Kochi: A floating restaurant, the largest of its kind in India, will start operating here over the weekend, it was announced on Thursday.
The two-storied cruise boat-cum-floating restaurant ‘Majastique-1’ was constructed at a cost of Rs.4.5 crore.
The cruise boat-cum-floating restaurant has been furnished to match global standards, with facilities including dedicated party and lounge areas, a space for holding business conferences and a specialty restaurant, said Sajan Mathew, managing director of Majas Travels, Tours and Logistics, ahead of the commencement of operations scheduled for the coming Saturday.
The promoter of Majastique-1 — Majas Travels, Tours and Logistics — claimed that it would be the largest cruise boat-cum-floating restaurant in the country.
The boat will conduct two cruises per day — the lunch cruise and the sunset cruise. The three-hour lunch cruise will cost a person Rs.1,500 while the sunset cruise will cost Rs.1,000.
India’s automotive industry is likely to be one of the key beneficiaries of the recent corporate tax cut, credit ratings agency ICRA said on Monday.
“Under the current weak demand conditions, OEMs (original equipment manufacturers) are expected to pass on some of the benefits of tax revision to the end consumers,” ICRA Vice President and Sector Head Pavethra Ponniah was quoted in a statement.
“This implies that the price correction in coming months will to an extent address the demand side issues. Moreover, clarity from the government, that there is no further GST or cess revision, will help consumers who were waiting for improved clarity prior to their car purchase decision,” she added.
According to ICRA, the current reduction of corporate tax rates in India to globally competitive levels will incentivise OEMs and their vendors to increase localisation, which augurs well for the industry.
In 2019-2020, India has imported auto components worth $17.6 billion.
ICRA also said that given the increasing US-China trade tensions, revision in corporate tax will attract FDI in Indian manufacturing sector, as the revised tax structure is now in line with other emerging markets.
“In the current fiscal, the Indian automotive industry, especially the passenger vehicle segment, has witnessed one of the worst slides since the last two decades because of multiple factors,” the ratings agency said in a statement.
“Tighter financing environment for consumers and the liquidity crunch faced by dealerships coupled with weak farm income and overall slowdown in economic activity has impacted consumer sentiments and purchasing behaviour,” the statement added. (IANS)