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Airfares are soaring ahead of peak summer travel season: Here’s why



Trouble in the air

Jet Airways founders Naresh Goyal and his wife Anita Goyal stepped down from the board on Monday. “The founders’ step-down was a key demand by the banks. Banks might take the management into their hands and the fund infusion decided by the banks, which is Rs 1,500 crore, may be able to revive two-thirds of the Jet Airways fleet within a month. The concern right now is to stabilise key international and domestic routes hence, they should be reviving their fleet in a month’s time,” said Ashish K Nainan, research analyst at Care Ratings, an industry research firm. Cash-strapped Jet Airways has grounded 78 aircraft and cancelled flights. This month, SpiceJet grounded 12 aircraft after a Boeing 737 MAX aircraft, operated by Ethiopian Airlines, crashed near Addis Ababa killing 157 people.

Impact on your pocket

Jet had a fleet of 119 aircraft and currently operates 41 aircraft. “It is a huge dent in the capacity,” said Ajay Prakash, chief executive of Nomad Travels.

“The increase in airfare is due to Boeing 737 groundings and financial crisis at Jet Airways. But the former has a much more limited impact,” said Nainan. Considering that the trouble in the aviation industry comes ahead of the peak summer travel season, you are likely to see a dent in your pocket if you are planning to travel anytime soon. “Low-cost airlines do not get any special incentives for running at low fares. By continuing to run at low fares in the current scenario, some of the airlines will also bleed financially,” said Sanjay Narula, vice president of Travel Agents Association of India. AIRFARES UP 30-50% “The rise is more acute between major cities and more impact is seen in last-minute fares [less than seven days],” said Balu Ramachandran, head of air and distribution of, a travel portal.

“For instance, Pune to Bangalore last-minute fares are up by 44%, Pune to Mumbai up by 24%, Delhi to Mumbai up by 14% and Mumbai to Bangalore up by 30%,” he added.

“Subsequent to the fare increase the industry has been witnessing since the last month, we have seen a further 10-20% average increase in fares when compared to fares last week,” Ramachandran added.

“Comparing the average fares in March this year as compared to last year, there has been an increase of 30-50%,” said Narula.


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Breaking News: Silicon Valley Bank’s Collapse Sends Shockwaves Through Financial World – Is India’s Banking System Next to Crumble?



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Are Indian Banks Ready to Face the Heat of Rising Interest Rates?

As Silicon Valley Bank (SVB) faces the heat of collapsing amidst rising domestic interest rates, Indian banks are left wondering if they are next in line. With the Indian economy still recovering from the COVID-19 pandemic, the prospect of rising interest rates could lead to a devastating blow to the country’s banking sector. Will Indian banks be able to weather the storm or will they collapse like SVB?

Indian banks have already faced a tumultuous few years with multiple frauds and defaults taking place, leaving many questioning their resilience. With the Reserve Bank of India (RBI) indicating that it may hike interest rates in the near future, the pressure on Indian banks is set to increase. The question remains – are Indian banks prepared to face the heat of rising interest rates or will they buckle under the pressure? Only time will tell.

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Delhi: Businesses can now remain open 24×7, over 300 applications cleared by L-G



Photo by Rehan Fazal on Unsplash

From restaurants to transport services and BPOs to online delivery services, all those who apply for exemptions will be allowed to operate 24×7 in Delhi starting next week, with Lieutenant Governor V K Saxena approving the proposal to exempt 314 such places to operate all day long, some of them pending since 2016, officials said.

“The L-G has directed that notification to this effect be issued within seven days. The decision of providing exemption under Sections 14, 15 & 16 of the Delhi Shops & Establishment Act, 1954, is expected to boost employment generation and promote a positive and favorable business environment that is a prerequisite for economic growth. The decision will also provide a fillip to the much desired ‘nightlife’ in the city,” said an official.

Source: IndianExpress

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Swiggy Instamart figures, Mumbaikars ordered 570 times more condoms in the last one year



Customers are also ordering medical-related things through online shopping platforms. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year.

These days people are doing online shopping fiercely in the country. Through Grocery Service Platforms, the goods of need are easily reaching people’s homes. From vegetables to medicines, just a few clicks on the smartphone are reaching people’s doorsteps. According to a survey, Swiggy Instamart has provided service to more than 9 million users between June 2021 and June 2022. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers.

Healthcare products orders

Customers are also ordering medical-related things through online shopping platforms. According to a survey, Mumbaikars have ordered 570 times more condoms in the last 12 months. At the same time, in 2021, Instamart received orders for about two million sanitary napkins, menstrual cups, and tampons. Apart from this, a lot of orders have also been received for grocery items.

56 lakh packets of noodles ordered

According to the survey, between April and June last year, there was a 42 percent increase in the demand for ice cream in these metro cities. It was also learned that most of the orders were placed after 10 pm. In metro cities, people have ordered 5.6 million packets of instant noodles. In Hyderabad, users ordered around 27,000 bottles of fresh juice during the summer months.

60 lakh eggs ordered

The demand for eggs has increased manifold in the last two years. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year. According to the report, customers from Bangalore and Hyderabad ordered the maximum number of eggs for breakfast. At the same time, people of Mumbai, Jaipur, and Coimbatore have ordered the maximum number of eggs online at the time of dinner.

Demand for dairy products

There has been a huge jump in orders for both tea and coffee. According to the report, there has been an increase of 2,000 percent in its demand. At the same time, 3 crore orders of milk have come for milk. People from Bangalore and Mumbai have placed more orders in the morning. Regular milk, full cream milk and toned milk are the most ordered dairy products.

Ordering fruits and vegetables

Orders for 62,000 tonnes of fruits and vegetables have been received in the last year. With 12,000 orders, Bengaluru tops the list of organic product buyers. At the same time, Hyderabad and Bangalore together have ordered more than 290 tonnes of green chilies in 12 months. Over 2 lakh orders have been received for bathroom cleaners, scrub pads, drain cleaners, and more in the last year.

Source: Aajtak

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