Latest news with #NDC
Yahoo
3 days ago
- Business
- Yahoo
Yatra Leans Hard into Business Travel, Plans Co-Branded Corporate Card
Yatra is doubling down on corporate travel: Results in its most recent quarter, announced Friday, were driven largely by the strength of enterprise travel and meetings. And now it is preparing to launch a co-branded credit card aimed at corporate customers. The company added 148 corporate clients over the past fiscal year, representing an estimated INR 7.5 billion ($87.6 million) in annual business. 'Corporate travel is now 65% of our gross bookings, and we expect this share to increase,' Wholetime Director and CEO Dhruv Shringi told analysts during an earnings call. 'There's a clear shift underway. We're replacing lower-value consumer bookings with high-value corporate ones. The margins and realization on corporate travel are significantly higher.' Yatra now claims a market share of 11–12% by spend in India's managed corporate travel space, and serves approximately 1,150–1,200 clients in this vertical. With a corporate client retention rate of 97%, Yatra believes this business has built a strong moat. Yatra already has a co-branded credit card for consumer travel with India's largest bank State Bank of India (SBI), but the corporate one is new. Shringi said over 30% of Yatra's bookings are on corporate credit card platforms. While many large corporates currently use cards from providers like Amex, HDFC, and Citi through standard business or corporate travel account platforms, Yatra plans to roll out its own offering to capture more value from transactions and reduce working capital needs. 'That is the general idea. There are nuances, but that's the direction,' confirmed Shringi when asked about plans to shift corporates from third-party card platforms to Yatra's own. Shringi said one-third of Yatra's income could potentially come from the expense management and card solutions. Yatra's acquisition of Globe is already bearing fruit, particularly in the high-margin MICE space (Meetings, Incentives, Conferences, and Exhibitions). Last year in September, Yatra announced its decision to acquire Globe All India Services (Globe Travels), a corporate travel services provider, for INR 1.28 billion ($15.25 million). Over the past nine months, the combined platform handled over 600 trips and served more than 80,000 travelers. The company believes it's on track to become one of the top three MICE players in India this year. 'This broader portfolio opens up meaningful cross-sell opportunities across our hotel inventory and expense management solutions, allowing us to deliver more integrated and customized travel programs to corporate customers,' Shringi said. The Indian MICE market is projected to grow from $3.3 billion in 2023 to $10.5 billion by 2030. Yatra has also taken a lead in adopting IATA's New Distribution Capability (NDC), integrating it with its self-booking platform for corporate travelers. This enables access to richer fare content, dynamic pricing, and ancillary services not available through traditional channels. AI is also playing a growing role in Yatra's corporate offerings. The newly introduced 'Low Fare Finder' tool can automatically alert travelers if fares drop after booking, allowing rebooking at lower prices up to six hours before departure. Yatra is also developing intelligent bots to handle email and call queries more efficiently. 'These bots will reduce servicing costs significantly,' Shringi said. 'We're using technology to redefine what proactive travel services can look like.' Yatra's consumer business, which had been under pressure, showed signs of stabilization in the fourth quarter, with gross bookings down just 6%. SEO improvements and more bundled offers through the corporate channel helped stem losses. But the long-term focus is clear. Yatra ended fiscal 2025 with annual revenues of INR 7.9 billion ($92.5 million), up 87% year-on-year. Adjusted EBITDA rose 25% to INR 667 million ($7.8 million), and net profit surged to INR 366 million ($4.3 million) from a loss the previous year, an improvement of 912%. In the fourth quarter for fiscal 2025, Yatra delivered a growth of 103% year-on-year in revenue of INR 2.2 billion ($25.6 million). Its net profit grew by 173% to INR 152 million ($1.8 million) in the fourth quarter, which was the highest quarterly reported PAT in Yatra's history. Adjusted EBITDA surged 62% year-on-year to INR 251 million ($2.9 million) in the fourth quarter. Get breaking travel news and exclusive hotel, airline, and tourism research and insights at Sign in to access your portfolio
The Hindu
6 days ago
- Politics
- The Hindu
When Jayalalithaa walked out of the National Development Council meeting
On December 27, 2012, the Chief Ministers of various States and Union Territories and Union Ministers had assembled at the Vigyan Bhavan in New Delhi for the 57th meeting of the National Development Council (NDC). Representing Tamil Nadu was Jayalalithaa, who was elected to the office the previous year. State Finance Minister O. Panneerselvam, Chief Secretary Debendranath Sarangi, and senior officials had accompanied her to the meeting convened to finalise the draft of the 12th Five Year Plan. The NDC, presided over by Prime Minister Manmohan Singh, was a forum for decision-making and deliberations on matters of development. After Singh delivered his opening remarks, the Chief Ministers were called one by one to address the gathering, each allotted a time slot of 10 minutes. Bell rang When Jayalalithaa's turn came, she began addressing the meeting. After 10 minutes, a bell was rung to signal that her time was over. As the bell sounded, Jayalalithaa, who had not yet completed her speech, became upset. She walked out of the hall with the Tamil Nadu delegation. Quoting sources, The Hindu reported that Jayalalithaa had only reached the 10th page of a 28-page speech when the bell was rung. The Prime Minister, who was conducting the proceedings, then called the next speaker: Andhra Pradesh Finance Minister Anam Ramnarayan Reddy. Speaking to journalists outside the venue, Jayalalithaa accused the Centre of stifling the voice of the Chief Ministers. 'The voice of the Chief Ministers has been stifled. They were not allowed to speak freely. At the very beginning, we were told that only 10 minutes would be allotted to each Chief Minister and after that a bell would ring. This is unheard of. This has never been the practice before... If this is the way they are going to treat the Chief Ministers, the Centre could stop calling such conferences and stop inviting us. We have got enough work back home,' The Hindu quoted her as saying. Jayalalithaa said she had attended many such conferences, including the earlier NDC meetings and the Chief Ministers' conferences, where no such practice had been adopted. 'This is an utter humiliation of a Chief Minister who has come all the way to Delhi to present the views of the State government, in the interest of the welfare of the people of Tamil Nadu and in the national interest,' she said. She also alleged that the Congress-led United Progressive Alliance government (of which the DMK was a constituent) was discriminatory. 'Those who supported the Centre were allowed to speak for 30 or 35 minutes and even more. At the last conference that I attended, the Assam Chief Minister was allowed to speak for more than 35 minutes. It is impossible to convey the views of the State government in such a short period as 10 minutes. This is not democracy. The NDC meeting had turned out to be an exercise in humiliation,' Jayalalithaa said. Manmohan's 'gesture' The Centre swiftly rejected her allegations, denying any discrimination between the Congress- and non-Congress-ruled States. Union Minister of State for Parliamentary Affairs Rajiv Shukla said, 'The Prime Minister showed a gesture by giving an opportunity to her to speak first, immediately after his speech, though her turn was to come much later.' He said that with a long list of speakers — including 35 Chief Ministers, the Deputy Chairman of the Planning Commission, the Finance Minister, and the Agriculture Minister — the time limit had to be enforced uniformly. 'The same arrangement was made for the Chief Ministers of the Congress- and non-Congress-ruled States. The buzzer was pressed even for the Congress Chief Ministers. So where was the discrimination? The leaders should not make political capital out of such events,' Mr. Shukla said. According to him, the NDC meeting should be used by the Chief Ministers to achieve something for the people of their States instead of 'making an issue out of a non-issue'. Mixed response Her walkout received a mixed response in political circles. While BJP Chief Ministers Narendra Modi (Gujarat and now the Prime Minister) and Shivraj Singh Chouhan (Madhya Pradesh and now Union Minister for Agriculture) supported Jayalalithaa's action, Maharashtra Chief Minister Prithviraj Chavan (Congress) welcomed the system of limiting the speech of the Chief Ministers to 10 minutes, saying all the States were being treated equally. Mr. Modi had said sarcastically, 'The less they hear, the better it is for them [the Centre],' The Hindu reported. Meanwhile, DMK president M. Karunanidhi criticised Jayalalithaa's reaction, calling it an 'exaggeration'. He said, 'The Chief Minister's speech (in text form) appeared in newspapers. It would have taken more than an hour, had she read out the entire speech.' In a letter to his party members, Karunanidhi questioned the practicality of allowing all Chief Ministers to read out their full speech. 'Therefore, it is an exaggeration to say that Tamil Nadu was insulted. It is not a genuine allegation,' he said, adding that even in the State Assemblies, a bell would be rung to remind members of the time limit.
Time of India
7 days ago
- Politics
- Time of India
Housing societies protest against Manesar civic body's sanitation charge
GURUGRAM : Thousands of residents of group housing societies living in new sectors are up in arms against imposition of sanitation charges by MCM despite no door-to-door waste collection services by the corporation. In what residents call an "arbitrary and coercive" collection under the guise of municipal taxation, MCM has appended sanitation tax to their property tax bills even though no civic worker has ever entered their compounds for waste pickup. The charges, enforced without service, are not just causing inconvenience — they block transactions like property sales and lease agreements, since a No Dues Certificate (NDC) cannot be obtained unless the tax is paid. They pointed out that the directorate of Urban Local Bodies (ULB) earlier instructed MCM to levy such charges only where door-to-door garbage collection is provided. On Monday, representatives from several housing societies met with additional commissioner Jitender Kumar and submitted a memorandum demanding an immediate waiver of the sanitation charges. "Why are we paying for something we never received? Our society spends around Rs 7 lakh every month on sanitation managed by us, yet MCM forces us to pay again just to get a No Dues Certificate. This is nothing short of coercion," said Dharmvir Singh, president of Mapsko Casabella RWA . In a letter to the MCM commissioner, RWAs have demanded an independent forensic audit of sanitation deployment records and expenditure, alongside the immediate rollback of the charges and legal action against any officials involved in violating the ULB order. "This is not just about money. It's about defiance of a govt directive. If civic bodies start charging residents without service and ignore state orders, we are no longer a rule-based society," said Kumar Ashok, president of Bestech Grand Spa RWA . RWAs have warned that if corrective steps are not taken, they will approach the State Lokayukta, Vigilance Bureau, and even the high court for relief. Some RWA representatives also met the MCM commissioner last week, urging the removal of sanitation charges from group housing societies classified as bulk waste generators (BWGs). "This is a double whammy on residents," said Praveen Malik, president of Rising Homes RWA. "While MCM organises meetings for tax collection and property ID verification, it has ignored our grievances. We manage waste collection internally through empanelled vendors under the BWG framework. We segregate waste at source, maintain records, and bear all operational costs ourselves." When asked, an MCM official defended the corporation's position, saying, "This is a state policy that mandates collection of sanitation charges in municipal areas. If the state revises the policy, we will waive the charges—but we cannot do it on our own."
Time of India
26-05-2025
- Business
- Time of India
‘No service, but forced to pay': Societies protest against MCM's sanitation charge
Gurgaon: Thousands of residents of group housing societies living in new sectors are up in arms against imposition of sanitation charges by MCM despite no door-to-door waste collection services by the corporation. In what residents call an "arbitrary and coercive" collection under the guise of municipal taxation, MCM has appended sanitation tax to their property tax bills even though no civic worker has ever entered their compounds for waste pickup. The charges, enforced without service, are not just causing inconvenience — they block transactions like property sales and lease agreements, since a No Dues Certificate (NDC) cannot be obtained unless the tax is paid. They pointed out that the directorate of Urban Local Bodies (ULB) earlier instructed MCM to levy such charges only where door-to-door garbage collection is provided. On Monday, representatives from several housing societies met with additional commissioner Jitender Kumar and submitted a memorandum demanding an immediate waiver of the sanitation charges. "Why are we paying for something we never received? Our society spends around Rs 7 lakh every month on sanitation managed by us, yet MCM forces us to pay again just to get a No Dues Certificate. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Switch to UnionBank Rewards Card UnionBank Credit Card Apply Now Undo This is nothing short of coercion," said Dharmvir Singh, president of Mapsko Casabella RWA. In a letter to the MCM commissioner, RWAs have demanded an independent forensic audit of sanitation deployment records and expenditure, alongside the immediate rollback of the charges and legal action against any officials involved in violating the ULB order. "This is not just about money. It's about defiance of a govt directive. If civic bodies start charging residents without service and ignore state orders, we are no longer a rule-based society," said Kumar Ashok, president of Bestech Grand Spa RWA. RWAs have warned that if corrective steps are not taken, they will approach the State Lokayukta, Vigilance Bureau, and even the high court for relief. Some RWA representatives also met the MCM commissioner last week, urging the removal of sanitation charges from group housing societies classified as bulk waste generators (BWGs). "This is a double whammy on residents," said Praveen Malik, president of Rising Homes RWA. "While MCM organises meetings for tax collection and property ID verification, it has ignored our grievances. We manage waste collection internally through empanelled vendors under the BWG framework. We segregate waste at source, maintain records, and bear all operational costs ourselves." When asked, an MCM official defended the corporation's position, saying, "This is a state policy that mandates collection of sanitation charges in municipal areas. If the state revises the policy, we will waive the charges—but we cannot do it on our own."
Time of India
23-05-2025
- Business
- Time of India
Earth made, ethically mined: The untold sustainability story of natural diamonds
There is something eternally poetic about a natural diamond. Born deep within the earth over billions of years, shaped by immense pressure and time, each gem is a crystallised testament to nature's artistry. With their incomparable brilliance and timeless allure, natural diamonds have long been the chosen emblems of love, legacy, and triumph, adorned by queens, passed down through generations, and treasured in cultures across the world. They are not merely ornaments, but heirlooms of history. In recent years, however, the diamond narrative has shifted. Many consumers have been led to believe that artificial alternatives are a cleaner, more responsible choice. While technological or lab-grown diamonds may offer affordability, the assumption that all natural diamonds come at a social or ecological cost is increasingly being challenged by responsible industry leaders. According to a 2023 analytical report by the Natural Diamond Council (NDC), titled Diamond Facts: Addressing Myths and Misconceptions About the Diamond Industry 1 , 'Laboratory-grown diamonds may not always be as sustainable as some claim. The manufacturing process, which lasts a few weeks, is energy-intensive, requiring temperatures similar to 20% of that of the Sun's surface. Over 70% of laboratory-grown diamonds are mass-produced in China and India, where 62% and 74% of grid electricity is generated from coal.' Leaders of change: Mines and markets Innovative companies around the world are integrating blockchain technology to ensure full traceability of diamonds—from mine to market. Countries such as Canada, Botswana, and Namibia are widely regarded as pioneers in ethical diamond production. Botswana, in particular, stands out for its model of diamond-led development, reinvesting a substantial portion of its diamond revenues into public infrastructure, healthcare, and education, demonstrating how resource wealth can empower rather than exploit. What Is the Kimberley Process Certification Scheme (KPCS)? The Kimberley Process Certification Scheme (KPCS) is an international initiative launched in 2003 to prevent the trade in conflict diamonds—rough diamonds used to finance armed conflict against legitimate governments, particularly in parts of Africa. Certification System: Every shipment of rough diamonds exported from a participating country must be accompanied by a Kimberley Process certificate, confirming the diamonds are conflict-free. Membership: The KPCS includes over 80 countries, representing the vast majority of the global diamond trade. It involves governments, industry stakeholders, and civil society organisations. Reform and new beginnings Leading market players are at the forefront of this movement, procuring and offering only ethically sourced and sustainably mined natural diamonds. These are stones that carry not only natural brilliance but a provenance rooted in fair labour, ecological care, and community upliftment. In response to international outcry, the Kimberley Process Certification Scheme (KPCS) was established in 2003 to stem the flow of conflict diamonds, marking a significant milestone in the journey towards ethical sourcing. What makes a diamond ethical? An ethically sourced natural diamond typically meets several key criteria: Conflict-free certification Responsible mining practices that minimise environmental damage Fair labour conditions, including safe working environments and living wages Community reinvestment, ensuring mining revenues benefit local populations Sustainably mined diamonds also prioritise land reclamation, carbon neutrality, and low-impact water usage, signalling a departure from exploitative, traditional extraction methods. References:
