Hospitality sector set for record $436 mn investment in 2024
Trade Promotion Council of India
Apex trade and investment promotion organization notified by the Department of Commerce, Government of India
In today's edition of Business Bytes we uncover:
Happy reading!
Amul tops global food brand rankings with $3.3 billion value
Amul has been named as the world’s strongest food brand in 2024, with a BSI score of 91 and an AAA+ rating, boosting its brand value to $3.3 billion. It leads in India’s milk, butter, and cheese markets. Hershey’s now ranks second, while the global food sector saw a 4% brand value decline as consumers shifted towards smaller, personalized brands.
FACT OF THE DAY
India and Australia have teamed up to launch the RISE Accelerator, inviting startups and MSMEs to join a Climate Smart Agritech cohort starting in October 2024. This initiative focuses on boosting agricultural productivity and resilience, with a special emphasis on solutions that prioritize farmers' needs and address challenges like climate variability and resource scarcity.
Licious targets offline growth with 25 new stores by FY25
Licious, a D2C unicorn specialising in meat and seafood, is expanding into the offline market after its success online. The company plans to open 25 offline stores by FY25, primarily in Bengaluru, with the goal of eventually opening 70 to 100 stores annually. Currently, Licious operates one store and will soon open a second in Bengaluru. While experimenting with experience stores, the company will focus on traditional meat stores due to a stronger consumer response.
LEAD STORY
Hospitality sector set for record $436 mn investment in 2024
India's hospitality sector is poised for a significant boost, with projected investments reaching $436 million by the end of 2024, marking a 29% increase from last year and the highest since the pandemic. This growth is driven by strong hotel transactions, rising room rates, and increased occupancy, positioning India ahead of many APAC regions. The market size is expected to nearly double by 2029, reflecting a robust annual growth rate.
领英推荐
Local manufacturing could create ?25,000 cr opportunity by FY2030
Rising component localisation in the Indian mining and construction equipment (MCE) industry could present a substantial annual opportunity of approximately ?25,000 crore for construction equipment vendors by FY2030, according to a report by ICRA.
HIGHLIGHT OF THE DAY
India's digital connectivity is set to significantly expand with the launch of three major undersea cable projects: 2Africa Pearls, India-Asia-Express (IAX), and India-Europe-Express (IEX). These projects, expected to become operational between October and March, will increase India's existing capacity by over four times. The 2Africa cable, one of the world's longest at over 45,000 km, involves investments from Bharti Airtel and Meta, with a capacity of 180 terabits per second (tbps) and connections to 33 countries, including Airtel's Mumbai station. IAX and IEX projects also see contributions from Reliance Jio.
FSSAI extends deadline for phasing out 100% fruit juice claims
The decision by FSSAI to extend the current deadline of August 31 has been taken following consultations with stakeholders. Earlier in June, FSSAI had asked food business operators (FBOs) to immediately remove claims of 100% fruit juices in advertisements as well as labels on packaged products, amid rising concerns over misleading claims.
Thank you for appreciating our content. We welcome you to access our weekly India Business & Trade newsletter for deeper insights into India's business and trade ecosystem. To subscribe, click https://shorturl.at/BK26Q
The content of this newsletter has been sent as part of TPCI’s outreach initiatives to its members, associates and the larger Indian industry ecosystem. TPCI puts the security of its members and associates at a high priority.
The views, opinions and data included in this newsletter have been included keeping the business interests of TPCI’s members and associates in mind. Recipients are, however, requested, to recheck the given information before putting it to use. TPCI and/or any of its employees do not take any liability for views/opinions/data points expressed.
For any suggestion/query, you may write to [email protected]
Founder @ DREAMS CLUES?? | Business Ownership, Start-up Leadership
7 个月*Public Notice: Beware of Trade India's Poor Services* Attention all businesses and individuals! We have had a terrible experience with Trade India's services and want to warn others about their unprofessional and fraudulent practices. *Red Flags:* - Poor communication and unresponsive team - Failure to deliver on promises and commitments - Low-quality products and services - Unwillingness to resolve issues or provide refunds - Lack of transparency and accountability *Protect Yourself:* - Research thoroughly before engaging with Trade India - Be cautious of their false promises and marketing gimmicks - Demand clear agreements and contracts - Monitor their performance closely - Seek help from regulatory bodies if necessary *Share Your Experience:* If you have had a similar experience with Trade India, please share your story to help others make informed decisions. *Stay Vigilant:* Let's work together to expose and avoid fraudulent companies like Trade India.