Showing posts with label GDP. Show all posts
Showing posts with label GDP. Show all posts

Tuesday, April 16, 2013

“Egypt has undergone a sea change after the revolution”

Adel el Masry, Director of Egypt Tourism Authority, is upbeat on his country’s tourism prospects, which had taken a hit following the political uprising in the country. In an exclusive interaction with b&e’s Dipshikha Das, Masry talks about how Egypt’s tourism is back on its feet and what his country is doing to promote tourism

B&E: The political turmoil caused by the Arab Spring, the subsequent fall of the Hosni Mubarak regime and the current fragile state of affairs in Egypt have taken a heavy toll on tourism in the country. What are you doing to help it bounce back?
Adel Masry (AM):
Tourism to Egypt is returning to stability after a long movement for political democracy. Egypt is receiving immense support from several nations who are helping improve the situation by lifting travel advisories against Egypt. The Egypt Tourism office in India is aggressively taking part in all important trade fairs and travel expos for giving maximum exposure to and showcasing the country’s tourism industry to the entire South-east Asia market.

B&E: In the Egypt tourism’s scheme of things, where does India fit in?
AM:
Tourism is an important driver of our economy and the annual growth in this sector has risen to around 30%. Last year we received 16 million tourists, and earned around $11,000 million. Currently tourism contributes approximately 11.8% to Egypt’s GDP. In 2009, we had 87,000 Indian tourists and, in 2010, it stood at 1,14,000, up 36% against the previous year. We are expecting at least a 35% increase by the end of this year.

B&E: After the turmoil that your country has been through, how difficult do you think it would be to lure foreign tourists to Egypt?
AM:
It’s true that we suffered a huge loss in terms of tourist flows from Asia and elsewhere in the wake of the people’s movement that Egypt faced. However, we have been taking steps to lure the Indian tourists back. We have doubled our tourism promotion budget in India from a half million dollars to $1million in the current year. We are aggressively targeting Indian tourists in cities like Mumbai, Delhi, Ahmedabad, Bangalore, Kolkata, Chennai and Jaipur. But it’s not just the big cities but also the tier II cities we are looking at now. We have adopted an experimental marketing approach by organising tours for our travel partners to witness the destination in the aftermath of the political unrest and see for themselves that Egypt is now once again as safe and secure for tourists as it has always been in the past. Also, we have increased the limit on baggage allowance for tourists travelling through Egypt Air as well as increased the frequency of our flights to five days in a week from Mumbai to Cairo and vice versa. Post the movement in Egypt, the “Tahrir Square in Cairo” has generated a lot of interest for people to see and visit the place since it was the epicentre of all activities during the movement. We had recently organised FAM trips for the Indian media to witness and see how Egypt has undergone a change after the democratic movement. Also, to raise our profile in India, we have participated at important tourism events like SATTE in Delhi, TTF & OTM in Mumbai, and the recently held PATA travel mart in Delhi.


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
 
For More IIPM Info, Visit below mentioned IIPM articles
 
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Wednesday, January 30, 2013

Unhealthy numbers

India’s standing on most indicators of health has not improved, and the government has failed to play the role that was expected from it, says Vikas Kumar

Public health was one of the priority areas of the UPA government’s common minimum programme. But by the end of the regime, it has been another saga of broken promises and missed opportunities. And it’s thanks to health minister A. Ramadoss, who has squandered his precious tenure on petty squabbles with former AIIMS director, P. Venugopal, and hogged the limelight for all the wrong reasons instead of channelising his energy towards completion of six new AIIMS. Increasing public spending on health to at least 2-3 % of GDP was ambitious target of United Progressive Alliance. And the result is – a mere 15% increase in the allocation in the budget to Rs.165.34 billion.

The Common Minimum Programme states, “The UPA government will take all steps to ensure availability of life-saving drugs at reasonable prices. Special attention will be paid to the poorer sections in the matter of healthcare. The feasibility of reviving public sector units set up for the manufacture of critical bulk drugs will be re-examined so as to bring down and keep a check on prices of drugs.” However, Chemical and Fertiliser minister Ram Vilas Paswan admitted his failure to tame the pharma lobby to B&E, “The lobby is very strong. We had been successful in including 74 drugs in the price control list. However, we are shifting our attention to opening more and more government dispensaries.”


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.

Monday, January 21, 2013

No. 1, Frunzenskaya Street, Moscow, Russia

WHEN OIL GREW, RUSSIA GREW; WHEN OIL FELL, RUSSIA ENSURED UKRAINE FELL. IF DUBAI IS A CASE IN QUESTION, THEN THE FACT IS THAT RUSSIA AND UKRAINE TOGETHER HAVE THE POTENTIAL TO DEBILITATE THE COMPLETE GLOBAL ECONOMY. SAYS GYANENDRA KASHYAP

If you were to walk up the Frunzenskaya Street in Moscow right up to address number one, on a quiet wintery day you might just be able to hear the echoes of a brilliant ensemble playing somewhere around. If you tried hard, you’d realise that the sounds are coming from right behind the monolith doors engraved into the building facing you – that’s the building housing Moscow’s State Academy of Choreography, better known as the Bolshoi Ballet Academy, one of the world’s most renowned opera houses. If you were luckier, you might get to even steal an entry into a show at the Bolshoi. And better, if you were an economist, it wouldn’t have taken you a Kremlinisque second to notice the similarities that the Russian economy, and for that matter, the Ukrainian economy, have with ballet performances at the Bolshoi – with their splendiferous share of joy, sorrow, dramatics, emotional crashes, violent drama and an ending too, happy or sad depending upon which part of the official release you were fed. Today, Ukraine and Russia together have the power to break the back of the global economy. And if the world really needs an answer to which of the two could be the next Dubai, Ukraine unfortunately tops the chart.

Ukraine has the world’s highest cumulative default probability of 57.3%, almost double that of Dubai, which has a default probability of only 31.3% (Chicago Mercantile Exchange data). World Bank data shows that fiscal deficit (as % of GDP) in Ukraine has more or less grown from 2.3% in 2005 to a most worrying 7% in 2009. Public debt (as % of GDP), similarly, has grown from 17.7% in 2005 to 36.7% in 2009, an extremely dangerous rise. Worse is the fact that debt service ratio (debt service payments as a ratio to export earnings) in the last four years has almost doubled, rising from 14.6 in 2005 to 27.9 in 2009. Sample Ukraine’s inflation rate for the past five years – 2005 (24.55%), 2006 (14.88%), 2007 (22.75%), 2008 (29.09%) – and you start realising the enormity of the problem facing you. As per a World Bank report released in October 2009, external debt has increased from 45.3% (of GDP) in 2005 to a gut wrenching 92.6% in 2009, more than double.


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.