Expect India-U.S. trade deal in not too distant future: U.S. Commerce Secretary
"When they put the right person in India, put the right person on the other side of the table, and we've managed (that), I think," Mr. Lutnick said in his keynote address at the eighth edition of the U.S.-India Strategic Partnership Forum (USISPF) in Washington on Sunday (June 1, 2025)
"You should expect a deal between the United States and India in the not too distant future because I think we found a place that really works for both countries," he added.
USISPF also presented the 2025 Global Leadership Awards to IBM Chairman Arvind Krishna, Aditya Birla Group Chairman Kumar Mangalam Birla and Hitachi Executive Chairman Toshiaki Higashihara "for their outstanding contributions in strengthening the US-India-Japan economic partnership."
This is the first time that business leaders from the QUAD grouping of Australia, India, Japan and the U.S. will be honoured at the USISPF summit.
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Business Standard
11 minutes ago
- Business Standard
Ayurveda, palaces, yoga: India's tourism market to add ₹5.1 lakh cr by 2028
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Improved connectivity—air, road, and rail—plus tourism infrastructure investments are supercharging this growth. Domestic air passenger traffic is set to more than double to 693 million by FY30 from 307 million in FY24," noted the report. Hospitality Landscape (Supply and Demand): Scarcity India's hospitality industry boasts 3.4 million keys as of March 31, 2024, but the organized sector (branded, aggregators, quality independents) is just 11% (375,000 keys). Branded hotels make up 45% of this (170,000 keys), with luxury hotels a mere 17% (29,000 keys across 230 hotels). The sector operates through owner, manager, and franchiser models, with owner-manager setups optimizing profitability and brand growth. The demand-supply gap, especially in luxury, is widening due to rising incomes, premium preferences, and limited inventory. Barriers like scarce land, high capital costs, and long gestation periods keep supply constrained, driving ARR growth and occupancy (60–70% in luxury). The luxury segment's Total Revenue per Available Room (TRevPAR) is 117% higher than upscale and 298% higher than midscale. Weddings, MICE, and F&B: The Party Never Stops Food and Beverage (F&B) is a cash cow for hotels, with luxury segment F&B revenue per occupied room 1.9 times the industry average in 2023. Weddings and MICE (Meetings, Incentives, Conferences, Exhibitions) are major growth drivers. The Confederation of All India Traders (CAIT) reported 3.8 million weddings between November 23 and December 15, 2023, generating Rs 4.74 lakh crore (26% YoY growth). India's 600 million-strong 18–35 age group, the world's largest millennial and GenZ cohort, drives this surge, fueled by rising incomes and changing consumption patterns. India hosts around 10 million weddings annually. The Indian wedding industry ranks second globally. According to a report published by the Economist, the wedding industry is the fourth-largest industry in India, recording a huge spending of US$ 130 billion per year. High Net Worth Individuals (HNWIs) are set to grow 107% to 1.65 million by FY27, and Ultra HNWIs (net worth ≥US$30 million) will rise 50.1% from 13,263 in 2023 to 19,908 in 2028, per Knight Frank's The Wealth Report 2023 & 2024. Destination weddings in Jaipur, Udaipur, Goa, and Delhi are booming, with buyouts and large-format weddings generating Rs 25–30 million (US$300,000–360,000) per event for luxury hotels. Hotel expenses account for 50% of destination wedding spend. Here are the key points from the report: Tourism & Travel Growth India's travel market to soar from US$75B in FY20 to US$125B by FY27. Domestic Tourist Visits (DTVs) jumped 45% YoY from 1.73B (2022) to 2.51B (2023). Top domestic destinations: Uttar Pradesh (478.5M visits) & Tamil Nadu (286M). 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India.com
41 minutes ago
- India.com
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Time of India
an hour ago
- Time of India
Australian court fines Qantas US$59 million for illegal layoffs
An Australian court fined Qantas Aus$90 million (US$59 million) on Monday for illegally laying off 1,800 ground staff during the Covid-19 pandemic, ending a five-year legal battle over the workers' rights. Federal Court Justice Michael Lee said he wanted the penalty to be a "real deterrence" to firms that might be tempted by the financial rewards of breaching employment law. Qantas decided to sack the workers and outsource their jobs in August 2020, a period of lockdowns and border closures when no Covid-19 vaccine existed. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sleep Apnea Ruined My Life – Then I Found This Simple Trick Health Insight Undo Australia's Federal Court subsequently found that Qantas had acted illegally despite its stated "commercial imperatives" and later dismissed an appeal by the airline. It said the carrier had prevented staff from accessing their rights to collectively bargain or take industrial action. Live Events Long-dubbed the "Spirit of Australia", 104-year-old Qantas has been on a mission to repair its reputation, which was hit in recent years by the illegal sackings, soaring ticket prices, claims of sloppy service, and the selling of seats on already-cancelled flights. Qantas chief executive Vanessa Hudson took over in 2023, promising to improve customer satisfaction. She replaced Alan Joyce, who stepped down earlier than planned as Qantas endured heavy criticism over its treatment of workers and passengers, despite delivering bumper profits for shareholders. 'Move on' Qantas' fine is to be paid in two parts, the court said, with Aus$50 million going to the Transport Workers Union and Aus$40 million being held for future payments to the former workers. The penalty is in addition to a compensation payment of Aus$120 million for affected former employees that Qantas agreed to last year. "It has been five long years. Today is a victory, not just for our colleagues but for all Australian workers," said Anne Guirguis, who worked at Qantas for 27 years cleaning aircraft before being laid off. "We can close this chapter and move on now," Guirguis told reporters outside court. Transport Workers' Union National Secretary Michael Kaine described Monday's decision as a "final win" for the Qantas workers. "Qantas was not sorry to workers when it illegally outsourced these workers, many finding out they'd lost their jobs over a loudspeaker in the lunch room," Kaine said. "Qantas is only sorry now that it has to pay the largest penalty fine of any employer in Australian corporate history."
