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MOTLEY COLLECTION OF BUSINESS AND ECONOMIC NEWS |
 Hotels tap tourist boom, ARRs up 35 per cent
With India top on the agenda of globe-trotting CEOs, managers, deal makers and tourists, it’s the hotels which are seeing an unusually busy rush through the year. The average room rates (ARRs) witnessed a 35% jump and hotels saw higher than usual room occupancy in April-August, traditionally the lean season for the hospitality industry. And the post-August period, the busy season, is likely to be better than any in the past. With tourists pouring in and a growing demand for rooms, ARRs may go up by around 15% in the coming busy season.
Experts believe the hotel industry will witness higher than usual growth in the coming peak season. Ernst & Young estimate that premium hotels in top commercial cities reported an increase of over 35% while the resort cities of around 25% in ARRs in the first quarter of 2006.
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 Petro regions to attract global giants on cards
The Centre plans to rope in global chemical giants like Dow Chemicals, DuPont, Mitsubishi Chemicals and Sabic to set up bases in the country. In a bid to facilitate these giants to start manufacturing units, petroleum, chemical and petrochemical investment regions (PCPIR) will be set up across the country. “PCPIRs will be a significant step for promoting investments on a truly global scale,” said minister for chemicals and fertilisers, Ram Vilas Paswan. A new petrochemicals policy is also under consideration, which aims at increasing investments and promoting demand. It aims at lowering the excise duty on plastics and polymers. The government has identified seven locations where these PCPIRs are expected to come up and each of these regions is expected to be developed with investments of Rs 10,000
crore.
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 India speeds past Korea in car sales
India has overtaken Korea to become the third largest market in the Asia-Pacific. Statistics show that between April and June, 243,000 cars were sold in India against 225,000 cars in Korea. Two years earlier, Korea was leading India by about 36,000 cars. China which sold 1.1 million cars between April and June, has displaced Japan as Asia’s premier market. But manufacturers have one concern about China. “In India in 2005 and in 2006 also, companies will actually make money. India is growing and profitable. That’s not necessarily the message from China,” says Frost and Sullivan Director of Transportation, Asia Pacific Kavan Mukhtyar.
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October 2006
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