Archive: December 28, 2022

Noesis “Hotel in 2032” Report summarises the global hospitality sector and the current and upcoming trends in the hotel in the next decade.

The effects of the pandemic have altered the way we travel. Travellers are becoming more concerned with their travel choices these days. Following the pandemic, various trends such as workcation, staycation, co-working spaces and so on have emerged. The “Hotel in 2032” report from Noesis Capital Advisors, India’s leading hotel advisory firm, offers information on an overview of the global hospitality sector and the current and upcoming trends in the hotel in the next decade. It also includes some exquisite analyses of the hospitality market from industry leaders.

Based on the “Hotel in 2032” report, between the period of 2022 and 2032 travel and tourism will contribute to the worldwide economy at an average annual rate of 5.8%, which is more than double the 2.7% average annual growth rate of the global economy. It is predicted that by the end of 2022, the contribution of this sector to the overall economy will be increased by 71% in the Asia-Pacific region, thanks to a rise in domestic spending and the return of foreign tourists. The countries that are anticipated to experience a large increase in foreign visitor arrivals include Malaysia, Japan, and Australia. By the end of 2023, the travel and tourism industry in the Asia-Pacific region is anticipated to reach pre-covid levels. However, it is subject to if important source markets like China and Japan continue to impose restrictions on international travel.

The millennial generation and generation Z are driving change in the hospitality business and it is important to understand their expectations. The incredibly tech-savvy and adaptable Generation Z (born between 1997 and 2012) are leading to changes in travel preferences in this digital age. For this generation, four out of five methods for planning a trip are online-based channels; thus, a shift from multichannel marketing to omnichannel marketing will be more effective. As a result, the hospitality sector must adapt to these developments. This generation is the first digital natives; They value experiences over things / material objects, giving rise to trends such as staycations and workcations.

The report goes into detail about the foregoing trends, staycations (stay-at-home vacations that don’t involve much travelling) are estimated to be 15% more cost-effective than traditional vacations involving travel. According to NOESIS survey, 84% of hospitality leaders foresee staycations as a recurring trend in the coming decade. People are drawn to such trends because staycation offers convenience, less planning, specific activity experience and lesser risk of cancellation. In the report, it is also discussed how work-from-home concepts have now become work-from-anywhere thus giving rise to the trend – Workcation. One survey found that 62% of employees believe working remotely increases their productivity.

Another emerging trend is co-working spaces, where employees from various companies share space, providing a sense of community, creativity and flexibility. This market has a growth rate of 14.8% with an estimated value of $24 billion by 2030 and even hotels are taking advantage of this trend to expand and utilize available space for business travellers by providing services such as strong WIFI infrastructure, food, stationery and workspace during the day. One of the many hotels that have adopted the co-working model is Roseate Hotels and Resorts. The report goes into great detail about many other intriguing developments, including technology, dynamic workforces, subscription-based services etc. Subscription-based services are a result of the current trend of remote working for those looking for an ‘office away from home.’ On the other hand, the F&B market is expanding, and hotels can benefit from subscription-based food/delivery services, particularly for the current generation Z guests who demand highly personalized service. The Indian Hotels Company Limited (Taj Hotels) established “Qmin” their online culinary and food delivery platform just three months into the beginning of the pandemic and today it is present in over 20 cities across multiple platforms. The global online food delivery services market is projected to expand rapidly at a CAGR 9.8% and the current global market valuation is US$ 38.2 billion.

One of the most recent trends following the pandemic is the hospitality industry needing to focus on a dynamic workforce, where the generation z’s expectations are drastically beyond what learning a starting position in a hotel can provide. Lower wages along with unpredictable work hours and weekend night shifts, neither of which are particularly enticing to a new graduate. According to the World Travel and Tourism Council, the industry is anticipated to generate 126 million new employment opportunities between 2022 and 2032, with the Asia-Pacific region expected to generate 76.9 million of those opportunities, as well as 64.8% of all new travel and tourism-related jobs globally. The report makes a few recommendations, including permitting flexible work schedules and remote work, offering rewarding jobs, appealing employee benefits, and expanding career options inside the sector.

The study also highlights the significance of crucial design changes in the modern hotel industry. In the next few years industry will see a “Hypo-allergenic room concept, with enhanced HEPA filter technology”

As rightly said by the CEO of NOESIS Capital advisors, Mr Nandivardhan Jain “In the future, hotels will be integrators with a new function: providing guests with a unique hotel experience tailor-made to their preferences for each visit.” We can be certain that hotels will experience rapid growth in the near future.

Gold Loan future with Digitalization

Mr. Priyank Kothari, Director of Arvog

The gold financing segment in India has been countersigning a substantial revolution in several aspects, from a steady shift to the organised and formal sector to digitalisation and the advent of online products. Gone are those days when the Gold loan was considered as a conventional mode of transaction where-in borrowers were required to visit the branch for every occasion like disbursement, application of loans, interest payment, loan closure and taking the pledged valuables in custody.

With the novel era and transformation of digitalization, life has now become convenient. Digital space with its online facilities has offered an exceptional experience to users wanting to take advantage or are prevailing customers of Financial Institutions. With the pandemic presenting its own set of challenges in the last few years, most of us have suffered in some form or the other. For many, particularly the low-income households, unbanked customers,

MSMEs and SMEs, gold has emerged as a safe haven, when big institutions and banks held onto their purses. Thus, the demand for gold loans has been steady even in these challenging times, and we anticipate the momentum to endure in the upcoming years too.

Nevertheless, pandemic has also quickly surged the process of digitisation across sectors, and the gold loan financing sector was no exception. The consumer expectations are high and it is up to the lenders to prudently utilize the available technology at their disposal and
revolutionize to meet customer demands. Super apps and other virtual innovations like availing loans and other banking facilities within the confines of one’s own home, which previously involved heaps of paperwork and branch visits, have been on the rise.

Technology and block chain are not just hot trends in the market, but they are bound to have an impact across sectors and industries, too, encompassing the gold loan industry. Digital gold, and gold in the form of ETFs, SGBs and gold-oriented mutual funds, have witnessed a speedy upturn in investments, chiefly among millennials.

When it comes to aspects like purity of gold, absence of designing valuations, uniform pricing and a much more flexible way to capitalize, digital gold definitely has an upper hand. Additionally, customers who are sceptical can also invest in digital gold in much lesser quantities, to test the waters before they can take the decision of making a bigger commitment.

The future of the gold loan industry is related to further digital integration of technology and new innovations. In India, the use of digital wallets and online payment options like UPI have drastically increased. In the future, products like gold-secured credit cards and gold
wallets are likely to enter the market, too. In fact, many players had earlier introduced a card facility and are working towards relaunching the same in the near future. Lately, many fintech players, mobile e-wallet companies and brokers, have introduced gold wallet facilities for their customers, enabling them to purchase certified and pure 24-karat gold. Buyers today are also able to make fast and easy money transfers and acquire hassle-free micro-loan services within no time.

The industry players are also coming up with ground-breaking solutions, and there is a continuous requirement to keep pace with the advancing technology. These include digital innovations like online disbursement, online transaction access through web link, mobile application, online and door step gold loans to name a few.

The digital space has been fast transforming and in the coming years there will be a lot of advanced techniques which are customer centric and have appropriate controls over the process and operations at the backend. It won’t be wrong to state that cutting-edge Banking
systems or Loan systems have given a much needed exposure to finance companies and reach to deeper sections and areas where physical reach was not possible with limited presence.

The digital journey has been nothing short of a revolution in the banking system and this would go on by adding a lot of new products and offering making life simple and adding pleasant experience to the end users investment journey.

Director General of Civil Aviation accords Marut Drones with DGCA Type Certification and RPTO Approval

Hyderabad, 28 December 2022: India’s leading drone manufacturer “Marut Drones” have received the Type Certification approvals from the Director General of Civil Aviation for their extensively tested and robustly designed multi-utility agricultural drone AG 365. AG 365 is designed and developed for Indian conditions and can be used for multiple purposes giving a higher ROI to the user. AG 365 is extensively tested for more than 1.5 lakhs acres and optimized for performance to be used in agriculture. Further, extensive research is undergone with AG 365 for the development of crop-specific drone spraying SOPs in collaboration with prestigious agriculture universities and research institutes.

Having been awarded type certificate for AG 365 model, Drone is now eligible for ₹10 lakh unsecured loans from the Agri Infrastructure Fund at a minimal 5-6%  interest. Further, a 50%-100% subsidy can be availed from the Government of India. The made-in-India kisan drone – AG 365 have been developed particularly for agricultural purposes to reduce crop loss, lower agro chemical usage, better yield, and profits to the farmers.

In addition, Marut Drones have been accorded RPTO approvals which enables training and capacity building of drone pilots focussed on safe agriculture operations, repair, and maintenance. Marut Drones is tying up with major universities to enable drone pilots with highest quality training and with this, it sees a vision of development of 2 lakh drone entrepreneur in countryside. According to DGCA, a remote pilot training organization (RPTO) is an organization authorized by the DGCA to impart remote pilot training to any individual seeking for a remote pilot certificate under Rule 34 of Drone Rules 2021.

DGCA certification is provided on the basis of quality checks and is issued after a rigorous testing process of unmanned aerial vehicles in various NABL accredited testing labs. This makes UAV  go through a series of material, environmental, and operational tests for safe, secured, and reliable operations. The certification enables the Hyderabad-based firm to bring the users their agricultural drone technology which can revolutionize Indian Agriculture.

Marut believes in infusing the right science into agriculture working with more than five prestigious Agri Universities including PJTSAU and ICRISAT to bring new technological advancements to the field of agriculture. Over the past 3 years, AG 365 drone is scientifically tested for development of Crop specific SOPs for safe and reliable usage in agriculture. AG 365 is designed to be a multi utility drone catering to the various operations in agriculture from crop protection through spraying, direct seeding to replace the cumbersome and expensive transplantation process in Rice and also for rapid afforestation purposes. Marut’s product is extensively tested on the field of 1.5 lakh acres in 10 states across India.

Marut Drones Founder, Mr. Prem Kumar Vislawath, said, “Marut Drones has been taking steps inline with its vision of Advancing Agriculture. Manual spraying in agriculture have caused huge negative health impacts on operators. And a mindless repetition of these sprays is inhumane exposing the operator to chemicals and leading to cancers.  With both type certification and RTPO approvals by DGCA, the manual inhumane operations can be easily performed by drone making it safe to the operator. This also creates new job opportunities in rural areas. A drone entrepreneur using this drone can earn anywhere between Rs.40000 to Rs.90000 enabling him to work at comfort of his home making a positive impact on farmers”.

Marut Drones Cofounder Suraj Peddi said “ All the drones in the market can only be used for a single purpose like spraying pesticides in the farms. Understanding the ground reality of farmers, for better ROI and product experience we have built the first multi-purpose drone. Our AG 365 is similar to tractors and  one can do more than just spraying by changing attachment. This will give better ROI to user and the drone can be used across year for different purposes in agriculture“.

Marut Drones team also demonstrated their Agri Multiutility drone platform AG 365 and interacted with Hon’ble Prime Minister Shri Narendra Modi in PM Kisan Sammelan that was organized by the Ministry of Agriculture & Farmers’ Welfare at IARI Mela Ground, Pusa, New Delhi in October 2022. Hon’ble Prime Minister took a walkthrough of the Marut Drones Exhibition, inspected the AG 365 – Agricopter product, and appreciated the Marut’s science behind Agri spraying, including developing SOP protocols in 7 crops and training modules specific to agriculture spraying and crop diagnosis.

Payworld, a Bharat-focused Fintech brand to enter Neo-banking and will be working with Banks, NBFCs and other system participants towards facilitating credit penetration, E-Rupee, UPI & E-KYC

28, December 2022, New Delhi: Payworld, one of Bharat’s leading fintech platforms is on a mission to bridge the Digital Financial Divide between India & Bharat. In the year 2022, Payworld crossed the milestone mark of being associated with one million retailers across Bharat, who are now serving their communities in semi-urban, rural, and underbanked communities in urban India. eKYC authentication approval from UIDAI and Corporate agent license to facilitate insurance distribution were among the key accomplishments and partnerships by Payworld in the year 2022.

This year, Payworld launched new products that include additional credit facilities for their retailers, allowing them to source Credit Cards and Personal Loans for their end consumers which allow them to help their customers pay their Credit Card and LIC premium payment. Payworld also worked on democratizing access to insurance by providing micro-insurance products through their partners to customers of Bharat.

In line with Payworld’s mission of building a Bharat focussed Neo Bank, it onboarded Mr. Amit Tyagi as the CEO to spearhead the organization. The company forged new partnerships, expanded its distribution, and is now aiding its partners to serve more customers with a wider range of services. SURU(Semi Urban Rural Area) goegraphies contributed to a large portion of the revenue for the brand in the year 2022. North-Eastern states, U.P, Bihar, and Jharkhand were among the territories where we witnessed exponential growth, in terms of the addition of new retailers this year.

Keeping pace with the achievements and the growth of the brand, in the year 2022, Payworld is all set with its growth plans for the year 2023. The brand has plans to enter the data-based credit services business and launch new products for small and medium enterprises like Salary Solutions, Expense Management, RuPay Cards, among others. Payworld will enter Neo-banking and will be working with Start-ups, Banks on facilitating E-Rupee, UPI & E-KYC. With all the initiatives and efforts of the brand, it aims to double GTV from 11,000 crores to Rs 22,000 crore by FY year 2023.

Talking about the accomplishments of the brand in the year 2022, Mr. Amit Tyagi, CEO, Payworld mentioned, “We are on a mission of bringing financial inclusion and wellness to all the citizens of Bharat through our last mile services. Payworld intends to build a Bharat-focused Neo-Bank that helps small businesses deliver services to their communities and aid in their financial wellness. 2022 has been a great year for us. Payworld is proud to be furthering financial inclusion and wellness while operating a fundamentally solid, scalable, and sustainable business.  Our satisfaction is doubled when we see our retail partners prospering while leading their communities to prosperity.

Ap Cm Jagan Mohan Reddy Ends 2022 on a Happy Note; Disburses Rs. 590 Cr to Left Over Beneficiaries

Amaravati, Andhra Pradesh, December 28, 2022: Ensuring that no eligible beneficiary missed out on schemes disbursement, CM Jagan’s government deposited Rs. 590.91 Cr to a total of 2,79,065 beneficiaries. (For all schemes implemented between June and November, the missed-out beneficiaries received the scheme benefits in the month of December).

Asserting that the government is functioning with the best practices in providing welfare scheme benefits to all eligible members in 100% saturation mode, the Chief Minister further emphasized the government’s commitment to transparency, ensuring the last mile delivery.

Two weeks ago, the AP government announced yet another hike in the social security pension scheme from Rs. 2,500 to Rs. 2,750, with effect from January 2023. Addressing the enhanced pension scheme, the CM said, “Over 80% of the pension enhancements have been completed, which translates into the government paying over Rs. 1770 crore to 64.74 lakh pensioners every month. This is only possible through the transparent method of a strong volunteer system and Village/Ward Secretariat staff services, handholding the elderly and differently abled for the last 3 years”. The Chief Minister has also ordered the officials to conduct a social audit of the pension scheme every 6 months.

In response to a few media who are spreading false propaganda, Chief Minister YS Jagan has instructed the concerned district collectors to take a strong stand against it.

Packages of Hope: Company employees brave weather to hand out personal care packages

Newark, NJ – On the last day before the holiday weekend, AvaCare Medical workers stood in the cold rain, sparking warmth in the homeless and needy of Newark, NJ with self-care packages they had packed themselves in the company warehouse a few days earlier. In just 3 hours, 500 packages containing basic hygiene supplies, such as shampoo, soap, deodorant, mouthwash, and toothpaste, were distributed to the hundreds of people who lined up at the St. James Social Service building.

Seeing so many people walking away with a smile on their faces was a sight to behold for Jay Stein, AvaCare Medical’s director of purchasing, who was on scene to help. “It was incredible to watch, making so many people’s holiday season a happy one!”

Vesta, the executive director at St. James Social Services, said the event was a tremendous success and looks forward to partnering with AvaCare Medical in the future. AvaCare Medical is committed to providing the highest quality service to its customers, and events like these make it clear that its commitment to caring extends beyond its customers.

Source: AvaCare Medical