Interim Budget 2024 Expectations: Govt to target fiscal deficit at 5.3% of GDP for FY2025, says ICRA

ICRA expects the fiscal deficit target for FY2025 to be set at 5.3 per cent of GDP, midway through the expected print of 6.0 per cent for FY2024 and the medium-term target of sub-4.5 per cent by FY2026.With the the Union Finance Minister Nirmala Sitharaman all set to present the interim Budget for the fiscal year 2024-25 on February 1, 2024, an analysis by ICRA suggested that the government is likely to target fiscal deficit at 5.3 per cent of GDP for FY2025, entailing a reasonable degree of fiscal consolidation amid slower capex growth. The upcoming Budget will be an interim one and is said to have no major announcements as it is coinciding with the general elections year which is scheduled for this year. The full budget for the fiscal year 2024-25 will be presented after the formation of the new government following the general elections. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year.However, the expansion in the Government of India’s (GoI’s) capex and the extent of fiscal consolidation would be scrutinised closely, given the implications for growth and G-sec yields, respectively. ICRA expects the fiscal deficit target for FY2025 to be set at 5.3 per cent of GDP, midway through the expected print of 6.0 per cent for FY2024 and the medium-term target of sub-4.5 per cent by FY2026. “This, along with our projection of an appreciable dip in the revenue deficit, would allow for a capex target of Rs 10.2 trillion for FY2025, 10 per cent higher than the expected level for FY2024 vis-à-vis the 20 per cent-plus YoY expansion seen during FY2021-FY2024. A higher capex target would impinge on the GoI’s ability to bridge half the required fiscal consolidation in FY2025, thereby making the task of reaching medium-term fiscal deficit target by FY2026 even more challenging,” ICRA said in a report. Given the favourable macroeconomic backdrop and expectations of the benign domestic environment sustaining in the next fiscal, per the analysis by ICRA, the GoI is expected to continue on the fiscal consolidation path in the Union Budget for FY2025. However, it added that this is likely to entail a slower expansion in capex vis-à-vis that seen in the post-Covid years, which could weigh on the growth in economic activity. Additionally, with the upcoming Budget set to be an interim one for the purpose of a vote-on-account, major policy changes and announcements are unlikely at this juncture, it said.“We expect the GoI’s gross tax revenues (GTR) to grow by a healthy 11 per cent in FY2025, led by direct taxes and GST collections, even as the growth in excise and customs duty collections is likely to be subdued,” it said. The disinvestment target is likely to be pegged at sub-Rs 500 billion for FY2025. Given the uncertainties involved in market transactions, it would be prudent to set a moderate target of sub-Rs 500 billion for FY2025, instead of a higher aim that may disrupt the budget math if there is a large shortfall in such receipts by the end of the fiscal, based on the past year trends. Furthermore, ICRA expects the revenue expenditure to increase by a modest ~4 per cent in FY2025, led by a moderate growth in interest payments amid a slight moderation in allocation for subsidies and a continued focus on curtailment of other expenses. It added, “We estimate the GoI to budget for a capex of Rs 10.2 trillion in FY2025, implying a relatively sedate YoY expansion of ~10 per cent, compared to over 20 per cent expansion seen in each of post-Covid years. The slowdown in capex growth is likely to have some bearing on economic activity and GDP growth.” As already mentioned above, ICRA expects the GoI to target a fiscal deficit of 5.3 per cent of GDP in FY2025, midway through the expected print of 6.0 per cent in FY2024 and the medium-term target of 4.5 per cent for FY2026.  

Dense fog impacts flight operations at Delhi airport

The IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today. Several flights were delayed at Delhi International Airport due to dense fog and low visibility. A few flights were also cancelled due to severe fog conditions in several parts of the country, Flight Information Display Board (FIDB) at Indira Gandhi International (IGI) Airport showed.  The IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today, India Meteorological Department (IMD) mentioned in a tweet while adding that Runway Visual Range (RVR) is between 600-1200 metres. According to the weather forecast agency, very dense fog is when visibility is between 0 and 50 metres, between 51 and 200 metres is dense, between 201 and 500 metres moderate, and between 501 and 1,000 metres shallow. Several flights were also delayed and a few were cancelled due to the prevailing fog. Arrived from Bahrain and my (connecting) flight is delayed by one hour,” a passenger at Delhi’s IGI airport said. People in Delhi woke up to a foggy Thursday morning with the minimum temperature settling at 6.6 degrees Celsius, one notch below the season’s average, the weather department said. The Financial Express logoThe Financial ExpressSign inInterim Budget 2024 Expectations: Govt to target fiscal deficit at 5.3% of GDP for FY2025, says ICRARam Mandir inauguration date draws closer: Find out the top stocks with Ayodhya connection to bet onThe regional Lala Land! From cinemas to TV, OTT, regional content catches the imagination of viewersWhere to invest for your child’s higher educationBusiness NewsBusinessAirlines AviationFlight Operations Hit! Dense Fog Delays Several Flights At Delhi Airport – Details InsideFlight operations hit! Dense fog delays several flights at Delhi Airport – Details insideThe IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today. The IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today, India Meteorological Department (IMD) mentioned in a tweet while adding that Runway Visual Range (RVR) is between 600-1200 metres.Planned model of Rajmata Vijayaraje Scindia Airport in Gwalior (Image/@MoCA_GoI)Gwalior soars higher! Jyotiraditya Scindia boosts regional connectivity with new flights to 3 cities including Ayodhyapenalties for IndiGo and MIAL; Air India, SpiceJet finedMumbai Airport tarmac incident leads to rare high penalties for IndiGo and MIAL; Air India, SpiceJet fined Rs 30 lakh each – Here’s what happenedHindustan 228 aircraft HALHAL to unveil Hindustan-228 aircraft, upgraded Dhruv helicopter at Wings India 2024Air India Express Gwalior to Bengaluru direct flightAir India Express expands footprint: Daily direct flight from Gwalior to Bengaluru takes offAccording to the weather forecast agency, very dense fog is when visibility is between 0 and 50 metres, between 51 and 200 metres is dense, between 201 and 500 metres moderate, and between 501 and 1,000 metres shallow. Several flights were also delayed and a few were cancelled due to the prevailing fog.“I arrived from Bahrain and my (connecting) flight is delayed by one hour,” a passenger at Delhi’s IGI airport said.Dense fog prevails in parts of the country People in Delhi woke up to a foggy Thursday morning with the minimum temperature settling at 6.6 degrees Celsius, one notch below the season’s average, the weather department said.The Indian Meteorological Department has issued a yellow alert for moderate to dense fog at isolated places in the city for the next two days.According to an official release by the IMD, ‘very dense fog’ was observed in isolated parts of Punjab, Haryana, West Rajasthan and Bihar at 5.30 am on Thursday.Similar heavy fog was also reported in isolated parts of Delhi, West Uttar Pradesh, Jharkhand, Odisha and Assam while moderate fog was observed in isolated parts of Sub-Himalayan West Bengal and Sikkim, as per IMD.  

Budget 2024: A pressing issue that may not wait till full budget

The fiscal deficit target of 5.3% will be set by the government in FY25, keeping in view the fiscal consolidation path till FY26, as it normalises capital spending and refrains from any major announcements in the interim budget before the general elections, Icra and Barclays economists have said. ICRA expects the fiscal deficit target for FY25 to be set at 5.3% of GDP, midway through the expected print of 6.0% for FY2024 and the medium-term target of sub-4.5% by FY26. India's Fast Moving Consumer Goods (FMCG) sector, which has 34% of its market in rural areas, is a good indicator of rural economic health. It is facing challenges in rural areas due to sluggish demand. The deficiency in rainfall in key agricultural states has disrupted the revival of rural demand seen in the first two quarters of the financial year. President of All India Consumer Products Distributors Federation, Dhairyashil Patil, has told TOI that FMCG sales in rural areas are 20-30% lower than usual. Demand for daily household products and groceries continued to be challenging in villages during October-December quarter, potentially hurting volume growth of the overall consumer goods sector. Godrej Consumer Products said demand trends in the fast-moving consumer sector during the third quarter were like the earlier quarter, while Marico said urban markets stayed steady but rural markets offered little cheer."High rural unemployment, along with demand for NREGS, reflects rural stress. El Nino derailed the initial green shoots seen at the start of FY24. Increased aggression of smaller players and alternative avenues of spending such as higher spends on education, medical, telecom charges, are leading to softer growth in the FMCG sector," Abneesh Roy, executive director at Nuvama Institutional Equities, has said. Consumer goods companies and analysts say demand for daily groceries and personal and home products in villages continued to trail urban growth in the December quarter but expect a steady recovery across markets on improving macro indicators, positive consumer sentiment and, importantly, increase in government spending in the election year.Another marker of rural distress is stiff demand for work under the Mahatma Gandhi National Rural Employment Guarantee Scheme. The budgetary outlay of Rs 60,000 crore for the shceme for fiscal 2024 was exhausted by November itself. The government subsequently provided Rs 10,000 crore in urgent assistance to meet demand.The FMCG companies have high hopes from election-year spending that will spur rural consumption. "During an election year, governments often extends benefits which are provided as part of various schemes, offer sops, helping rural households," said Akshay D'souza, chief of growth and insights at retail intelligence platform Bizom.    

What is the meaning of happy customers?

The ICC Cricket World Cup helped India's economy by increasing consumer spending across a number of businesses, with hotels, restaurants, and sports goods retailers benefiting most. Local cafes, fine-dining establishments, and small enterprises also saw growth. Retailers might expand business hours, hold freebies and contests, use social media platforms for engagement, start advertising campaigns, and push specials in order to take advantage of the increase in spending. A comfort.People had plenty to celebrate in 2023, from large-scale athletic events to significant concert tours. During the ICC Cricket World Cup, India hosted a multi-week athletic spectacular that was loved by legions of spectators. Companies planned trips, friends and family got together to support their teams, and fervent supporters traveled to destinations like Chennai and Delhi, just two of the several host towns that were humming with enthusiasm. There were numerous knock-on repercussions on the Indian economy. Consumer spending increased in all sectors of the economy, although it benefited hotels, restaurants, and sports memorabilia stores the most. Small companies, neighborhood eateries, mom-and-pop shops, and upscale eating establishments all experienced growth. With the World Cup, India's economy gained ground.Here are some strategies used by brands to capitalize on significant events: Increase business hours to satisfy those who wish to purchase before or after the event Organize competitions and giveaways, like trivia games, where victors can get gifts, deals, or complimentary merchandise. Use social media to promote user-generated content, engage customers with contests and real-time updates, and launch advertising campaigns that capitalize on the event's popularity. Encourage offers,... Visit this link for additional information: https://economictimes.indiatimes.com/industry/services/advertising/unravel-the-impact-of-major-events-on-consumer-spending/score-big-with-consumers/articleshow/106883402.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstUsing a new digital food offer that offered a discount for buying large meal bundles during the event, a convenience store in the market sought to increase food sales over a significant weekend of broadcast sports events. Following the campaign's end, the shop sought to determine its effectiveness and which customers benefited the most from it.Introducing Mastercard Test & Learn®, a cloud-based tool that assists businesses in designing and analyzing market trends to identify the incremental impact of their initiatives and decide how best to target and customize their rollout in order to optimize return on investment.    

At USD 10.5 billion, the largest acquisition ever made in India's infrastructure and materials sectors

Ahmedabad, India, May 15, 2022: The Adani Family stated that it has finalised arrangements to purchase the whole interest of Switzerland-based Holcim Ltd in two of India's top cement companies, ACC Ltd. and Ambuja Cements Ltd., through an offshore special purpose company.   Holcim owns 54.53% of ACC (of which 50.05% is held through Ambuja Cements) and 63.19% of Ambuja Cements through its subsidiaries. With a value of about USD 10.5 billion for the Holcim holding and open offer consideration for Ambuja Cements and ACC, this is both the largest acquisition by Adani and the largest M&A deal in the infrastructure and materials sector in India.   "Thanks to Holcim's global leadership in cement production and sustainability best practices, we can accelerate the transition to greener cement production," Mr. Adani continued. Additionally, two of the most well-known brands in India are ACC and Ambuja Cements. Our footprint in the production of renewable energy gives us a significant advantage in the decarbonisation process, which is essential for the manufacturing of cement. With all of our skills combined, I have no doubt that we will be able to create the greenest and most sustainable cement production methods possible, ones that will either match or surpass international standards.   "I am thrilled that the Adani Group is taking over our Indian company to spearhead its next phase of expansion," stated Mr.Jan Jenisch, CEO of Holcim Limited

HDFC Bank to sell its whole 9.95 percent equity stake at ₹600.36 per equity share to Softcell Technologies Global Private Limited (STGPL).

For a value of ₹9.94 crore, HDFC Bank has signed an agreement to sell its whole 9.95 percent equity ownership in Softcell Technologies Global Private Limited (STGPL) at ₹600.36 per equity share.   Founded on September 6, 2018, STGPL is a company that sells software, related services, and IT items. The company reported a net profit of ₹11.33 crore for FY22, with a turnover (operating income) of ₹584.42 crore.   According to the bank's regulatory filing, the deal is expected to be completed by the end of February.   According to the filing, STGPL is a shareholder of HDFC Investments Limited, a promoter group entity of the Bank.    

Sobek Auto to be acquired by CarTrade Tech for ₹537 crore

CarTrade Tech, an online vehicle classifieds platform, announced on Monday that it has signed an agreement to buy Sobek Auto India for a reported ₹537 crore. Sobek operates an online classifieds company in addition to an automotive digital platform.   CarTrade Tech announced in a regulatory filing that the business has engaged into a share purchase agreement to purchase a 100% ownership in Sobek from OLX India BV, subject to the fulfilment of certain requirements.   According to the company, the acquisition is a step towards its strategic goals of making investments that will complement CarTrade Tech's current commercial operations.   On June 30, 2023, Sobek purchased the online classifieds company from OLX India in accordance with the terms and conditions specified in the business transfer agreement.    

The Adani Group buys the bulk of IANS News Agency

Adani Group announced on last Friday that it has purchased a 50.50 percent ownership in news agency IANS India Private Limited through its fully owned subsidiary, AMG Media Networks Limited (AMNL). According to the Share Purchase Agreement dated December 15, 2023, this majority stake is made up of Equity Shares (Category I shares with voting rights) and Equity Shares (Category II shares without voting rights) of IANS India Private Limited (IANS), each, the company announced through an exchange filing. Adani first entered the media industry in March of last year when it bought Quintillion Business Media, the company behind the digital news platform BQ Prime for business and finance. After that, in December, it acquired over 65% of the broadcaster NDTV. According to the petition, AMNL would have complete operational and managerial control over IANS, and it will also have the authority to name all of the organization's directors.   IANS is currently an AMNL subsidiary as a result of the aforementioned acquisition." Adani, a first-generation businessman, began his career as a commodities trader in 1988 before growing his company to become the biggest private infrastructure player in India, owning 13 ports and 8 airports. Its operations have expanded over time to include the production of coal, energy distribution, data centers, and, more recently, cement and copper. In order to establish a private network, it even placed a bid and won the 5G telecom spectrum.

Elections and a more optimistic outlook will result in a successful year for advertising.

Inflation, advertising, AI, and elections will all be significant in 2024. During The Year Ahead 2024, which was held in London last week, Ian Whittaker, media analyst and founder of Liberty Sky Advisors, and Kelly Beaver, CEO of Ipsos UK and Ireland, discussed a number of these trends.wholesome marketing Speaking to delegates who were invited only to the Waldorf Hilton, Whittaker declared that 2024 would be "relatively benign" and that 2023 had been "generally better than expected. " As per Whittaker, the stock markets and tech companies' reduction in adspend was likely influenced by the rising interest rates in the past few years."We are probably going to be in an environment of historically low interest rates, but not where we were with the same level of cheap money," he said, adding that the days of interest rates close to 0% "are gone."Although "stickier than we thought," inflation over the previous 18 months had nevertheless enabled businesses to quickly implement price increases equivalent to nearly a decade's worth, and this trend is expected to continue. He did predict that advertising would "be healthy this year" and that adspend would "continue to come through" provided corporate profitability held steady.More precisely, Whittaker predicted that the subscription VOD market would be "flatlining" in all major markets because it was "hard to see further penetration" and that the tech giants, which he dubbed "the Magnificent Seven" and included Meta and Google, would not have quite as good a year in 2024.Conversely, he anticipated strong performance from retail and broadcast media. Whittaker concluded, saying, "I believe that 2024 will be a good year overall. It will be fairly harmless, and the advertising space will perform admirably. 

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Despite losing the Bat

Islamabad: Barrister Gohar Khan, the leader of the beleaguered Pakistan Tehreek-e-Insaf, declared on Monday that his party would not abstain from the February 8 election, even though they were compelled to run without their cricket bat poll symbol. Mr. Gohar made his remarks a few days after the Pakistan Tehreek-e-Insaf party was forced to field its candidates as independents for the elections after losing its famous cricket bat, which served as its electoral symbol.   "With God willing, we will participate fully in the elections," Mr. Gohar declared. He also mentioned that the Pakistan Tehreek-e-Insaf party would release a list of its endorsed candidates along with their corresponding electoral symbols in three days.In a decision released late on Saturday, a three-judge Supreme Court panel maintained the Election Commission of Pakistan's (ECP) ruling from December 22, which had deemed the Pakistan Tehreek-e-Insaf's intra-party polls "unconstitutional" and removed the party's poll symbol. Speaking to the media outside the Adiala Jail, he claimed that the ruling of the top court was a "conspiracy against democracy" and that it had an impact on Pakistanis' fundamental rights. Additionally, he announced that the party would file a review petition against the ruling, pointing out that since the case involved Article 17 of the Constitution, a five-member bench of the top court should have heard the case.

EaseMyTrip refutes the claim that

CEO of EaseMyTrip Nishant Pitti addressed allegations on Tuesday that the standoff between the two nations was "instigated" by the travel aggregator's decision to halt flight reservations to the Maldives following criticism of Prime Minister Narendra Modi by three Maldivian ministers. In a lengthy post on X, Mr. Pitti emphasized the island nation's "pro-China" stance under President Mohamed Muizzu, who has demanded that Indian military assets stationed in the Maldives leave and called for Beijing to send more tourists, saying it is "only fair they earn money from Chinese tourist now". Additionally, he attacked those who were "seeing it (his company's decision) politically."

When individuals decide to move abroad

"People go to their destination—their place of employment—from their source—their native village, town, or city—for a variety of reasons. One is the migration of people with access to financial resources and a large social network to other nations in search of employment or business opportunities. Systems and regulations strongly encourage this kind of migration, which is frequently viewed as a means of generating wealth.The second is distress migration, which is typically seen by impoverished communities in their home regions as a coping strategy. This is frequently seen in India's rural-urban movement patterns, which may be brought on by natural disasters, other circumstances, or the failure of people's principal occupations, such agriculture, at the source. People are being compelled to migrate in this situation, and it is believed that the cause of the migration should be stopped.People moving voluntarily from rural to urban areas in India constitute the third type of migration, motivated by the desire to advance socially and economically. Similar to the first type of migration, this one is motivated by both the desire and capacity to take advantage of better possibilities that exist outside of the source location. In this situation, migrants search for work in metropolitan labor markets where there may be greater opportunity for advancement, better pay, and more favorable working circumstances. In Odisha, this last trend is very prevalent, with many people relying on migration as a source of income."  

Heinrich Klaasen ends his Test cricket career.

With immediate effect, Heinrich Klaasen has announced his retirement from Test cricket. Klaasen will remain available in white-ball competitions for South Africa. Between 2019 and 2023, Klaasen participated in four Test matches; the most recent one was against the West Indies in the summer. After Dean Elgar's Test career ended with the New Year's Test against India, he is the second senior player to leave the format. Although Klaasen was left off the squad in favor of Kyle Verreynne, Test coach Shukri Conrad insisted that Klaasen remained in his plans.Conrad stated as recently as February of last year that he thought Klaasen was a "better batter" and hence preferred him over Verreynne.  With a top-score of 20, Klaasen scored 56 runs in four innings against the West Indies, and Verreynne ended up third in the first-class league last season. Verreynne was Conrad's choice against India, although at the time of the squad's announcement, it was stated that Klaasen would probably play in Tests in Bangladesh and the West Indies later this year. Klaasen has withdrawn from consideration for those tours as of right now. Although he gave no explanation for his retirement, it is likely that Klaasen is chasing T20 leagues at this point in his career given his obligations in the MLC, IPL, and Hundred. "After a few nights of insomnia  

President Muizzu of the Maldives arrives in China for a closely monitored state visit

The visit to China by Maldivian President Mohamed Muizzu takes place against the backdrop of a diplomatic spat between India and the Maldives following remarks made disparagingly about Prime Minister Narendra Modi. At the invitation of Chinese President Xi Jinping, Maldivian President Mohamed Muizzu landed in China on Monday and will stay for five days till January 12, according to an official announcement.During his visit, Muizzu is also expected to meet with business executives and senior Chinese government officials at the "Invest Maldives Forum," according to the presidency. China is currently the Maldives' biggest creditor; Male owes Beijing around $1.3 billion in debt obligations. Beijing is among the nation's largest investors and economic partners; in 2017, the two governments signed a Free Trade Agreement (FTA). The Maldives has also ratified the Belt and Road Initiative (BRI), which is supported by Beijing.  

In Tamil Nadu, India, Rangers relocated the leopard that killed a three-year-old girl

In the Nilgiris district of Tamil Nadu, a baby was sadly killed by a huge cat on her way home from school on Saturday. The three-year-old child in Tamil Nadu state was killed by a leopard, which forest rangers were able to apprehend and move. Nancy, age three, died from injuries to her neck sustained during the huge cat's attack on Saturday. In addition to initiating the search and rescue effort, the Forest Department of Tamil Nadu and rescuers were also brought in to look for leopards in the tea estate of the Pandalur range in the Gudalur forest in the Nilgiris. Additionally, Kumki, a gigantic elephant from the Madulamai Tiger Reserve, was employed.It was forbidden for residents and employees of tea plantations, including kids, to leave their houses. Videos of the search and rescue mission, which show the trapped leopard being moved to the Mudumalai Tiger Reserve, are making the rounds online.In the Nilgiris area of Tamil Nadu, a three-year-old child was tragically killed by a leopard on Saturday while she was walking home from school with her mother. The three-year-old child in Tamil Nadu state was killed by a leopard, which forest rangers were able to apprehend and move.  

Vodafone Idea and Team Vitality form a strategic partnership to advance the expansion of Indian esports

The State of India Gaming Report 2022 projects that by 2027, the Indian esports market will be worth $140 million. Esports as a category have been more well-known in recent years, particularly when they were first offered as legitimate medal sports on numerous international sports platforms. Vodafone Idea (Vi), one of India's top telecom providers, and Paris-based Team Vitality, a globally recognized esports organization, have announced a long-term partnership to strengthen the esports ecosystem in India in an effort to capitalize on this expanding consumer segment.The two brands hope to provide possibilities and exposes to both esports fans and gaming aficionados with this first-of-its-kind relationship. The agreement covers a wide range of activities, including gaming events, content partnerships, brand sponsorship, and one-of-a-kind experiences on an unprecedented scale. Vi clients will be able to take part in esports and get special access to some of the well-liked Teams Vitality competitions and teams as a result. Through this agreement, aspiring esports athletes from all around the nation will have access to professional players, master courses, meet-and-greets with esports talent, and a plethora of other chances. Vi is well-known for having a significant presence in the mobile gaming market and providing consumers with access to a large selection of ultra-casual games on Vi Games.Avneesh Khosla, CMO of Vi, commented on the affiliation, saying, "We have consistently worked to expand our gaming portfolio through appropriate partnerships and pertinent offerings. Gaming has always been our strategic focus area." Vi Games made sense to expand its focus in this area as esports, particularly among younger viewers, have transformed the mobile gaming landscape in recent years. We are thrilled to be working with Team Vitality, one of the top esports companies globally. Our joint goal is to promote and democratize India's esports industry. We'll be introducing some thrilling esports and other material geared toward young people in the upcoming months for our customers to enjoy. Speaking about the event Team Vitality's managing director, Randall Fernandez  

Survey Predicts Air Travel Boom for 2024

The International Air Transport Association predicts that passenger volume in the global aviation industry will expand significantly by 2024. This is wonderful news for airlines, but passengers may notice that flights are considerably more congested than they were this year.200 million more passengers than before the pandemic. The International Air Transport Association projects that the number of air passengers will reach 4.7 billion in 2024, up from 4.5 billion in 2019. This growth is due to shifting travel habits. According to IATA survey data, one-third of respondents are traveling more than they were prior to the pandemic, while almost half are traveling the same amount. Only 18% say they're traveling less. Looking ahead, survey respondents paint an even brighter picture: 44% intend to travel more in the next 12 months than in the previous 12 months. Just 7% think they will travel less.Airline Profits To Take Off More passengers flying is excellent news for airlines. According to the IATA, passenger revenues are expected to increase by 12% to $717 billion in 2024, up from $642 billion in 2023. They expect that passenger yields, which are a measure of revenue per passenger mile, will rise by 1.8% by 2023. The revenue increase will result in a higher bottom line. The IATA expects that airline operating earnings would reach $49.3 billion in 2024, up significantly from $40.7 billion in 2023.

Melissa Niebes is named CEO of Federal Package, effective January 1, 2024.

Melissa Niebes has been named the new Chief Executive Officer of Federal Package, a turnkey contract manufacturer with its headquarters located in Chanhassen, MN. Her appointment will take effect on January 1, 2024. Niebes is Federal Package's President and Chief Commercial Officer at the moment. She will take over as CEO from Steve Dakolios, who recently declared his intention to become a Vice Chairman and Senior Advisor at Federal Package."Melissa has a strong track record as a growth-oriented leader in the consumer goods sector. She has given the business new life, direction, and energy. As the business grows, she will keep improving operational effectiveness and organizational procedures. The time is right for new leadership, and Melissa is qualified to advance our long-term plan and quicken