willing to go through this process, it's rewarding," she said.

After 9 rejections, she landed her dream job as a Singapore Airlines flight attendant. Six years later, she quit to open a hawker stall.

When the <keyword id="1700843" type="General" weightage="20" keywordseo="singapore-airlines-group" source="Orion">Singapore Airlines Group</keyword> (SIA) released its operating statistics for December 2022, it revealed that it carried almost 12 per cent more passengers compared with a month ago and four times more than a year ago. Its two carriers, SIA and Scoot, carried a total of 2.7 million passengers in December. For the entire year, it carried a total of 20.7 million passengers, a jump of 900 per cent from 2021. The airline cited the relaxation of travel restrictions in Hong Kong, Japan, and Taiwan for boosting the demand for air travel and supporting a recovery in those markets. Though impressive, the passenger numbers are still 76 per cent of December 2019's figure of 3.54 million passengers carried. SIA's passenger load factor (PLF) in December 2022 came in at 89.7 per cent during the month -- 3.8 percentage points more compared with a month ago and 43.2 per centage points more year-on-year. The airline noted that this is the highest monthly PLF in the SIA's history, full-service carrier, SIA, and low-cost airline, Scoot posted record monthly PLFs of 89.1 per cent and 91.6 per cent respectively. PLF for December 2019 was 87.6 per cent. However, it should be noted that PLF is a function of the number of planes an airline has in service. During this period where there's a global shortage of capacity, some <keyword id="44023" type="General" weightage="20" keywordseo="airlines" source="Orion">airlines</keyword> under utilise their planes either to keep airfares high or because they do not have enough resources to maximize the use of their fleet. According to fleet data from ch-aviation.com, at the moment, SIA has 36 inactive aircraft between its two main airline brands. Among the aircraft sitting on the ground are 15 Boeing 777ERs, two Airbus A350s, two A380s, and two 787-8s. With increasing competition in the coming year and with China's reopening from COVID-19 lockdowns, airlines in Northeast Asia are expected to put more capacity in the air which would result in supply putting pressure on prices. SIA is expected to do the same to contend for market share. Already in December, Scoot resumed flights to Zhengzhou, China in December 2022, while SIA restarted fortnightly passenger services from Singapore to Beijing on 30 December 2022. While the China market is still slowly recovering, SIA has been expanding its capacity in India, an important market, since the middle of last year. SIA has already resumed flights to the following South Asian cities at frequencies matching or exceeding pre-C levels: Bengaluru, Chennai, Delhi, Dubai, Hyderabad, Kathmandu, Kochi, Kolkata, and Mumbai. To underline the strategic importance of the Indian market to SIA, it made a commitment to continue to invest in the market late last year. On November 29, the airline announced that it will be converting its 49 per cent stake in Vistara into a 20 per cent stake in the new <keyword id="2573" type="General" weightage="20" keywordseo="air-india" source="Orion">Air India</keyword> Group, with the additional USD250 million used to acquire another 5 per cent. SIA has also agreed to inject up to another USD615 million after the merger is completed, (expected by March 2024), should the new airline group require additional funds from its shareholders to fund its restructuring and expansion. The actual amount will depend on factors including the progress of the enlarged Air India's business plan, and its access to other funding options. The airline said in a statement, "Through this transaction, SIA will reinforce its partnership with Tata and immediately acquire a strategic stake in an entity that is four to five times larger in scale compared to Vistara. The merger would bolster SIA's presence in India, strengthen its multi-hub strategy, and allow it to continue participating directly in a large and fast-growing aviation market." When Tata Sons agreed to buy Air India, the acquisition was completed a year ago on January 27, Tata was expected to consolidate its airline assets which meant it was likely to merge Vistara with Air India. SIA could have stepped away from its investment in the Indian market and sold its 49 per cent stake in Vistara. However, it decided to take a minority stake in a larger airline, and here are some of the possible reasons. First of all, the new Air India Group will be a much bigger player in the Indian aviation market. Its four airlines will have a 26 per cent market share based on domestic seat capacity and 21 per cent of international seat capacity in the current quarter, based on OAG data. India as a market and a source of travelers is of strategic importance to both SIA as well as Singapore overall. SIA will in time be able to increase its connectivity to Indian destinations as well as serve Indian passengers on international routes using Changi Airport as a transit point. This could open up attractive destinations in other parts of Southeast Asia, Australia, New Zealand, North Asia, and the west coast of America to Indian passengers. With the massive Terminal 5 in Changi opening in the middle of the next decade, any additional passenger churn will be vital to ensure the airport expansion fulfills its promise. India is among the top three aviation markets in the world and poised to double passenger traffic over the next 10 years supported by rising income levels and ongoing investments in its aviation infrastructure. It is projected to exceed 300 million airline passengers by 2027. However, India also remains underserved with low international seats per capita, signifying significant growth potential. Another factor that SIA would have considered is that the CEO of the new Air India group is a trusted 25-year veteran of the company before he joined the Indian airline in the middle of last year. Campbell Wilson, a New Zealander, was previously chief executive of Scoot and rotated through various roles at SIA in countries like Japan, Canada, and Hong Kong, and was senior vice president of sales and marketing for SIA. As quoted by Fortune, he said in a letter to employees on the one-year anniversary of the completion of Tata's takeover of Air India, "Taken together, the progress over the last 12 months has been nothing short of stunning, even if so much of what we have been working on has been behind the scenes, building platforms and capabilities so that our future ambitions can take flight. There is of course much more that needs to be done, and everyone internally and externally - is hungry for us to do it." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/hindenburg-ignores-indian-legal-processes-adani-group-on-the-firms-allegations/articleshow/97431153.cms">Hindenburg ignores Indian legal processes: Adani Group on the firm's allegations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/finance-ministry-to-stick-to-privatisation-of-already-announced-cpses-next-fiscal/articleshow/97412473.cms">Finance Ministry to stick to privatisation of already announced CPSEs next fiscal</a>

Why Singapore Airlines is investing in Air India?

<ul><li>India’s prestigious <keyword id="55119" type="ORGANIZATION" weightage="20" keywordseo="Indian-Institute-of-Technology">Indian Institute of Technology</keyword> (IIT), Madras will host the <keyword id="8150706" type="UNKNOWN" weightage="20" keywordseo="Singapore-India-Hackathon-2019">Singapore India Hackathon 2019</keyword>. </li><li>It is a 36-hour long hackathon, focussed on three themes — good health and well-being, quality education, and affordable and clean energy. </li><li>Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> will award prizes to the winning teams. </li><li>Six teams will receive the ‘Prize of Encouragement,’ along with prizes worth $2,000 (₹141,425). </li></ul>India’s prestigious Indian Institute of Technology (IIT) Madras will host the second joint competition — <a href="https://pib.gov.in/PressReleseDetail.aspx?PRID=1586294#">Singapore India Hackathon 2019</a>. The three-day long event will commence on September 28 and Prime Minister Narendra Modi will preside over the awards ceremony on September 30. Ong Ye Kung, Minister of Education, Singapore will also be present at the function. This will be a 36-hour long hackathon, focussed on three themes — good health and well-being, quality education, and affordable and clean energy. Each of the 20 participating teams will have three students, each from both countries for exchange of culture and ideas. The winning team will be awarded a prize money of $10,000 (₹707,125), while the three runner ups will get $8,000 (₹565,700), $6,000 (₹424,275) and $4,000 (₹282,850) respectively. The Human Resource and Development Ministry (MHRD) of India will also award the ‘Prize of Encouragement of,’ $2,000 each to six teams for ideas with potential. “The Singapore India Hackathon, an initiative of Prime Minister Narendra Modi, is the first of its kind joint <keyword id="6001248" type="UNKNOWN" weightage="20" keywordseo="international-hackathon">international hackathon</keyword> between India and any other country. It aims to promote engagement and collaboration of student community in India with the rest of the world and to develop innovative and out-of-the-box solutions for the daunting problems faced by our societies,” said R Subrahmanyam, Secretary of the Department of Higher Education. Last year, the Singapore India Hackathon was held at NTU, Singapore in November. The event is organised by MHRD, and its innovation cell (MIC), All India Council for Technical Education (AICTE) jointly with Nanyang Technological University (NTU), Singapore and NTUitive. See also: <a href="https://www.businessinsider.in/american-express-and-techgig-call-for-women-coding-contest-geek-goddess/articleshow/71322227.cms">American Express and TechGig call for women coding contest — Geek Goddess</a> <a href="https://www.businessinsider.in/oyo-enters-the-student-housing-segment-partners-with-iit-delhi-and-plaksha-university/articleshow/71310598.cms">OYO enters the student housing segment, partners with IIT Delhi and Plaksha University</a> <a href="https://www.businessinsider.in/a-bill-to-do-away-with-ugc-and-aicte-will-be-tabled-in-the-parliament-in-october/articleshow/71305689.cms">A Bill to do away with UGC and AICTE will be tabled in the Parliament in October</a>

IIT Madras to host Singapore India Hackathon in the presence of PM Modi

<ul class="summary-list"><li>A shadow-fleet oil tanker ran aground near Singapore, Bloomberg reported.</li><li>The vessel had previously hid its location to avoid detection.</li></ul>An oil tanker that previously falsified its location to avoid detection ran aground near Singapore earlier this week, according to a <a href="https://www.bloomberg.com/news/articles/2023-12-08/shadow-fleet-tanker-with-venezuela-oil-grounds-near-singapore?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg report</a>.The vessel was carrying an oil cargo from Venezuela, the report said, citing data from TankerTrackers.com and Kpler. Both companies said the ship was "spoofing," or making it show up on digital tracking systems near West Africa when in reality it was off the shores of Venezuela. A spokesperson for the Indonesia navy told Bloomberg the 23-year-old ship, the Liberty, was under investigation. A company called Skyward Management is listed as the technical manager of the vessel, though ownership remains unclear. The grounding marks the latest event involving a so-called shadow tanker, or ships that navigate without insurance or certifications on par with regulations. These fleets quietly ferry sanctioned goods, and they often have obscure ownership structures. In shrouding its whereabouts, the Liberty went against recommendations from the International Maritime Organization, which advises not to falsify locations. However, per Bloomberg, it remains up to individual governments to decide the legality of it. Last year amid Western sanctions and a crude oil price cap, reports emerged of <a href="https://www.businessinsider.com/russia-shadow-fleet-of-oil-tankers-putin-tries-bust-sanctions-2022-12">Russia operating a shadow fleet of more than 100 tankers.</a> Many of those, industry experts said, were reallocated from the ships servicing Iran and Venezuela, two other nations facing oil sanctions. The Liberty had undergone inspections in 2017 and 2019, and at the time it was deemed high risk and subsequently sold to new owners. Later inspections didn't turn up any additional risks, however.Bloomberg previously reported that <a href="https://www.businessinsider.com/russian-oil-tanker-india-crude-price-cap-sanctions-west-trade-2023-11?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*bb4eg0*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTcwMjA0NDIzNS4xNDQ1LjEuMTcwMjA0NDU5Mi4zOC4wLjA.">one vessel</a> carrying Russian crude that sold above the West's price cap was unable to dock on the shores of India, a sign that the country is attempting to maintain in good favor with the US in abiding by sanctions.

A shadow-fleet oil tanker that falsified its location and carried Venezuelan crude got stuck near Singapore

Last week, the <keyword id="6356662" type="General" weightage="100" keywordseo="singapore" source="Orion">Singapore</keyword> Tourism Board (STB) announced visitor numbers to the city-state which topped expectations with over 2.9 million arrivals in the first three months of this year. This is 62 per cent of 2019's first quarter figure of the 4.7 million people who visited Singapore in the first quarter of 2019. A total of 193,230 of these came from India which is about 3.5 times more than the 54,530 who arrived in 2022. Indian residents are the fourth largest source of tourist arrivals in the first quarter after Indonesians (523,300), Malaysian (278,910) and Australians (265,730). Americans made up the fifth largest group of visitors by country of origin at 168,960. China which was the largest source of tourists for Singapore with over 3.75 million visitors in 2019 have yet to fully return to Singapore and made up the ninth largest group of tourists in Q1 with only 124,560 coming to Singapore. In 2019, based on figures from China's National Bureau of Statistics, Chinese tourists made nearly 170 million trips abroad. Although China has lifted travel restrictions, cumbersome travel processes targeted at Chinese residents by countries like South Korea and Japan earlier this year dampened the enthusiasm for outboard travel. This has been exacerbated by delays in passport renewals and visa applications as well as the inability of Chinese airlines to mount the same number of flights as before COVID. Based on data from Alibaba-owned travel booking site Fliggy, during February, international flights out of China are at less than 10 per cent of 2019 levels. Furthermore, the travel habits of Chinese citizens have been changed by three years of COVID-19 restrictions with many now contented to explore the vast and varied attractions in their own country. "The Chinese tourists we will welcome this year and in the coming years are very different from those who came before," Wolfgang Georg Arlt, founder and chief executive of COTRI (Chinese Outbound Tourism Research Institute), was quoted by CBNC as saying at ITB Berlin, the world's largest tourism trade fair. COTRI is an independent consulting company based in Germany. In China as elsewhere, years of pandemic-induced lockdowns sparked a shift away from major tourist attractions toward "more nature-orientated, more outdoor-orientated tourism," Arlt said. He highlighted the emergence of trends like camping and glamping, as well as family-focused trips. COTRI predicts that Chinese outbound travel will recover to around two-thirds of 2019's figures, with around 110 million overseas trips this year. In the meantime, the Singapore Tourism Board is not waiting for Chinese tourists' return to launch new activities and attractions to boost tourism on the island. To inspire travel to Singapore through TV series and films, STB together with the Infocomm Media Development Authority (IMDA) announced the launch of an SGD 10 million (USD 7.5 million) Singapore On-screen Fund. The fund aims to support international media and entertainment (M&amp;E) partners in marketing Singapore through television and film shows aimed at an international audience. The Singapore On-screen Fund will support selected projects by key M&amp;E companies, which must be set in Singapore and launched before the first quarter of 2027. Successful projects will receive funding support of up to 30 per cent of qualifying costs related to featuring Singapore, including production and marketing costs. This is in part inspired by past collaborations which resulted in movies such as "Crazy Rich Asians", the popular K-drama "Little Women (2022) and the HBO sci-fi hit series "Westworld Season 3" (2020). These shows created an international impact and left a positive impression on audiences around the world. Also just announced in April is the return of the Free Singapore Tour which is very popular with Indian tourists as well as those from Australia and Indonesia. The tour was suspended during COVID. This tour is organised by STB together with Changi Airport and is meant for transit passengers at Changi who have a layover period of at least five and a half hours but less than 24 hours. They must also have valid entry visas for Singapore to take part in the tours. The objective of organising these free tours is to entice transit passengers to make Singapore a destination for their next holiday. The original three tours available before COVID - the City Sights Tour, Heritage Tour and Jewel Tour - have been refreshed to include new points of interest. A brand-new Changi Precinct tour will introduce travellers to the interesting sights and sounds of the eastern region surrounding Singapore Changi Airport. Each tour lasts two and a half hours and will be available daily, with plans to progressively increase to nine tours a day. In 2019, over 80,000 passengers went on the Free Singapore Tour. Another exciting development is the stationing of a brand-new Disney Cruise Line ship in Singapore from 2025 for five years. A memorandum of understanding between STB and Disney Cruise Line was announced on March 29. The 208,000 gross-ton ship which will have a passenger capacity of about 6,000 plus a crew strength of 2,300 will be taking passengers for cruises around Southeast Asian countries, home to more than 40 UNESCO World Heritage Sites. The Disney Cruise Line ship has the potential to add millions of local and foreign cruise passengers during the five-year period, including fly-cruise passengers who arrive in Singapore by air. It is also expected to bring about significant spillover benefits for the wider economy. "We look forward to welcoming the magic of Disney Cruise Line to Singapore in 2025," said Keith Tan, Chief Executive of STB. "This is an important milestone for STB and reflects Disney Cruise Line's strong confidence in Singapore and Southeast Asia. The new Disney cruise ship will be an attraction itself and is expected to boost the tourism sector in Singapore for many years to come."

As Indian visitors surge, Singapore tourist arrivals now at two-thirds pre-Covid levels

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> minted four used-car unicorns between November 2020 and November 2021.</li><li>A growing middle class and the rise of the millennial generation is driving the sector's growth.</li></ul>Ram Goswami bought a five-year-old Nissan Terrano last year after getting rid of his sedan. He'd owned the sedan for over a decade, but increasing maintenance costs and repairs started to pinch Goswami's pockets. The marketing professional, who's based in Delhi, purchased the SUV for ₹350,000 ($4,662) — less than half its market price."I preferred a used car over a new car since I'm getting a good deal," Goswami, 37, told Insider."If someone has enough money and doesn't need a loan, then he can go for a new car. But <keyword id="11939507" type="UNKNOWN" weightage="60" keywordseo="used-cars" source="Orion">used cars</keyword> are a blessing for people like me," Goswami added.Niroop Rajan, a techie from Bangalore, picked up a 10-year-old BMW luxury sedan last year for ₹700,000 ($9,318). It's his first car, and for him, owning a car is a status symbol."The emotion I felt from driving my parents in my car for the first time was overwhelming. It doesn't matter if it's a used one. I was overjoyed," Rajan, 31, said.While the two millennials live two thousand kilometers apart, Goswami and Rajan are part of a massive churn in India's automobile industry. Both Goswami and Rajan purchased used cars – a rapidly growing segment in India powered by digital disruption, newfound love from millennials, a buffet of financial options, and pandemic travel restrictions.<h2>Four new used-car unicorns</h2>It's a good time to be a used-car startup in India.For every new car sold in the country last year, about 1.4 used cars were sold, up from <a href="http://www.indianbluebook.com/storage/app/media/Insights/India-Pre-Owned-Car-Market-Report-3rd-Edition-2019.pdf">1.2 before the pandemic.</a>Between November 2020 and November 2021, four India-based startups that exclusively sell used cars became unicorns (startups valued at $1 billion or more) and minted a record amount of investment. India is home to about 80 unicorns total.The four startups – Cars24, Droom, Spinny, and CarDekho – raised over $1.5 billion total from global marquee investors. That's more than what these platforms raised in the previous five years put together, figures from their valuation announcements show.Market leader Cars24 saw its valuation nearly double within three months late last year. In September, it was valued at $1.84 billion; the latest funding round in December put the valuation at $3.3 billion. The company is expanding its global footprint with new branches in Australia and the UAE, and it's <a href="https://www.exchange4media.com/marketing-news/cars24-announces-international-expansion-now-operational-in-uae-australia-113641.html">eyeing the Southeast Asian market.</a> Those pouring the money include New York-based investment firm <a href="https://www.spinny.com/about-us/">Tiger Global,</a> American giant <a href="https://india.sequoiacap.com/india/companies/cars24/">Sequoia Capital</a>, <a href="https://economictimes.indiatimes.com/tech/funding/cardekho-enters-unicorn-club-with-250-million-funding-led-by-leapfrog-investments/articleshow/86973768.cms">LeapFrog Investments</a>, Abu Dhabi-headquartered <a href="https://tracxn.com/d/companies/spinny.com">ADQ</a>, and China-based venture capital firm <a href="https://www.cars24.com/blog/cars24-raisesi-450-million-nearly-doubles-its-valuation-to-1-84-billion/">DST Global.</a> And in December, India's star sportsman Sachin Tendulkar <a href="https://auto.economictimes.indiatimes.com/news/aftermarket/sachin-tendulkar-invests-in-used-car-platform-spinny/88276324">invested an undisclosed amount </a>in Spinny.<h2>The pandemic and millennials are behind the change</h2>The pre-owned car market started to outpace the new car market during the pandemic. The poor economic situation dented the demand for new cars, and the global semiconductor shortage prolonged the waiting period. Public <keyword id="11894924" type="UNKNOWN" weightage="100" keywordseo="transportation" source="Orion">transportation</keyword>, too, has taken a hit. "What happened in the last year during the pandemic is that the way people commute has changed," said Kushal Bhatnagar, an engagement manager at consulting and research firm RedSeer. "During the pandemic era, the usage of [ride-hailing services] Ola and Uber dropped. Shared mobility as a concept declined in India."All these factors have had an unintended spillover on the used car market, providing a jumpstart for startups like Droom, an online-only marketplace that offers fair pricing assessments and digitized vehicle histories.<div type="image" title="Droom CEO Sandeep Aggarwal" height="2661" width="3547" msid="90288740" hostid="261"></div>Droom CEO Sandeep Aggarwal said the growth in India's used-car market is driven by the country's growing middle class and the rise of a young population armed with disposable income."We get about 16 million monthly user traffic and about 75% of them come from millennials," Aggarwal told Insider. Indeed, millennials make up 80% of the buyer base for used cars, one <a href="https://www.motownindia.com/Bureau/Auto-Industry/3192/Millennials-Gen-Z-appetite-for-used-cars-on-the-rise-Cars24-Ipsos-Report-Motown-India-Bureau">industry research</a> found.The CEO added that the demand for used cars in India is reflective of a change in generational mentality."'My father had a scooter. After working for 25 years, he bought his first car at the end of his career. I don't want that. I want a car now,' is what a millennial thinks," Aggarwal said. "This aspirational value has been embedded in the generation of Indian millennials."<div type="image" title="Motorbikes and scooters lined up in India." height="2448" width="3264" msid="90288741" hostid="261"></div>The type of demand in the market is also shifting, two industry insiders said."Often what we see is someone will prefer a four-year-old gently used BMW for 1.2 million rupees ($16,000) to a brand new Honda city for the same amount," Aggarwal said."A lot of people who owned two-wheelers now want a car for their family and their obvious choice is a used one. The age group driving this growth is between 30 and 35," echoed Anurag Jain, the cofounder of CarDekho.<h2>Moving towards a focus on the user</h2>With an estimated <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">30,000 brick-and-mortar dealers</a> across the country, India's used-car market is a highly fragmented area dominated by mom-and-pop operations. Until about five years ago, most used-car services were seller-centric listing services. The segment was riddled with untrustworthy agents and cumbersome paperwork.But this is slowly changing. The segment is moving towards user experience-focused systems and buyer-focused business models.Consider CarDekho, a 14-year-old company that hit unicorn status in October. The marketplace offers end-to-end services such as doorstep pickup, financing options, insurance, post-service warranty, and long-term maintenance packages."In India, it will not be a pure-play digital transaction where one book and get the car delivered to home. Most of India will be O-to-O (online-to-offline), a blend of the digital and offline marketplace," Jain told Insider.<div type="image" title="A used car lot in India" height="1908" width="2544" msid="90288743" hostid="261"></div><h2>The road ahead</h2>While the demand for pre-owned cars <a href="https://www.ft.com/content/6617dc19-6302-42b6-9c98-94faecb0dd8c">has soared across the world</a>, India is a hugely under-penetrated market. Only <a href="https://www.census2011.co.in/hhassets.php">about 4% of households</a> in the country own a car.Globally, China leads the used-car market with 21.4 million units sold in 2019, per <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">RedSeer</a>. The US follows in second place with 17.5 million used cars sold in 2019. India is in fifth, with 4.4 million units sold.The country's automotive industry is expected to be worth $300 billion by 2026, per an <a href="https://www.ibef.org/industry/automobiles-presentation">estimate</a> from government-backed think tank India Brand Equity Foundation. The business of pre-owned vehicles stands to play a key role in this growth. From the 4.4 million used cars purchased in 2021, numbers are expected to almost double in five years, per <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">RedSeer's forecast</a>.For now, India's used-car unicorns are aggressively adding more manpower and markets to capitalize on opportunities. Droom and CarDekho are eyeing a public listing in the coming months."If we look at the large economies like the US, Western Europe or Japan, we're talking about 70%+ adoption of cars," said Droom's Aggarwal. "In India, the motorization adoption is set to grow from 22 cars per 1000 people to 200 cars per 1000 people in three decades."

How millennials and the pandemic are powering India's used-car market, where 4 startups hit unicorn status in one year

In a bid to bolster the safety and security of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> and enhance regulatory frameworks, the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) unveiled a series of proposals aimed at fostering innovation, inclusivity, and efficiency in the financial ecosystem. These initiatives, announced by RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword>, signify the central bank's commitment to fortifying India's digital infrastructure and promoting a conducive environment for financial transactions. One of the key announcements made by Governor Das pertained to the establishment of a Digital Payments <keyword id="21971766" type="General" weightage="20" keywordseo="intelligence-platform" source="keywords">Intelligence Platform</keyword>. This platform, leveraging advanced technologies, aims to mitigate payment <keyword id="19898489" type="General" weightage="20" keywordseo="fraud" source="keywords">fraud</keyword> risks and enhance the safety of digital transactions. According to the annual report released by the Reserve Bank of India (RBI) on May 30, there was a significant surge in the number of financial frauds reported by banks, increasing by 166 per cent year-on-year in the financial year 2023-24 to reach 36,075 cases. This figure starkly contrasts with the 13,564 cases reported in the previous fiscal year, FY23. Despite the notable rise in the number of fraud cases, there was a substantial decrease in the total amount involved in these incidents. The amount of money associated with total bank frauds plummeted by 46.7 per cent year-on-year in the financial year 2023-24, totaling Rs 13,930 crore. In comparison, the amount recorded in FY23 stood at Rs 26,127 crore. RBI has proposed a revision of the limit of bulk deposits for Scheduled Commercial Banks (SCBs) and Small Finance Banks (SFBs). This move, aimed at enhancing flexibility and aligning with evolving market dynamics, underscores the RBI's commitment to fostering a conducive environment for the banking sector. Currently, banks have the discretion to offer differential rates of interest on bulk deposits based on their requirements and Asset-Liability Management (ALM) projections. The existing bulk deposit limit for SCBs (excluding Regional Rural Banks) and SFBs, set at 'Single Rupee term deposits of Rs 2 crore and above,' was established in 2019. However, following a comprehensive review, the RBI has proposed to revise this definition to 'Single Rupee term deposits of Rs 3 crore and above' for SCBs and SFBs. In addition to the proposed revision for SCBs and SFBs, the RBI has also suggested defining the bulk deposit limit for Local Area Banks (LABs) as 'Single Rupee term deposits of Rs 1 crore and above,' mirroring the criteria applicable to Regional Rural Banks (RRBs). RBI has also unveiled plans to rationalize export and import regulations under the Foreign Exchange Management Act (FEMA), 1999. This initiative, driven by the imperative of progressive liberalization and operational flexibility, underscores the RBI's commitment to fostering a conducive environment for international trade and investment. By eliminating redundancies, enhancing clarity, and reducing procedural complexities, the RBI aims to promote ease of doing business for all stakeholders involved in cross-border trade. The RBI aims to streamline and simplify operational procedures related to export and import transactions, thereby reducing administrative burdens and enhancing efficiency for businesses and authorized dealer banks. By aligning regulations with international best practices and market realities, the RBI seeks to create a business-friendly environment conducive to fostering trade and investment growth. Simplified regulations will facilitate smoother trade transactions, encouraging businesses to explore new markets and expand their global footprint. While promoting ease of doing business, the RBI remains committed to ensuring compliance with regulatory requirements and safeguarding the integrity of the financial system. The proposed rationalization will uphold the principles of transparency, accountability, and risk management in cross-border transactions. As part of the process, the RBI plans to publish draft regulations and directions on its official website by the end of June 2024. In a bid to enhance the convenience and efficiency of digital payments, RBI has unveiled plans to expand the e-mandate framework to include recurring payments for Fastag, National Common Mobility Card (NCMC), and similar services. This initiative, aimed at modernizing payment systems and promoting financial inclusion, underscores the RBI's commitment to fostering innovation and leveraging technology to meet evolving consumer needs. The current UPI Lite service permits customers to load their UPI Lite wallets with up to Rs 2000/- and conduct transactions of up to Rs 500 from the wallet. To enhance the seamless usage of UPI Lite for customers, and in response to feedback from various stakeholders, it is suggested to integrate UPI Lite into the e-mandate framework. This integration would introduce an auto-replenishment feature for UPI Lite wallets, automatically refilling the wallet balance when it falls below a predetermined threshold set by the customer. Since the funds remain under the customer's control (transferring from their account to the wallet), it is proposed to eliminate the need for additional authentication or pre-debit notifications. Relevant guidelines pertaining to this proposal will be issued shortly. RBI has embarked on a mission to foster innovation and transformation in the financial sector with the launch of its third edition of the global hackathon, "HARBINGER 2024 - Innovation for Transformation." It would feature two primary themes: 'Zero Financial Frauds' and 'Being Divyang Friendly.' Solutions aimed at bolstering the safety and security of digital transactions, with a specific emphasis on identifying, preventing, and combating financial frauds, will be solicited. Additionally, there will be a focus on fostering inclusivity for individuals with physical disabilities. Further details regarding the hackathon will be unveiled shortly. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank">Indian smartwatch shipments remain flat in Q1 2024, the year expected to end in a decline</a><a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank">Computex 2024: Intel Debuts Lunar Lake Chips With Focus On Microsoft’s AI Ambitions For PCs</a><a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank">May Auto Sales – Tata Motors and Hyundai continue to fight for the second spot as car sales grow by 4%</a>

RBI announces digital payments intelligence platform to check online frauds

<ul class="summary-list"><li>Akasa Air, an ultra-low-cost Indian carrier, <a href="https://www.reuters.com/world/india/indias-akasa-air-orders-72-boeing-737-max-jets-2021-11-16/">placed</a> a $9 billion order for 72 Boeing 737 MAX Jets last week.</li><li>The airline could potentially lift up the entire Indian aviation segment, industry analysts say.</li></ul>Judith Philip is stressed. The 32-year-old auditor's work schedule is packed and her only retreat is travel, but the pandemic hit her sole recreation badly. To make up for lost time, Philip is pinning her hopes on an upcoming solo trip to Sri Lanka."I think I might do a lot of revenge travel once these restrictions are lifted and things get a bit better," Philip told Insider from the southern Indian city of Bangalore.She is among millions of travelers waiting in the wings to cruise Indian skies as the country's aviation sector braces for a shake-up. At the heart of this shake-up stands to be a freshly minted airline, Akasa Air. Ever since its public debut in July, Akasa has become the most talked-about airline in the country. And on November 16, it <a href="https://www.reuters.com/world/india/indias-akasa-air-orders-72-boeing-737-max-jets-2021-11-16/">placed</a> a $9 billion order for 72 Boeing 737 MAX jets. The airline could potentially lift up the entire Indian aviation segment, which has been grappling for several years, industry analysts say.Unlike <keyword id="11898285" type="UNKNOWN" weightage="60" keywordseo="airlines" source="Orion">airlines</keyword> that ground their fleets in capital Delhi or financial hub Mumbai, Akasa's fleet stands to be mostly based in the Indian tech capital of Bangalore. While Akasa's exact routes have not yet been announced, they are expected to reach less-travelled destinations at less expensive fares.Backed by billionaire investor Rakesh Jhunjhunwala – nicknamed <a href="https://www.forbes.com/profile/rakesh-jhunjhunwala/">India's Warren Buffett</a> and Big Bull for his smart investments — the carrier aims to be the resurrector of a turbulent domestic market in Asia's third-largest economy.But Jhunjhunwala and Akasa are entering the aviation industry at a historically difficult time: The pandemic is far from over, and the market is crowded, plagued by collapsing carriers, and difficult to turn a profit in.Jhunjhunwala did not respond to multiple requests from Insider for comment for this story.<h2>Room for growth</h2>Until the turn of the decade ending 2010, air travel was luxury only affordable for the affluent in <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>.A country of about 1.4 billion people, India has about<a href="http://www.knowindia.net/aviation7.html"> 650 passenger jets</a>. Domestic airlines carried 144 million flyers in 2019, according to the regulatory body <a href="https://www.dgca.gov.in/digigov-portal/?page=jsp/dgca/InventoryList/dataReports/aviationDataStatistics/handbookCivilAviation/HANDBOOK2018-19.pdf&amp;main4252/4205/sericename">Directorate General of Civil Aviation.</a> By comparison, the US (population 333 million) has over <a href="https://www.faa.gov/air_traffic/by_the_numbers/">5,000 civilian aircraft</a>, while China (population 1.44 billion) operates <a href="http://www.xinhuanet.com/english/2019-07/18/c_138237617.htm">close to 3,700</a> passenger jets.Today, trains remain the preferred mode for the long-distance journeys of the masses in India. In the 12 months <a href="http://indianrailways.gov.in/railwayboard/uploads/directorate/stat_econ/Annual-Reports-2019-2020/Year-Book-2019-20-English_Final_Web.pdf">ending March 2020,</a> Indian trains ferried over eight billion travelers.But as India's middle class grows and competing airlines keep the price of domestic airfare low, air travel is slowly becoming a viable mode of transport for more people. Delhi aims to unveil <a href="https://twitter.com/MoCA_GoI/status/1357015867448455169">over 200 new airports</a> across the vast country in the next four years and is rapidly expanding the existing airports. Prime Minister Narendra Modi's administration expects civil aviation to play a crucial role in its ambitious goal of making <a href="https://www.narendramodi.in/pm-modi-s-aspirational-call-for-5-trillion-dollar-economy-in-5-years-547486">India a $5 trillion economy </a>by 2024."We can expect huge growth in the next five to 10 years," Sanjay Kumar, chief strategy and revenue officer of IndiGo, told Insider of the Indian aviation market. IndiGo is India's market leader in domestic traffic <a href="https://www.ibef.org/industry/indian-aviation/showcase/indigo">with 55% share.</a>"The growing middle-class population will start traveling as the Americans or Chinese do. We've so far not seen this [in India] at all," Kumar added.<h2>A volatile market</h2>Until the second half of 2018, India was home to the fastest-growing aviation market in the world, with passenger numbers ballooning.Growth nosedived in 2019 due to factors including crew shortage, taxes on jet fuel, and unsustainable business models.At the heart of India's spiraling airline crisis was <a href="https://www.businessinsider.com/jet-airways-shuts-down-after-running-out-of-money-2019-4">the collapse of Jet Airways</a>, the country's oldest and first successful private airline. Mounting debts, poor acquisitions, and cheaper prices offered by rivals killed the 26-year-old Jet Airways.The Indian aviation market is so volatile that about <a href="https://en.wikipedia.org/wiki/List_of_defunct_airlines_of_India">50 players have shut shop</a> in the past three decades and changed billionaires into millionaires.And this was all before the pandemic decimated the industry.But a troubled industry also means abundant talent in the market for hire, low asset costs, and weakened competitors, factors that could play a role in Jhunjhunwala's favor.<h2>A market dominated by low-cost carriers</h2>Unlike the aviation markets of the western world, where the segment is multi-layered and caters to a wide range of travelers, carriers in India need to keep a close watch on ticket costs. About 80% of <a href="https://www.dgca.gov.in/digigov-portal/?page=jsp/dgca/InventoryList/dataReports/aviationDataStatistics/handbookCivilAviation/HANDBOOK2018-19.pdf&amp;main4252/4205/sericename">the market share</a> in India is cornered by low-cost carrier models (LCC), which make a profit through volume by selling seats at cheap rates.Six large airlines dominate the domestic skies in India: IndiGo, SpiceJet, GoAir (which rebranded as GoFirst), AirAsia India, Vistara, and Air India. While Vistara and Air India are classified as no-frills carriers, the rest operate as LCC.Unlike all other existing market players, Akasa is an ultra low-cost carrier (ULCC), which means every little space inside the plane – from paper cups or luggage bins — is for sale for advertising. Further, Akasa can cut back on all expendable costs and fly more hours a day while keeping the seat fares separate from all other related services like food. It's basically like the Spirit Airlines of India.Akasa is expected to launch operations by early or mid 2022, if the speculation in the industry is proved right. Akasa has been busy hiring industry veterans including Vinay Dube, the former CEO of Jet Airways, and Aditya Ghosh, the former CEO of Indigo. <a href="https://centreforaviation.com/data/profiles/airlines/akasa">Regulatory approvals </a>are on track.Yet, the fate of Akasa depends on more than a billionaire backer and experienced leadership. Other variables at play in the airline's success include how it manages its fleet composition, distribution models, and the choice of flying destinations.<a href="http://www.knowindia.net/aviation7.html">Airbus dominates</a> the Indian skies: The A320 family makes up 70% of all passenger aircraft in the country.The advent of Akasa means an opportunity for American planemaker Boeing to make a breakthrough in a crucial market.Akasa hopes to operate a fleet of 70 aircraft in four years, ​​Jhunjhunwala told <a href="https://www.bloomberg.com/news/articles/2021-07-28/indian-billionaire-investor-plans-70-planes-for-new-airline">Bloomberg</a> in a television interview in July. Boeing's market outlook, meanwhile, predicts there will be demand for 2,200 commercial jets in the next two decades."In India, domestic traffic is leading the recovery. We're seeing double-digit monthly improvements in operations as vaccine rates improve and travel restrictions begin to loosen," Salil Gupte, president of Boeing India, told Insider.Gupte estimates passenger traffic numbers in India will reach pre-pandemic levels by 2023 or 2024."We are honored that Akasa Air, an innovative airline focused on customer experience and environmental sustainability, has placed its trust in the 737 family to drive affordable passenger service in one of the world's fastest-growing aviation regions," said Stan Deal, Boeing commercial airplanes president and CEO, following the deal.<h2>Challenges Ahead</h2>Industry experts say Jhunjhunwala's Akasa appears set to take Indian civil aviation to new heights, but they add caveats.For instance, fixed costs like lease, parking, maintenance, and staff salaries make up 40% of an airline's cost structure, according to IndiGo's Kumar. To be successful, Akasa must get the combination of these correct, industry experts said."Akasa's bet is on the fragility of one or more carriers and as a well-capitalized new entrant, it may very well be able to gain a strong foothold," said Satyendra Pandey, managing partner at India-based aviation services firm AT-TV.Rival carriers are bound to match Akasa's fares from day one of its operations, Pandey said – which means it'll be entering a profitless growth environment. A careful assessment of the market should incorporate both business and behavioral trends, Pandey said."Force-fitting western frameworks just does not work. Getting this wrong has meant that even extremely well-funded airlines have consistently failed to turn a profit and witnessed continuous margin deterioration. Levers that worked pre-pandemic may not quite work the same," Pandey added."If the ULCC model is implemented, Akasa Air may expand the overall market by stimulation due to low airfares," said Manvi Hooda, chief of consulting and research at the aviation consulting firm, CAPA India."India remains an under-penetrated air travel market. Given India is a value-sensitive market, low airfares can significantly stimulate the market," said Hooda.

A new, ultra-low-cost Indian airline just placed a $9 billion order with Boeing, and analysts say it could lift up the country's entire aviation segment

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