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The global economy is slowly getting back on its feet. However, the recovery remains uncertain and uneven. Recovery has proven more prolonged and challenging than any previous recession In the last century. India also received downgrades In 2012–2013 and witnessed a decade low GDP growth of 5 per cent over the previous year which is attributable to both domestic factors and continued uncertainty In global economy. However. Indian economy is growing, despite the economic crisis that engulfed the world. While Services were the largest contributor to growth claiming 60 per cent share. Manufacturing, Utilities. Agriculture were up only marginally, while Mining and Quarrying declined substantially. The Indian service sector accounts for a large part of the Indian economy, whether in terms of employment potential or its contribution to the national income.
In this prolonged economic slowdown which has hit the consumer demand, the Hotel Industry recovered faster than expected. Trade, Hotels and Restaurants as a group is the largest contributor claiming 18 per cent to the India's GDP. With International tourism Increasing year–on–year and Ihe continued strength of domestic tourism, there are incredible opportunities for growth. Due to the growing middle class that has sufficient disposable income to travel, there is increase in domestic leisure travel. Also noticeable is the fact that Indians are taking more frequent holidays. Holidays are Increasingly becoming a fixture in annual household budgets Domestic tourism is very huge in the country, promoted by various intents. Pilgrim and Leisure tourism are two very important sectors.
The tourism sector can also be considered as the backbone for allied sectors like hospitality, civil aviation and transport. The Ministry of Tourism has also played an important role in the development of the industry, initiating advertising campaigns such as the 'Incredible India', which promoted India's culture and tourist attractions in a fresh and memorable way due to which Ihe industry has been witnessing an upswing for last few years. On the other front, India has the potential to develop the rural tourism Industry. This can benefit the local community economically and socially. With world tourist arrivals expected to increase on an average by 43 million every year from 2010 to 2030 as per Economic Survey and Foreign Tourist Arrivals in emerging countries expected to grow faster than in advanced economies, a goldmine of opportunity In tourism is waiting for India. The Government is slowly realizing that there is vast untapped potential in the Indian tourism sector which can earn substantial amount of foreign exchange for the country. India is considered an economical destination, as the cost of living is low compared to most international destinations. Due to competition, the International airfares also have remained more or less stable over the years. Moreover, there is enormous potential for increase in foreign tourists due to weakening of the Indian rupee. To give a big boost to Tourism sector there is need for image makeover with higher investment in tourism infrastructure.
India being one of the key players of Tourism, the Ministry of Tourism plans to continue Its efforts to explore and promote the huge untapped potential of India as a world–class tourist destination. In order to overcome Indian tourism's 'seasonality' obstacle, the Ministry of Tourism has devised strategies to promote the industry's niche tourism products such as Cruise Tourism, Adventure Tourism, Medical Tourism. Wellness Tourism, Golf Tourism. Polo Tourism. Meetings. Incentives, Conferences and Exhibitions (MICE) and Film Tourism. In view of the positive long term outlook of the blooming hospitality industry your Company is aggressively looking forward to grab the opportunities in this arena.
n spite of the weak global economic cues and the sluggish national growth, your Company's hospitalitybusiness has shown a substantial growth of 41.72 per cent with the IT segment growing marginally at 11.58 per cent reflecting a good nse in profit after lax by 18.47 per cent as compared to previous year. This growth Is partially on account of the rise in revenues generated by the Company's hotels and resorts at various locations. Recognizing its capabilities in managing the hotel business In efficient and economical manner, your Company during Ihe year has been managing and operating the business of various hotels, clubs and resorts across India, which has also contributed to revenues of the Company.
For capturing the opportunities packed in outbound tourism your Company has expanded its arms at Thailand, Singapore and Oubai through subsidiary companies. In Thailand your Company has acquired several condominium units at Pattaya. Phukel and Bangkok. In Singapore your Company has leased service apartments for its customers and is also looking out for properties at Dubai, which is also a popular business hub for hospitality business. There are also plans to set up a representative office In Dubai.
With the Group's investment–led growth strategy, in the last few months the Panoramic Group has acquired hotel/resort properties at Chail in Himachal Pradesh. Corbett. Bhimtal. Bageshwar, NewTehri In Uttarakhand. Pench and Kanha in Madhya Pradesh, Sunderban in West Bengal. Todgarh and Udaipur in Rajasthan, Gir in Gujarat. Mahabaleshwar and Lonavala in Maharashtra and Kollam in Kerala which are among Ihe favorite touhst locations. These locations are amongst those of hill stations, lion and tiger reserves. Back–waters and places for true nature lovers. Your Company has identified few more properties at popular tourist destinations. To sum up. the Group has In its kitty a place of every description whether it is for a leisure Irip or a business trip, you name it and we have it.
With this the Group has more than 33 operational properties in India and overseas. The Group also has few more upcoming projects In the pipeline located at most visited places such as Goa, Kumarakom, Jaipur, Tadoba,
Magic Holidays" brand of the Company's subsidiary. Panoramic Holidays Ltd has been able to create waves in the timeshare segment with its customer–centric approach. It provides its customers timely booking at any of the Company's resorts in some of the best locations in India and abroad. Additionally, they get a value–for–money package, which is an advantage in these inflation–ridden times. With RCI affiliation. Magic Holidays gives customers a wide choice of holidaying in 6500* resorts across 103 countries. Us recent survey reveals that the brand has more than 97 percent satisfied customers.
Travel and Tourism division owned by another subsidiary. Panoramic Tour and Travels Ltd is also widening its arena by providing package and customized tours not only in India but also in international destinations with the facility to book and pay online To create value for its customers the Company has tied up with Travelfusion, Cleartrip and many more to facilitate air, rail and hotel bookings online.
Your Company's Information Technology division has core competencies in customized software application development, e–business applications, legacy, client/ server systems, websites & portal development. Your Company aspires to provide integrated solutions to Its clients.
In spite of a challenging environment your Company is able to sustain and grow strongly. With its given strengths and capabilities, your Company is bound to go places. I would like (o lake this opportunity to lhank our shareholders, employees, bankers, customers, suppliers, the government authorities and all those who have been associated with the Group and others who have consistently extended their support and shown confidence in us at all times.