IRCTC, a Miniratna (Category-I) CPSE under Ministry of Railways convened its 24th Annual General Meeting at 12.30 PM through VC/OAVM from registered office, New Delhi. The meeting was convened online in compliance with Companies Act 2013, rules thereto and SEBI guidelines.
Established on 27th September, 1999, IRCTC was conceived as an extended arm of the Indian
Railways with the aim to upgrade, professionalize, and manage catering and hospitality services at
stations, on trains, and other locations. Additionally, it has been instrumental in promoting both
domestic and international tourism.
The Chairperson and Managing Director Smt Seema Kumar chaired the meeting in the presence of IRCTC’s Directors and thanked all the Shareholders for their presence and continued support.
The CMD through her Address to shareholders, stated about India’s service sector witnessing a swift rebound in FY22 driven by growth in the contact intensive services sub-sector, which bore the maximum burden of the pandemic and that this subsector completely recovered from the pre-pandemic level in Q2 of FY23, driven by the release of pent-up demand, ease of mobility restriction, and near-universal vaccination coverage.
The CMD also highlighted the post-pandemic scenario of global tourism, gradually converging to the prepandemic one. With travel restrictions and health concerns subsiding, tourism becoming a vital driver of a strong upswing in contact-intensive activity. India’s tourism sector also showing signs of revival.
Foreign tourist arrivals in India in FY23 have been growing month-on-month with the resumption of scheduled international flights and the easing of Covid-19 regulations.