Prime Minister Narendra Modi inaugurated 52 tourism sector projects valued at over INR 1400 crores under the Swadesh Darshan and Pilgrimage Rejuvenation and Spiritual, Heritage Augmentation Drive (PRASHAD) schemes. The projects, aimed at enhancing tourism infrastructure across the nation, were unveiled by the PM via video conferencing from Srinagar.
The event witnessed the unveiling of nine infrastructure projects worth INR 469 Crore and the launch of 43 projects valued at INR 963 Crore, all under the aegis of the Ministry of Tourism‘s Swadesh Darshan and PRASHAD initiatives. These projects, executed in coordination with state governments, union territories, and local authorities, spanned diverse tourism destinations.
Among the highlights were the inauguration of three PRASHAD Scheme projects in Hazratbal (Srinagar), Jogulamba (Telangana), and Amarkantak (Madhya Pradesh), focusing on pilgrim facilitation centers, ghat development, and other amenities. Additionally, 14 projects aimed at developing pilgrimage and heritage sites across several states were launched, with an investment of INR 320.8 Crore.
In a bid to foster inclusive development and community participation, the Prime Minister announced the launch of three new campaigns:
Dekho Apna Desh People’s Choice 2024: A nationwide poll to identify the most preferred tourist attractions across five categories, enabling citizens to engage with the Ministry of Tourism in shaping India’s tourism landscape.
Chalo India Global Diaspora Campaign: Encouraging Indian diaspora members to promote tourism by inviting non-Indian friends to visit India annually, fostering cultural exchange and promoting India as a global tourist destination.
Challenge Based Destination Development (CBDD): A scheme aimed at developing sustainable tourism destinations through competition and strategic alignment with India’s tourism priorities.
Furthermore, the Prime Minister highlighted the importance of supporting local economies by urging tourists to allocate 5-10 per cent of their budget towards purchasing local products. He also reiterated the ‘Wed in India’ campaign “I Do,” inviting couples to choose Jammu and Kashmir as their wedding destination, emphasising the region’s potential as a premier wedding destination.
The “Amar Aalohi” Homestay Scheme, steered by the Tourism Department, Government of Assam, is designed to propel homestay facilities, carve out self-employment avenues, and offer authentic hospitality encounters to travellers. Implemented by the Govt of Assam, Tourism Department through Assam Tourism Development Corporation, the initiative aims to invigorate tourism by harnessing the rich cultural tapestry and warm hospitality of local communities.
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Kerala has set a new record in domestic tourist arrivals in 2023 with 2.18 crore tourist footfalls, a 15.92 per cent increase from the previous year, Minister for Tourism and Public Works P A Mohamed Riyas said on Monday. In 2022, Kerala witnessed 1,88,67,414 domestic tourist footfalls.
Significantly, domestic tourist arrivals recorded an increase of 18.97 per cent compared to 2019, the minister told a press conference here.
In 2023, Ernakulam district witnessed the highest influx of domestic tourists with 44,87,930 visitors, followed by Idukki (36,33,584), Thiruvananthapuram (35,89,932), Thrissur (24,78,573), and Wayanad (17,50,267).
The state also witnessed a healthy increase in international tourist arrivals with 6,49,057 visitors in 2023, as compared to 3,45,549 tourists in 2022, indicating a remarkable growth of 87.83 per cent.
Ernakulam district was visited by 2,79,904 tourists from abroad, followed by Thiruvananthapuram (1,48,462), Idukki (1,03,644), Alappuzha (31,403), and Kottayam (28,458).
Under both mild and severe scenarios, it is projected that by the end of 2024, South Asia will attract 25 million and 60 million visitors, respectively. On the other end, India’s attractiveness to tourists is expected to improve by 2026. Prof Haiyan Song, Research Head at PATA, and Dean of Hospitality and Tourism at Hong Kong Polytechnic University shares more insights.
“This is a testament to Kerala Tourism’s vigorous efforts based on well-crafted policy initiatives and meticulously implemented promotional strategies within and outside the country,” Riyas said. As for the number of visitors from abroad, the minister pointed out that despite a significant uptick, it was still 45.45 per cent lower when compared to international tourist arrivals before the onset of the COVID-19 pandemic.
Though there has been a steady increase in the arrival of foreign tourists, which was adversely impacted by the pandemic, it will take some more time to reach the pre-pandemic level, he said.
“The conflicts in some parts of the world also affect international tourism. Despite these challenges, there has been good progress in foreign tourist footfalls in Kerala. Adventure tourism events planned for this year will help us regain much of the lost ground. We are also working on plans to attract more tourists to the Malabar region,” the minister added.
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Le Travenues Technology, the parent company of the leading travel booking firm ixigo, has submitted initial documents to Security Exchange Bureau of India (SEBI) for its initial public offering (IPO). The Gurugram-based firm plans to raise funds through a combination of fresh equity shares worth INR 120 crore and the sale of 6.66 crore existing shares by current shareholders, as detailed in the Draft Red Herring Prospectus (DRHP).
SAIF Partners India IV, Peak XV Partners Investments V (formerly known as SCI Investments V), Micromax Informatics, Placid Holdings, Catalyst Trusteeship, Madison India Capital HC, along with ixigo founders -Aloke Bajpai and Rajnish Kumar, will be offloading shares through the Offer For Sale (OFS) route.
The proceeds of INR 45 crore from the fresh issue will be allocated for working capital requirements, while INR 26 crore will be invested in technology, including cloud and server hosting, artificial intelligence, and customer engagement. Additionally, funds will be earmarked for potential acquisitions and general corporate purposes.
The company also intends to conduct a pre-IPO round to raise up to INR 24 crore, which may lead to a reduction in the size of the fresh issue. Axis Capital, DAM Capital Advisors, and JM Financial have been appointed as the book running lead managers for the public issue.
Established in 2007 by Bajpai and Kumar, Le Travenues Technology assists travellers in planning, booking, and managing trips across various modes of transportation and accommodations. The ixigo Group also has several subisdiaries under its umbrella which deals in diffrent travel segments including Abhibus and Freshbus for bus travel and Ixigo trains for train travel.
Company’s EBITDA reached INR 653.7 million, up by 10.9 per cent year-on-year. Also, there were 3.8 Lacs hotel night bookings and 7.7 Lacs in the other bookings. Following a successful quarter, EaseMyTrip also acquired a stake of approximately 13 per cent in ECO Hotels and Resorts and signed a Memorandum of Understanding with the Government of Uttarakhand.
In the financial year ending March 2023, the company’s total income increased to INR 517 crore from INR 385 crore in the previous fiscal. It reported a profit of INR 23.4 crore for the same period compared to a loss of INR 21 crore in the preceding year.According to the F&S Report, India’s total travel market, covering air, rail, road, and hotel segments, is estimated to be approximately INR 3.8 lakh crore in Fiscal 2023 and is projected to grow at a compound annual growth rate (CAGR) of around 9 per cent to reach INR 5.8 lakh crore by Fiscal 2028.
Le Travenues Technology had previously filed draft papers with SEBI in August 2021 for a INR 1,600 crore IPO, which did not materialize. The proposed IPO then comprised a fresh issuance of shares worth INR 750 crore and an offer for sale of equity shares worth INR 850 crore by existing shareholders.
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Expecting 10x growth this year in Ayodhya‘s tourism, post the ‘Pran Pratishtha’ ceremony of Ram Lalla, Rikant Pitti, Co-Founder of EaseMyTrip, announced on Sunday a five-star luxury hotel project in Ayodhya, ideally situated less than one kilometre from Ram Mandir.
“Excited to announce that we’ve just initiated a transformative project by stepping into the hospitality industry with the launch of a 5-star luxury hotel project in Ayodhya, ideally situated less than one kilometre from the Ram Mandir. This venture represents a significant investment of up to Rs 100 crore through JeewHospitality Private Limited, leading this visionary project,” he said.
The Indian online travel company’s goal is to redefine the hospitality experience for pilgrims and tourists in Ayodhya, a city rich in spiritual heritage. Positioned near the iconic Shree Ram Mandir, the forthcoming hotel is designed to meet the sophisticated expectations of visitors seeking both luxury and convenience.
In a significant move to enhance the visitor experience at pilgrimage sites, the Prime Minister recently laid the foundation stone for various projects in Assam, among them the Maa Kamakhya Access Corridor. This initiative, sanctioned under the PM-DevINE scheme, will make Assam a gateway to tourism in the North East with an increase in the footfall of devotees.
“This project, a collaborative effort between EaseMyTrip’s extensive know-how in travel and Jeewani Hospitality‘s hospitality excellence, aims to elevate the standard of luxury lodging in Ayodhya. It signifies EaseMyTrip’s strategic expansion and its commitment to enhancing India’s tourism sector,” added Pitti.The co-founder of EaseMyTrip further said that as the hospitality landscape evolves, EaseMyTrip is dedicated to delivering unparalleled travel experiences and improving India’s tourism infrastructure.
“Our upcoming 5-star hotel in Ayodhya is a reflection of our commitment to offering a blend of opulence, comfort, and cultural engagement to those visiting this historical city,” Rikant Pitti said.
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Budget 2024 travel & tourism industry live: All eyes in the industry are on the government as Union Finance Minister Nirmala Sitharaman is ready to present her sixth Union Budget. The FM has started presenting the Union Interim Budget 2024 -25 in Lok Sabha from 11 am. This Budget also holds importance as this is the Narendra Modi government’s last Budget before heading to Lok Sabha elections this year. So, there is a lot of buzz on what the government is going to announce.
Travel & Tourism is expecting lower taxes & incentives for revival post-Covid-19 pandemic. Finance Minister Nirmala Sitharaman has started her Budget speech.
Among the sectors with high expectations is the Indian travel and tourism industry, which is advocating strongly for industry and infrastructure status, policy reforms, and taxation benefits to support infrastructure development. In light of this, industry leaders have shared their wishlist for the budget with ETTravelWorld, highlighting key areas for transformation and growth.
The travel and tourism sector holds significant economic importance, contributing 5.8 per cent to India’s GDP in 2022 and aiming for a target of USD 1 trillion by 2047.
Follow us to get live updates on the travel & tourism industry:
Starting her budget speech, Finance Minister Nirmala Sitharaman highlighted the Modi government’s 10-year economic performance but is likely to hold back on expensive schemes to control the fiscal deficit. Experts are not expecting any ‘big bang announcements’ from the finance minister.
With unemployment being a major concern, the Budget 2024 is expected to prioritise job creation. This may entail investing in industries that have the potential to generate substantial employment opportunities.
CAPEX for airports & projects for connectivity
Making important announcements for the infrastructure push for travel and aviation sectors, Sitharaman said that INR 85,000 crore CAPEX is going to be spent on 72 new greenfield airports going forward. Between 2024 and 2025, 71 airports are projected to be built, which will take the total number of airports count in the country to 220 by 2025.
She further announced that projects for port connectivity, tourism infrastructure and amenities will be taken up on India’s islands including Lakshadweep. “This will help generate employment also promoting investments,” Sitharamaman said.
Rating framework for iconic tourist centres
The finance minister, mentioning the burgeoning travel and tourism industry in the country said the government will take further steps to boost the industry in the country. She mentioned that states will be encouraged to take comprehensive development of iconic tourist centres, branding and marketing them at global scale.
She further announced that a framework for the rating of these centres based on the quality of facilities and services will be established. Sitharaman also announced that long-term interest rate loans will be provided to states for financing such development on matching bases to address the emerging fervour for domestic tourism.
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Apeejay Surrendra Park Hotels Limited, known as ‘The Park‘, is set to embark on a transformative journey with the initiation of its initial public offering (IPO) of Equity Shares. Scheduled to open on Monday, February 5th, 2024, the IPO marks a significant milestone for the renowned hospitality company.
During the IPO launch press conference, Priya Paul, Chairperson, Apeejay Surrendra Park Hotels announced that the company plans to have a total of 56 hotels across India by 2026. She also mentioned that they are in talks with partners to have presence in Ayodhya as well, which has emerged as a major spiritual tourism destination.
Park Hotels currently has 30 hotels across 20 Indian cities with a total of 2,298 keys. The company al has presence in F&B and Nightclubs space with 81 restaurants, nightclubs and bars spread across its hotels. It also operates F&B retain chain ‘Flurys’ in India.
The company is the eighth-largest among hotel chains with asset ownership in India. It operates hospitality assets under its own brands, The Park, The Park Collection, Zone by Park among others.
The IPO, with a total offer size aggregating up to INR 9,200 million [INR 920 crore], includes a fresh issue of Equity Shares amounting to INR 6,000 million [INR 600 crore] and an Offer for Sale worth INR 3,200 million [INR 320 crore] by Selling Shareholders. The bidding window will remain open until Wednesday, February 7th, 2024, with the Anchor Investor Bidding Date set for Friday, February 2nd, 2024.
In a significant move, the Company’s Board of Directors, in its meeting on January 25, 2024, sanctioned the allocation of 5.55 crore equity shares to 54 subscribers. Furthermore, the Board greenlit the allotment of 9.33 crore warrants, offering the option for equivalent equity share acquisition, to Elara India Opportunities Fund and Silver Stallion.
With a price band fixed at INR 147 to INR 155 per Equity Share, investors can participate by bidding for a minimum of 96 Equity Shares and in multiples of 96 Equity Shares thereafter. The net proceeds from the fresh issue of Equity Shares will primarily be utilised for repayment or prepayment of certain outstanding borrowings, along with allocation towards general corporate purposes.The Offer for Sale comprises shares from Apeejay Private Limited, the Promoter Group Selling Shareholder, RECP IV Park Hotel Investors Ltd, and RECP IV Park Hotel Co-Investors Ltd, demonstrating a strategic divestment by existing stakeholders.
JM Financial Limited, Axis Capital Limited, and ICICI Securities Limited have been appointed as the Book Running Lead Managers (BRLMs) to the Issue, underscoring the robust advisory framework supporting the IPO process.
The Equity Shares will be offered through the red herring prospectus dated January 29, 2024, filed with the Registrar of Companies, West Bengal at Kolkata, and are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited.
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Budget carrier SpiceJet has successfully completed the initial phase of its capital infusion plan, securing INR 744 crore through the allotment of shares and warrants on a preferential basis.
In a significant move, the Company’s Board of Directors, in its meeting on January 25, 2024, sanctioned the allocation of 5.55 crore equity shares to 54 subscribers. Furthermore, the Board greenlit the allotment of 9.33 crore warrants, offering the option for equivalent equity share acquisition, to Elara India Opportunities Fund Limited and Silver Stallion Limited.
SpiceJet is now poised to execute another round of equity/warrants issuance to remaining subscribers. However, the company has sought an extension from the competent authority to finalise the process due to limited banking days, particularly during long weekends in the intervening period.
Ajay Singh, Chairman and Managing Director of SpiceJet, expressed satisfaction with the successful completion of the initial tranche, emphasising investors’ confidence in the airline’s growth trajectory. He reiterated SpiceJet’s commitment to progressing with the subsequent allotment process, foreseeing enhanced operational efficiency, fleet expansion, and network augmentation as key outcomes of the capital infusion.
“We are pleased with the completion of the first tranche of our preferential allotment, which demonstrates the confidence of investors in SpiceJet’s growth prospects and we remain committed to completing the further allotment process progressively. The fund infusion will open new avenues for SpiceJet, resulting in a more cash-efficient operation, expanded fleet and network,” he said.
This development underscores SpiceJet’s strategic initiatives to fortify its financial position and bolster its operational capabilities in the dynamic aviation landscape.
This initiative underscores a major stride towards the ‘Make in India’ initiative, aiming for self-reliance in manufacturing, as Airbus Helicopters commits to produce its best-selling H125 helicopter in India for both domestic and international markets. It will play a pivotal role in the Government of India’s regional connectivity scheme – Ude Desh ka Aam Naagrik (UDAN), facilitating last-mile connectivity to remote areas and bolstering the tourism sector.
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Mahindra Holidays & Resorts India Limited (MHRIL), the country’s leading vacation ownership and leisure hospitality company, has inked a Memorandum of Understanding (MoU) with the Government of Tamil Nadu, marking a significant milestone in tourism and economic development. This strategic collaboration aims to propel tourism in the state, and it involves a substantial investment of INR 800 crores by MHRIL.
The strategic investment of INR 800 crores is for the establishment of three greenfield resorts in Tamil Nadu over the next five to six years. This venture marks the second-largest investment by MHRIL, following the INR 1,000 crore investment in Uttarakhand last year, showcasing the company’s robust expansion strategy.
MHRIL has also signed a Memorandum of Understanding (MoU) solidifying a strategic partnership with the Government of Tamil Nadu to boost the state’s tourism sector. The company actively collaborates with the government to contribute to the growth and enhancement of Tamil Nadu’s tourism landscape.
The investment is expected to directly generate employment for over 1500 people, making a substantial contribution to the state’s economy. MHRIL’s commitment aligns with its goal to double room inventory from 5000 to 10,000 by 2030, driving economic prosperity in the region.
his expansion allows Club Mahindra members to access premier accommodations at two luxurious resorts in Vietnam – Citadines Pearl Hoi An and Citadines Bayfront – along with the exotic Ayodya Resort in Bali. With these new collaborations, Club Mahindra now offers leisure holidays at over 12 resorts in Southeast Asia and, globally, at more than 60 destinations.
Club Mahindra, MHRIL’s hospitality brand, already operates resorts in Ooty and Kodaikanal. The expansion in Tamil Nadu reinforces MHRIL’s commitment to providing magical holidays, with more than 125 resorts across India and abroad, catering to a member base of 2,90,000 families.In line with MHRIL’s sustainability goals and the aim to achieve carbon neutrality by 2040, the new resorts in Tamil Nadu will champion Net Zero Energy, Water & Waste. MHRIL seeks to set new standards for sustainable tourism, aligning its developments with environmentally conscious practices.
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Uttar Pradesh continues to solidify its position on the global tourism map, achieving new milestones each year. In 2022, the number of tourists visiting UP was 31.85 crores, while in the first nine months of 2023, over 32 crore tourists, including a significant number of international visitors, explored Uttar Pradesh.
Among the various destinations in the state, Kashi attracted the highest number of tourists, while Prayagraj and Ayodhya also witnessed the arrival of crores of visitors.
The year 2023 marked a significant milestone for Uttar Pradesh across diverse sectors. Achieving top positions in both central and state welfare schemes, the state also experienced notable progress in the field of tourism. From January to September 2023, the number of domestic tourists visiting Uttar Pradesh was 31,91,95,206, and 9,54,866 foreign tourists also explored the state.
Notably, Varanasi, in particular, witnessed the highest number of tourist arrivals. From January to September, a total of 8,42,04,814 tourists visited Varanasi, with 8,40,71,726 being domestic tourists and 1,33,088 being international tourists.
These figures contrast with the previous year’s figures of INR 91 crore revenue and 8.50 lakh tourist rides in 2022. MD of J&K Cable Car Corporation, Raja Yaqoob has appealed to tourists to avail the online mode of ticket selling for their convenience, time saving and curbing the chances of any black marketing by any tout.
After Kashi, Prayagraj emerges as the second choice for tourists. A total of 4,49,95,996 tourists visited here from January to September 2023. Among them, the number of domestic tourists was 4,49,93,289, while 2,707 foreign tourists also explored Prayagraj.Similarly, Ayodhya secured the third position in terms of tourist arrivals. From January 23 to September 23, a total of 2,03,64,347 tourists visited Ayodhya. Among them, the number of domestic tourists was 2,03,62,713, while 1,634 were international tourists.
It is noteworthy that the highest number of tourists coming to Uttar Pradesh was recorded between January and July, ranging between 5.56 to 5.80 crore. (ANI)
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The Adventure Tour Operators Association of India (ATOAI) successfully hosted its 15th annual adventure tourism convention at the Statue of Unity, in Gujarat setting the stage for a vibrant discussion on the growth and potential of adventure tourism. The convention, a precursor to the upcoming Vibrant Gujarat Global Summit 2024, witnessed significant participation from central and state dignitaries.
At the four-day convention at the Tent City II in Kevadia, Padma Shri Ajeet Bajaj, President of ATOAI, welcomed attendees and highlighted the association’s collaboration with the Ministry of Tourism to enhance adventure tourism guidelines across India. The day-long proceedings during two business days of the convention featured keynote addresses, panel discussions, and experience-sharing sessions aimed at advancing the adventure tourism industry.
At the inauguration ceremony on December 17, the Chief Minister of Arunachal Pradesh, Pema Khandu, emphasised the vast potential of adventure tourism in the Northeastern region. He praised the leadership of Prime Minister Narendra Modi and highlighted the ‘Dekho Apna Desh’ initiative, aiming to develop vibrant villages for sustainable tourism.
“Adventure and Arunachal always go hand in hand, as we have plenty to offer to support the industry. We boast an age-old tradition, as Lord Krishna married Rukmini from our State. This ancient connection further solidifies the region’s significance on the tourism map. Tourism should be responsible, and we must discard the ‘use and throw’ mentality. Being one of the largest biodiversity hotspots in the world, there’s a crucial need for sustainable tourism practices, especially in border areas that serve as a sanctuary for rare & endangered species,” the Arunachal CM said.
Attending the evening session on the day, the Gujarat Tourism Minister Mulubhai Bera, shared insights on making Gujarat a leading adventure destination. He also credited the government’s initiatives for transforming Gujarat’s tourism landscape and emphasised the state’s diverse attractions, from mountains and forests to beaches and heritage sites.
“The adventure tourism sector plays a crucial role in both our economy and employment, contributing significantly to the GDP. Events like this bring us together to delve into key areas of adventure tourism. Keeping in mind the growing interest of people towards adventure tourism, we have been constantly reviewing the development of adventure activities in potential tourist destinations. On the ocassion, Gujarat government has signed several MOUs worth INR 770 crore with the best objective of developing adventure tourism in Gujarat. With ATOAI’s support, we aim to further explore and enhance Gujarat’s adventure tourism sector,” the minister said.
Fitness enthusiast and notable actor Milind Soman also delivered a special address, emphasising the importance of adventure tourism in India. A panel discussion on ‘The Adventure Trilogy’ moderated by Lt Rakesh Kapoor explored topics such as mega trails, border tourism, and vibrant villages, focusing on sustainability and eco-friendly practices.
Chief Minister of Gujarat, Bhupendra Patel will also address the gathering during the event. The adventure tourism convention, which is part of the Vibrant Gujarat Summit will also be a carbon-negative and single-use-plastic free event. As the host state, Gujarat will unveil its visionary perspective on “Gujarat, on the Threshold of a New Adventure Tourism Destination.” Furthermore, the state will also reveal enticing incentives for investors keen on exploring the untapped adventure tourism potential of the region.
Gujarat’s Tourism Vision
During his address, the Secretary Tourism, Government of Gujarat, Hareet Shukla, highlighted Gujarat’s leadership in attracting both foreign and domestic tourists. He credited Gujarat Government’s efforts for accelerating the state’s tourism sector through various initiatives and policies. “Gujarat leads as a destination for foreign tourists and stands among the top 5 states for domestic tourists, as per the India Tourism Statistics Report. In the last two years, the Chief Minister of Gujarat Bhupendrabhai Patel has continued the legacy forward and with a dedicated focus on tourism, he has spearheaded numerous initiatives, projects, and policies which is accelerating the tourism sector in the state,” he said.
He also informed that Gujarat has tripled the budget for tourism in the state to propel growth of the sector in the state.
MoUs worth INR 770 crore
In a significant boost to the tourism sector, a total of 10 MoUs, totaling over INR 770 crores, were signed at the ATOAI Convention in the lead-up to the Vibrant Gujarat Global Summit in January 2024. These agreements aim to enhance knowledge-sharing on adventure tourism, focusing on film shooting and infrastructure development. Key developments planned through the MoUs are establishing a four-star resort and an entertainment zone and culture theme park.
The convention also featured presentations on Gujarat Tourism by Managing Director of Gujarat Tourism, Dr Sourabh Pardhi, Punjab Tourism by Principal Secretary Rakhee Gupta Bhandari, and Adventure Tourism in Jammu & Kashmir by Amarjeet Singh, Special Secretary, Government of Jammu & Kashmir.
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