The IndiGo crisis has been going on for the last eight days, and passengers are facing a lot of trouble at airports across the country. Despite government intervention and many efforts, the operations of Indigo Airlines have not yet become normal. Hundreds of flights are being canceled every day. This is causing huge losses to IndiGo and its shareholders, and has also had a negative impact on the economy of Delhi. The Chamber of Trade and Industry (CTI) has released figures detailing the loss suffered by Delhi’s business and tourism sectors due to the Indigo crisis.
Hotel and restaurant bookings canceled on a large scale
According to CTI Chairman Brijesh Goyal, Delhi’s trade, tourism and other sectors have suffered a loss of Rs 1000 crore due to the situation with Indigo Airlines. Apart from this, the number of people coming to Delhi has declined by 25 percent in the last 10 days due to the Indigo crisis. As a result, thousands of bookings in hotels, restaurants, banquets and resorts have been cancelled. He said that overall, many industries in Delhi have suffered huge losses due to Indigo flight cancellation.
The charm of Delhi markets is missing
More than 4500 flights have been canceled since the IndiGo crisis began, and this number is continuously increasing. According to CTI Chairman Brijesh Goyal, more than 1.5 lakh people travel through Delhi airport every day, of which about 50,000 are traders and businessmen. However, the number of businessmen traveling has decreased significantly in the last few days. Less people from outside Delhi are coming to the city markets, which is directly impacting the local business. CTI Chairman said that big exhibitions of automobile, handloom, textile, home furnishing and auto parts were being held at Pragati Maidan and Anand Mandapam in Delhi, which usually attract thousands of traders and tourists from outside Delhi. However, this time the crowd was not seen as expected. Thousands of flights were canceled due to problems with Indigo Airlines, due to which many people could not reach the exhibitions.
Impact on travel industry also
Manoj Khandelwal, director of Delhi’s Manoj Travels, said that this is the peak time of the tourist season in Delhi, which lasts till mid-January, but the IndiGo crisis has started affecting Christmas and New Year bookings as well. According to Brijesh Goyal, Delhi’s business is estimated to suffer a loss of around Rs 1000 crore. Hotel booking, tourist vehicles for sightseeing, tourist guides and restaurants, all these were booked by the tourists in advance, but these bookings have been cancelled. Destination weddings have also taken a huge hit, with guests, and in some cases even the families of the bride and groom, unable to attend.
Indigo shares also fell
While Indigo passengers have faced difficulties due to flight cancellations, investors investing in the shares of the airline company have also suffered huge losses. Shares of IndiGo’s parent company, InterGlobe Aviation, have been falling steadily and have fallen by more than 12 per cent since the problems started. As a result, the market capitalization of the company has also reduced by about Rs 40,000 crore.
