Indias economic review
The Indian economy exhibited strong performance and grew by 6.5% in FY 2025, amidst a volatile global economic landscape.1 This performance was supported by strong growth in key sectors such as construction and financial services. Additionally, private consumption remained elevated throughout the reporting year, demonstrating sustained demand and strong consumer confidence in the economy. The Government of Indias strategic and timely interventions also remained instrumental in driving the economic growth. In FY 2025, the capital expenditure reached 74.7% of its revised estimates for FY 2025.2 A total outlay of C 11,11,111 crore was allocated for capital expenditure in the Union Budget 2024-25. Along with this, C 1.5 lakh crore was provisioned to incentivise the state governments to boost investments through long-term interest-free loans.3
There has been a remarkable improvement in infrastructure in the last few decades. The Indian railways, known to be the fourth largest network in the world, undertook a major initiative in the reported year, completing 6450 km of track renewal.4
Schemes such as the Production-Linked Incentives (PLI) remained impactful in supporting the manufacturing activities across 14 industries, including locomotive production. Foreign Direct Investment (FDI) inflows grew by 12.4% year-on-year, with the manufacturing sector attracting the highest share, followed by financial services and electricity. Along with this, the service sector expanded by 8.3% from FY 2023 to FY 2025 and remained the most consistent contributor to the Gross Value Added (GVA) in the Indian economy during the reporting year. Looking ahead, the Indian economy is projected to demonstrate steady growth, estimated at 6.5% in FY 2026.5 This growth in the Indian economic landscape is anticipated to be supported by increased consumption levels driven by a fall in inflation rate and tax benefits introduced in the Union Budget 2025-2026. Continued strong economic performance is expected to elevate India to the position of the fourth-largest economy as of 2025, surpassing Japan and further to the third place by FY 2028, surpassing Germany.
Industry
Indian Railways:
Initiatives undertaken in FY 2025:
Supported by a strong network and expansive reach, the Indian Railways remains the backbone of Indias logistics industry, playing a crucial role in promoting a balanced and inclusive socio-economic development across India. In FY 2025, the Indian Railways focused on modernising stations, introducing advanced trains and implementing innovative safety systems, collectively revolutionising the rail travel experience. Furthermore, the sector continues to support the economic growth by integrating advanced technologies and enhancing freight efficiency.
As the second largest employer in India, the Railway sector generates substantial employment opportunities, particularly for the youth. In FY 2025, the industry achieved a historic milestone by manufacturing 41,929 wagons, highlighting a significant growth in comparison to the previous year.
India also emerged as a global leader in the railway locomotive manufacturing. In FY 2025, it produced 1,681 locomotives, surpassing global benchmarks, including those in the US, Europe, South America, Africa and Australia. This milestone highlights Indias growing dominance in the global railway sector.
Along with this, Indian railways signed a Memorandum of Understanding (MoU) with the Federal Department of the Environment, Transport and Communications of the Swiss Confederation. This collaboration intends to promote technological and managerial exchange, aligning with the Government of Indias vision of modernising the railway system.
Indian Railways made notable progress in adopting clean energy solutions. In FY 2025, it commissioned 375 MW of solar and 103 MW of wind energy in alignment with Indias Net Zero 2070 commitment. Looking ahead, the Indian Railways aims to scale up its renewable energy to 30 GW by FY 2030. The sectors growth trajectory is anticipated to remain positive, driven by the strong support from the Government of India. The Union Budget 2025-26 laid down strategic investments aimed at railway infrastructure development. These initiatives are posed to attract both international and domestic stakeholders, offering expansive opportunities to modernise and expand Indias railway industry in the coming years.
Growth in wagon production:
Major initiatives undertaken by Indian Railways:
In the quest for safer and more efficient train journeys, the Indian Railways had introduced Kavach. It is an indigenously developed Automatic Train Protection (ATP) system which helps in the automatic application of brakes in case the loco pilot fails, thereby helping the train to run safely
Amrit Bharat Station Scheme was launched to offer passengers with best amenities and improved train operations in the railway stations. In FY 2025, the scheme was implemented in 1,337 stations through redevelopment initiatives 7
Modern trains such as Vande Bharat, Amrit Bharat and Namo Bharat Rapid Rail were introduced to offer passengers a comfortable journey
Pradhan Mantri Bhartiya Janaushadhi Kendras (PMBJKs) were initiated to support well-being, by providing affordable medications and healthcare services to the passengers present in the railway station.
Indian catering industry:
India is well acclaimed for its diverse culinary culture. In recent years, the catering industry has witnessed a remarkable transformation, driven by evolving consumption patterns and an increased appetite for varied cuisines. This shift has created new opportunities for growth across the catering industry in India.
The Indian catering industry is anticipated to grow at a CAGR of 6.1% from 2025-30, supported by the booming live events industry in India. Moreover, India is considered the land of festivals, therefore with increased festivities, social gatherings and celebrations, the demand for organised catering services is anticipated to rise in the coming years.
Indian E-booking industry:
The Indian online travel industry is highly competitive, with several prominent players offering various services, including flight and hotel bookings, holiday packages and car rentals. The sectors rapid growth can be attributed to various factors such as increased smartphone usage and enhanced internet accessibility. Furthermore, the integration of advanced technologies such as machine learning algorithms helps to analyse browsing patterns, travel history and budget preferences of the travellers, so that it can offer customers tailored services. In the coming years, the Indian online travel market is anticipated to rise at a CAGR of 10.5% from 2025-2030, with increased disposable income supporting the growth in the coming years.8 Shift in the Indian demographics and growing influence of social media remain integral in influencing the travel preferences among individuals.
Travel and tourism industry in India
Tourism and Hospitality have emerged as one of the pivotal sectors within Indias Service Industry, significantly contributing to the nations economic development and cultural exchange between diverse communities. Indias diverse offerings ranging from cultural and natural heritage, spiritual retreats to adventure tourism has positioned it as one of the prominent destinations for both domestic and international travellers.
Current Landscape and Growth Projections:
Revenue Generation: In 2024, Indias tourism industry is projected to have generated approximately $24 billion, marking a notable increase from previous years. This growth is attributed to enhanced infrastructure, government initiatives and a surge in both domestic and international travel.
Foreign Tourist Arrivals (FTAs): The first half of 2024 witnessed 4.78 million foreign tourist arrivals indicating a steady recovery from the pandemic-induced downturn. Projections suggest that by 2028, FTAs could reach 30.5 million driven by improved connectivity and targeted marketing efforts.
Sectoral Highlights and Developments:
Government Initiatives: Programs like ‘Swadesh Darshan and ‘PRASHAD (Pilgrimage Rejuvenation and Spiritual Augmentation Drive) aim to develop tourism infrastructure, while campaigns such as ‘Dekho Apna Desh and ‘Chalo India promote domestic travel.
Niche Tourism Growth: Segments like medical and wellness tourism are experiencing significant growth. Indias medical tourism sector was valued at $9 billion in 2022 and is projected to reach $13 billion by 2026, attracting patients from across the globe.
Challenges and Strategic Focus: While the tourism sector shows promising growth, various challenges such as burden on existing infrastructure, carrying capacity of destinations, environmental concerns and geopolitical tensions can impact tourism dynamics. Strategic focus on sustainable practices, infrastructure development and geopolitical stability will continue to be crucial in maintaining and enhancing Indias position as a leading global tourism destination.
Indias Travel &Tourism Sector:
In the 2024 TTDI (Travel and Tourism Development Index), published by ‘World Economic Forum, India ranked 39th globally. This was a significant jump from its ranking of ‘54 in 2021.
India was recognized as having the largest Travel & Tourism sector in South Asia and was the top-ranked lower-middle-income economy in the TTDI (Travel and Tourism Development Index).
India showed strong performance in price competitiveness (18th), air transport infrastructure (26th) and ground and port infrastructure (25th), as per 2024 TTDI.
India also ranked highly in Natural Resources (6th), Cultural Resources (9th) and Non-Leisure Resources (9th) being one of only three countries to be in the top 10 across all these resource pillars.
Digitalisation in the tourism sector:
Its insightful to see how Indias rich tourism potential intersects with the global movement towards digitalization and sustainability in 2025. India is actively embracing technological advancements and sustainable practices to enhance its tourism sector.
The updated perspective on digitalization in Indian Tourism for 2025 is elaborated below:
1. Indias Tourism Business in 2025 is witnessing a dynamic shift, fuelled by the increasing integration of digital technologies. Imagine planning your trip to India, not just through static brochures, but via immersive virtual reality (VR) tours that lets one experience the grandeur of the famous monuments in various parts of the country, Taj Mahal or the serene backwaters of Kerala from your home. This is becoming a reality offering potential tourists a vivid preview and inspiring their travel decisions.
2. Artificial Intelligence (AI) is no longer a futuristic concept but a tangible tool enhancing the travel experience. Picture AI-powered chatbots and smart phones with AR applications are providing historical information of monuments including 3D view and interactive guided tours as personal travel assistants, offering hyper-personalized recommendations for destinations, activities and even culinary experiences based on your preferences and past travel history. These intelligent systems can handle complex queries, manage bookings seamlessly and provide 24/7 support making travel planning smoother and more efficient.
3. The Incredible India Digital Platform (IIDP) of Ministry of Tourism has been revamped leveraging AI to provide tailored experiences, real-time updates on weather and local events and seamless booking services in partnership with various Online Travel Agents (OTAs). This platform acts as a central hub connecting travellers with the diverse offerings of India in a user-friendly digital environment.
4. Contactless travel, accelerated by the need for hygiene and convenience, is becoming the norm. Digital payments through UPI are seamlessly extending into the tourism sector, simplifying transactions across the travel ecosystem. Biometric systems are also being explored for airport check-ins and hotel access promising smoother and more secure processes.
5. Data analytics plays a crucial role in understanding traveller behaviour and preferences allowing tourism businesses to offer more targeted marketing campaigns and personalized experiences. This data-driven approach helps optimize pricing, forecast demand and tailor services to meet evolving traveller needs.
6. Sustainable solutions are also being amplified through technology. AI can assist in monitoring pollution levels at historical sites and managing crowd density in ecologically sensitive areas. Digital platforms are promoting eco-friendly accommodations and experiences catering to the growing number of travellers who prioritize sustainability.
The Government is actively supporting this digital transformation with initiatives like the development of 50 top tourist destinations in the country under various schemes with enhanced digital infrastructure and the promotion of digital payment solutions across the tourism sector. Schemes like Swadesh Darshan 2.0 also focus on developing eco-friendly tourism models that align with international sustainability goals, often incorporating digital tools for better management and visitor engagement.
In essence, digitalization in Indian tourism in 2025 is about creating a more personalized, immersive, convenient and sustainable travel experience for the tourists to enjoy and get involved. Technology is bridging the gap between Indias rich tourism offerings and the evolving expectations of modern travelers promising a more seamless and enriching journey for all.
Government initiatives and schemes to aid the tourism industry:
The Indian government is actively supporting the Travel & Tourism industry through numerous initiatives and schemes. Few key efforts of Government for 2025 elaborated below:
Flagship Schemes for Destination and Infrastructure Development:
Swadesh Darshan 2.0 (Launched 2014, Revamped & Expanded 2023-2025): Indias diverse landscapes and cultures woven into thematic circuits, offers travellers a cohesive and enriching experience. The revamped Swadesh Darshan scheme version 2 emphasizes sustainable and responsible tourism, focusing on creating "tourist and destination-centric" approaches. The scheme focuses on showcasing well-developed circuits like the Ramayana Circuit showcasing Ayodhya with digital storytelling museums or the Desert Circuit in Rajasthan offering immersive cultural experiences facilitated by local digital guides. The expansion in 2023-2025 aims to identify and develop new circuits, integrating digital tools for planning, booking, and on-site information.
PRASHAD (Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive) (Launched 2014, Expanded 2021 onwards): This scheme focuses on enhancing the infrastructure around Indias sacred sites. Its about making pilgrimages not just spiritually fulfilling but also comfortable and digitally connected. Imagine visiting Varanasi with improved amenities, real-time information on rituals via mobile apps and seamless booking of accommodations and local transport through a unified digital platform. The expansion aims to bring more pilgrimage sites under its ambit focusing on cleanliness, safety and leveraging technology for better crowd management and visitor experience.
Development of Iconic Tourist Centres: Recognizing key attractions as global magnets, the government is investing significantly in upgrading these sites to world-class standards. This development includes not just physical infrastructure but also digital enhancements like interactive visitor centres with AR/VR experiences, smart parking solutions and unified digital ticketing platforms.
Boosting Connectivity and Accessibility:
Regional Connectivity Scheme (RCS-UDAN): This scheme is a game-changer for connecting smaller towns and remote tourist destinations via air. Imagine flying directly to Khajuraho or Shillong saving travel time and making these gems more accessible. The collaboration between the Tourism and Civil Aviation Ministries has already operationalized numerous tourism routes making travel more convenient and boosting local economies. The focus continues on expanding this network and integrating digital booking platforms for these regional flights.
Development of Last-Mile Connectivity: Recognizing that reaching the final destination can be challenging, the government is focusing on improving road and rail infrastructure to tourist spots. This includes better signage (potentially multilingual and digitally integrated), well-maintained roads with real-time traffic updates available through apps and promoting electric and shared mobility options with digital booking interfaces.
Enhancing Tourist Experience and Safety:
Incredible India 2.0 Campaign (Ongoing): This isnt just a marketing slogan, but is all about showcasing the diverse experiences India offers through engaging digital content, personalized recommendations, and interactive platforms. Imagine planning your trip based on your interests – be it wildlife, adventure, or culture – and receiving tailored itineraries and suggestions through a sophisticated digital portal.
Tourist Facilitator Certification Programme (Ongoing Digital Initiative): Recognizing the importance of skilled guides, this online program aims to create a pool of well-trained and professional tourist facilitators across the country. This digital learning platform equips individuals with the necessary knowledge and skills, enhancing the quality of guided tours and ensuring a better visitor experience.
24x7 Multi-Lingual Tourist Helpline: Ensuring tourist safety and providing immediate assistance is crucial. This toll-free helpline offers support in multiple languages, and efforts are underway to integrate it with a mobile app that can provide real-time information and emergency services.
Liberalized E-Visa Facility: Making it easier for international tourists to visit India has been a priority for the Government of India. The e-visa facility, available in multiple sub-categories, is continuously being streamlined and promoted through digital channels, making the visa application process hassle-free.
Focus on Niche Tourism and Sustainability:
Promotion of Niche Tourism: Indias strength lies in its diversity. The government is actively promoting niche segments like eco-tourism (think digital platforms showcasing eco-friendly stays and nature trails), wellness tourism (integrating traditional medicine with modern wellness practices, bookable online), adventure tourism (with safety guidelines and digitally accessible information on trails and activities), and rural tourism (connecting travellers with authentic village experiences through homestay networks and digital marketplaces for local crafts).
Eco-Tourism Policy (Updated 2024): This policy underscores the commitment to sustainable tourism development in ecologically sensitive areas. It emphasizes conservation, minimizing environmental impact, and promoting eco-friendly infrastructure, often leveraging technology for monitoring and responsible tourism practices.
Travel for LIFE Initiative: This campaign promotes sustainable tourism practices among travellers and businesses, encouraging responsible choices and minimizing the carbon footprint of tourism activities, often using digital platforms to raise awareness and track progress.
Leveraging Technology and Digital Platforms:
Digital Tourism Platform (Launched 2024, Ongoing Development): This ambitious project aims to create a One-Stop Digital Hub for all tourism activities in India. Through this platform one can discover destinations, plan itineraries, book travel and accommodations, access real-time information, and even get assistance during ones trip. The ongoing development focuses on integrating various services and utilizing AI for personalized experiences.
National Integrated Database of Hospitality Industry (NIDHI): This technology-driven system has been designed to digitalize and promote ease of doing business for the Hospitality and Tourism sector. The system provides information of not only just accommodation facilities but also information about Travel Agents, Tour Operators and other stakeholders, creating a comprehensive digital ecosystem of hospitality information.
Support for Start-ups in Tourism: Recognizing the role of innovation, the government is promoting and supporting start-ups in the tourism sector through various schemes and collaborations. This initiative will foster the development of new technologies and solutions to enhance the travel experience.
Capacity Building and Skill Development:
Incredible India Tourist Facilitator Certification Programme: This digital initiative aims to create a large pool of certified and skilled tourist guides for eliciting information to tourists about destinations with well guided and informed tours.
Capacity Building for Service Providers (CBSP) Scheme: This scheme focuses on training and upgrading the skills of manpower in the tourism sector to ensure better service standards incorporating the use of digital tools and platforms.
Financial Assistance and Incentives:
The government provides financial assistance to State Governments and Union Territories for developing Tourism Infrastructure, organizing fairs and festivals and promoting tourism-related events.
Schemes offering incentives for the development of hotels, resorts, and other tourism projects in specific regions have also been implemented.
In essence, the Indian governments approach of bolstering the tourism industry in 2025 is a multi-pronged strategy that not only focuses on infrastructure development and promotion but also deeply integrates digitalization and sustainability in the tourism business. The aim is to create a more accessible, personalized, safe and enriching travel experience for everyone while preserving Indias rich cultural and natural heritage for the future generations to witness. The emphasis on digital platforms and technology across various schemes signifies a forward-thinking approach to cater to the evolving needs of modern travellers.
Initiatives by Ministry of Railways to improve Rail Tourism
The Ministry of Railways is aggressively planning and working to make train travel a fantastic way to explore India! These efforts are really making a difference in how one experiences the countrys incredible cultural and natural diversity. The key initiatives include:
Discovering Indias Soul on Rails with "Bharat Gaurav" Trains:
Imagine hopping on a train which is not only just a mode of transport, but a curated journey through the heart and soul of the country. Thats the magic of the "Bharat Gaurav" Tourist Trains. These theme-based trains have been introduced by the Indian Railways to showcase the rich cultural heritage and magnificent historical places of the country.
Cultural Odysseys: Forget just reaching a destination; these trains are the experience. Picture yourself on a Buddhist Circuit train, gently rolling through sites sacred to Buddhism with onboard talks and planned excursions making history come alive. Ramayana Circuit by the Bharat Gaurav train, takes the tourists on the epic journey of Lord Rama with storytellers and local guides enhancing the experience. Bharat Gaurav Trains are operating on several tourist circuits such as Bharat Nepal Yatra, Char Dham Yatra, Jyotirlinga Yatra, Dakshin Darshan Yatra and other specialized circuits providing opportunities to the tourists to witness the rich cultural heritage of the country.
Comfort and Convenience: The "Bharat Gaurav" trains are designed for comfortable travel, with well-maintained coaches, often offering different classes to suit various budgets. The itineraries are thoughtfully crafted, usually including not just train travel but also sightseeing, guided tours, comfortable accommodations at destinations and delicious on and off-board meals onboard. Its like a hassle-free all-inclusive way to explore Indias cultural and natural heritage.
Indulge in Royalty on Wheels with Luxury Trains:
For those seeking a truly opulent experience, Indias luxury trains are in a league of their own. Think of them as five-star hotels gliding through breathtaking landscapes.
Palatial Journeys: Trains like the Maharajas Express and the Golden Chariot operated by IRCTC offer a taste of Royal Travel on Wheels. Imagine spacious cabins with ensuite bathrooms, gourmet meals served in elegant restaurant cars, and meticulously planned excursions to iconic palaces, forts, and other tourist destinations. The Royal Trains offer a chance to the guests to be pampered while witnessing Indias grandeur and cultural heritage.
Curated Experiences: These sojourns arent just about the train travel, they are a holistic royal experience. These luxury trains offer comprehensive guided tours led by knowledgeable tour experts, cultural performances onboard and at destinations with logistics being handled seamlessly. These trains are a luxurious bubble where the guests can relax with a royal and immersive experience.
Connecting Destinations with Better Connectivity:
Railways play a vital role in providing last minute connectivity to various tourist destinations for getting to those must-see places easily which are key to boosting tourism.
Expanding the Network: The continuous effort to expand and modernize the railway network is improving the accessibility to tourist destinations. New Railway lines and the gauge conversion of existing ones are making it easier for travelers to reach remote and beautiful parts of the country.
More Trains, More Options: Introducing new train services and increasing the frequency of existing ones, especially to popular tourist hubs, provides travelers with more flexibility in their itineraries.
Making Every Journey a Joyful One with Enhanced Passenger Experience:
A comfortable journey can make all the difference in a tourists experience.
The Vande Bharat Revolution: Railways ambitious plan of introduction of Vande Bharat Express trains across major cities has been a game-changer for providing impetus to rail-bound tourism. These trains offer a significantly faster and more comfortable travel experience to the tourists with modern amenities, ergonomically styled seating and enhanced safety features. These trains are making it quicker and more appealing to travel between tourist destinations.
Upgrading Existing Trains: Initiatives like Project Swarn for Rajdhani and Shatabdi trains and Project Utkrisht for other important Mail/Express trains are focused on upgrading interiors, improving cleanliness, and enhancing onboard amenities. These projects have enabled provision of cleaner coaches, with better seating facilities, improved toilets and hence are targeted in improving the overall journey experience of tourists.
Creating Welcoming Gateways at Revamped Railway Stations:
Railway stations are often the first and last impression of a place for tourists arriving by train.
Modernizing Infrastructure: Railways is undergoing a major transformation drive across major railway stations and is renovating these stations into modern, passenger-friendly hubs. This includes better waiting areas, improved passenger amenities including multilingual and digital signages and better integration with other modes of transport making the entire system a Multi-modal transport model.
Premium Lounges: The expansion of Executive Lounges at major stations provides comfortable and well-equipped space offering amenities like comfortable seating, refreshments and Wi-Fi for passengers to relax before or after their journey.
Spreading the Word and Crafting Memorable Experiences through Promotion:
The Ministry and IRCTC are actively showcasing Indias Rail Tourism potential.
Digital Outreach: Ministry of Tourism has initiated more engaging online campaigns, virtual tours of trains and destinations and user-friendly websites and apps providing all the information tourists need to plan their tour. Social media is also playing a big role in inspiring travel and showcasing the unique experiences offered by rail.
Collaborating with the Travel Industry: Railway is working closely with State Tourism Boards, Travel Agents and Tour Operators to create attractive and comprehensive rail tour packages that cater to diverse interests and budgets.
Participating in Tourism Marts: Active participation in National and International Tourism Marts helps to showcase Indias rail tourism offerings to a wider audience.
To sum up, Railway is not just about moving people from one destination to the other but actively curating experiences, enhancing comfort, improving connectivity, and leveraging technology to make rail travel a truly enriching and memorable way to discover the Incredible Tapestry of India. Railway is making it easier, more comfortable and appealing to the tourists to see India from the unique perspective of a train window.
Company overview
Indian Railway Catering and Tourism Corporation Ltd. (IRCTC):
IRCTC is a ‘Navratna- public sector enterprise under the Ministry of Railways, Government of India. IRCTC was established in 1999 by the Government of India and in 2019, it was listed on the National Stock Exchange and the Bombay Stock Exchange. It plays a pivotal role in delivering professional hospitality and travel services for Indian Railways, while also promoting rail-bound domestic and inbound tourism in India.
IRCTCs primary operational activities include food and hospitality services, internet ticketing and travel and tourism, aligning with its strategic vision of providing comprehensive one-stop travel solution for its passengers. To elevate the passenger experience, IRCTC also manages executive lounges, budget hotels and retiring rooms.
The main objective of IRCTC was to modernise and professionalise catering and hospitality services by centralising operations across railway stations, trains and associated facilities. Beyond railway services, IRCTC has expanded its portfolio to include hotel bookings, tour packages via rail, land, cruise as well as air ticket bookings, positioning itself as a prominent travel and tourism service provider catering to a wide range of tourists.
Vision To be the leading provider of high-quality travel, tourism and hospitality-related services, for a range of customer segments, with a consistently high level of client satisfaction.
Mission IRCTC will establish itself as a leader in the area(s) of hospitality services, travel and tourism, packaged drinking water and internet ticketing by providing value-added products and services for passengers, tourists and other customers, targeting IR and Non-IR related services alike, building a resilient business portfolio that is scalable and based on core competencies.
E-Ticketing services:
IRCTC has significantly transformed the travel experience for common individuals utilizing Indian Railways. Its online ticket booking system has become a technological blessing for the average citizen, empowering them with convenience and accessibility. It has now emerged as one of the largest e-commerce websites not only in India but also in the Asia Pacific region.
The introduction of the Next Generation E-Ticketing (NGeT) System since FY15, has progressively increased the capacity for ticket bookings per minute. Supported by high-capacity servers, the NGeT system will be able to handle more than 30,000 ticket bookings per minute. IRCTC leads the way in internet-based rail ticket bookings through its website, www. irctc.co.in, and the IRCTC Rail Connect Mobile Apps available on both Android and iOS platforms. These platforms accounted for a significant 86.38% of total reserved tickets booked on Indian Railways during FY25. On average, IRCTCs website and mobile app facilitated the sale of approximately 13.88 tickets daily throughout the same fiscal year.
Year Wise e-Ticketing Fare Revenue Collected (Din Cr.):
IRCTC Rail Connect app:
The IRCTC Rail Connect App was introduced to address passengers increasing demand for a more user-friendly and efficient ticketing experience. This app was built upon the next-generation e-ticketing system and will feature synchronization with the ticketing website, a functionality unavailable in the pre-existing system. Travellers using the app are able to seamlessly search for and book train tickets, manage existing reservations, including cancellations, and receive alerts for upcoming journeys. Additionally, IRCTC Rail Connect stores passenger details for recently booked tickets, eliminating the need for repetitive data entry.
Features offered by the IRCTC Rail Connect app:
One-step login for the users
To search and book train tickets
Monitor and cancel tickets
Record and retain passenger details
Share upcoming journey alerts
IRCTCs payment system:
Through its website and app, IRCTC offers various online payment options, including Internet Banking, Credit and Debit Cards, Digital Wallets, UPI, Book Now Pay Later (BNPL), EMI, and iPay Autopay. This system is seamlessly integrated across the IRCTC NGeT Rail Ticketing website, mobile application and other integrated digital platforms.
For international users, IRCTC enables ticket bookings via International Cards through integrated secure payment gateways. The transactions on the IRCTC platform are secured through OTP/PIN/Password verified and also 3D Secure Authentication protocols (including Verified by Visa, MasterCard SecureCode, and American Express Safe Key) are in place, as well as by the National Payments Corporation of India (NPCI) for RuPay and UPI payments.
IRCTC i-Pay as payment gateway: iPay being IRCTCs own business initiative was started as a pilot project in 2018-19 eyeing its usage in IRCTC portal for internet ticketing and also huge market opportunity in government businesses, where IRCTC iPay becomes a good fit and better equipped to provide customized payment services. With iPay, passengers can conveniently utilize various payment modes like Credit Card, Debit Card, UPI, Net Banking, and Autopay. The Autopay payment mode offers financial freedom to customers in scenarios where the amount is debited but the ticket is not booked. It enables customers to make subsequent bookings on the same day without having to wait for the refund to be credited back to their bank account by IRCTC.
Our goal is to create a comprehensive digital platform that not only generates new income streams for IRCTC but also provides a holistic, end to end superior services to our customers, making every transaction effortless and secure.
To expand the Payment Aggregator business beyond IRCTC, the company has established a subsidiary, IRCTC Payments Ltd, on February 10, 2024. The RBI authorization is currently in process, with an application for in-principle approval submitted on December 12, 2024. Final authorization is expected within a year. IRCTC Payments Ltds entry into the countrys payment ecosystem, primarily targeting the Government/PSU sector, is anticipated to boost ongoing digitization of payments and will create new opportunities for business growth and technological development for IRCTC.
Tatkal scheme for reserved tickets:
The Tatkal Scheme, established by Indian Railways, facilitates ticket bookings for journeys on short notice. It is available across all reserved classes on nearly all trains in India, with no specific trains designated as Tatkal trains. Unsold Tatkal tickets are subsequently released to passengers on a waiting list. While confirmed Tatkal tickets can be cancelled, refunds are not provided. However, Tatkal tickets on the waiting list may be cancelled and refunded. Additionally, on trains where Tatkal accommodation is utilized at 80% or more during the peak period of April to September, Tatkal charges applicable during this peak period will be enforced year-round, including during non-peak periods.
Tatkal ticket booking starts a day before the scheduled departure from the source station, excluding that day, at 10 AM for AC classes and 11 AM for non-AC classes. This scheme is available on both the IRCTC website (www.irctc.co.in) and the IRCTC Rail Connect app, allowing users to easily book tickets under the Tatkal scheme.
VIKALP scheme:
The Alternate Train Accommodation Scheme (ATAS), also known as VIKALP, has been implemented to address the accommodation needs of wait-listed passengers and optimize available resources on trains. Opting for VIKALP during ticket booking through IRCTC does not guarantee a berth on alternate trains; allocation depends on the availability of trains and berths. If confirmed on an alternate train, cancellation charges will be determined based on berth/train status on that train. Passengers can be transferred to any alternate train departing between 30 minutes to 72 hours from the scheduled departure of the original train they booked. The option to avail of the VIKALP scheme is also available before charting, accessible through the booked ticket history link.
IRCTC – SBI Co-Branded Credit Card on Rupay Platform & New Initiatives:
In 2020, IRCTC and SBI launched a new co-branded contactless credit card on NPCIs RuPay platform. Subsequently, in Feb 2022, the company collaborated with Bank of Baroda to introduce the BOB Loyalty Co-Branded Credit Card on the RuPay platform. In another stride towards enhancing its Co-Branded Credit Card cum Loyalty Program, the company partnered with HDFC Bank in March 2023 and with RBL BANK in July 2024, to launch 2 new Co-Branded Credit Cards in collaboration with both banks on the indigenous RuPay platform. These co-branded credit cards offer frequent rail travellers significant savings on their journeys and special benefits on retail, dining, and entertainment, along with transaction fee waivers. In addition, these collaborations have helped in increasing the traffic on the website and app, which in turn generated a revenue of B 39.54 Crores in Financial Year 2023-24 and B 44.48 Crores in Financial Year 2024-25.
BHIM/UPI payment mode:
The fastest payment method on IRCTC is UPI, as it allows for the instant transfer of funds and does not require additional authentication steps. Using UPI for payment ensures a smooth and quick booking experience. The Main benefits of such payment integrations for e-ticketing through IRCTC Website/ Mobile Apps are as under:
1. This payment instrument will enable the customer hassle free transaction.
2. Various modes of Payment through any Bank by using single User ID will be available to customers to book Railway e-tickets.
3. User can book train ticket by paying from any of his Bank accounts on a single platform.
Travel insurance:
The company offers an optional travel insurance plan for passengers booking train tickets through their website or app. It is a very affordable option, costing just 45 paise per passenger and covers a range of situations. This insurance provides financial protection in case of unfortunate events like train accidents, resulting in death or permanent disability. The claim process is handled by the company that provides the policy, not IRCTC directly. Details of the policy are usually sent via SMS and email after purchasing the insurance.
Total number of passengers availing travel insurance in FY 2025 in comparison to FY 2024:
Total passengers opted travel insurance (Din Cr.)
Railway employees can purchase online reserved rail tickets using their railway pass. These reservations do not incur convenience fees or require travel insurance.
Rail catering:
IRCTC is one of the Indias largest hospitality and catering companies and its rail catering services are offered through Pantry Car/TSV and e-Catering. The pantry car meal offers a variety of both vegetarian and non-vegetarian options. Along with this, the e-catering system includes a modern online food ordering system that allows passengers to pre-book meals from their choice of restaurants.
Vistadome train:
Vistadome coaches were introduced to offer panoramic views while travelling therefore promoting the tourism. The coaches are designed with digital entertainment, Wi-Fi facilities, large glass windows, glass panels on the roof and rotating seats with expansive windows that provide a 360-degree view of the surroundings.
Routes with Vistadome train availability:
Kalka – Shimla Him Darshan
Kalka – Shimla NG Express
Mumbai CSMT – Madgaon Jan Shatabdi Express Mumbai CSMT – Madgaon Tejas Express Ahmedabad – Kevadiya Express
Ahmedabad – Ekta Nagar (Kevadiya) Jan Shatabdi Express Visakhapatnam – Kirandul Express Visakhapatnam – Kirandul Special Alipurduar – New Jalpaiguri Express
Mumbai – Pune Express Deccan Queen Express Pragati Express
Yesvantpur – Mangaluru Jn. Weekly Express Gomteshwara Express Yeswantpur-Karwar Express Guwahati – New Haflong Tourist Special Train Guwahati-Badarpur Express New Jalpaiguri – Darjeeling AC Passenger New Giridih – Ranchi Intercity Express Badgam – Banihal Vistadome Special New Jalpaiguri – Howrah Shatabdi Express Kulik Express
Executive lounges:
IRCTC has been mandated for management of Executive Lounge at stations. Executive lounge at stations provide services like wash and change, wi-fi internet, live TV, channel music, newspaper/book stand, buffet services concierge services for pre-departure and post arrival assistance to the passengers etc. on payment basis.As on 31.03.2025, IRCTC managed 7 Executive Lounges across IR network.
Core competencies:
Through its official website and mobile app, IRCTC controls Indias centralised ticketing system, ensuring broad accessibility, operational efficiency and enhanced customer satisfaction
Catering and food services constitute a significant revenue-generating stream for IRCTC. The Company maintains consistent quality standards and hygiene standards across all offerings
The packaged tours and travel services provided by the Company are intended to extend a positive travel experience. Moreover, collaborations with other state tourism departments and private organisations are also undertaken by the IRCTC
The integration of e-catering services with the ticketing platform enables the passengers to conveniently book their meals from authorised vendors
The integration of technologies such as AI powered chatbots has helped IRCTC to extend a user-friendly ticketing platform while also contributing to additional revenue generation
The Customer Relationship Management (CRM) tool allows IRCTC to personalise communication with passengers to address customer grievances
A strong and trusted brand image has helped IRCTC build passenger loyalty and secure a leading position in Indias travel and tourism sector
Collaboration with regional food chains and payment gateways enhance the customer experience by providing passengers diverse meal options and seamless digital transactions
Passenger safety is a priority for IRCTC, achieved through regular maintenance of the railway infrastructure and strict regulation of food quality and hygiene
With robust financial management and diverse revenue streams, IRCTC effectively mitigates risks and leverages industry trends for sustained growth
Opportunities and challenges
Opportunities:
The Company holds a dominating position in the industry that will allow it to expand its services portfolio and capitalise on the evolving trends in railways, as well as the travel and tourism industry
The Companys focus on enhancing customer experience by offering flexible pricing, special discounts and providing real-time information will drive customer retention
Integrating advanced technologies will support the Companys growth by enhancing passengers experience, attaining operational efficiencies and increasing revenue generation
Strong promotional activities in collaboration with the state tourism departments and other travel agencies will help IRCTC to develop personalised travel packages that will meet the unique requirements of various travellers
With a strong focus on enhancing the infrastructure of India, IRCTC is anticipated to benefit as well by expanding its connectivity and increasing its revenue generation streams
IRCTC can expand its presence beyond ticketing and catering and collaborate with various partners such as food chains, travel agencies and local vendors to also provide essentials along with pre-booked regional meals to the passengers.
Challenges:
IRCTC offers the primary platform to book tickets and any technical glitch related to the website and app due to maintenance activities can result in passenger agitation
Poor customer support, along with unresolved issues and prolonged wait times, poses a challenge to IRCTCs operational efficiencies
Any negligence to safety can lead to accidents or casualties posing as a major challenge by undermining the passengers trust and tarnishing its reputation in the industry.
Initiatives by IRCTC in FY 2025
Throughout the reported year, initiatives were undertaken to ensure the achievement of operational excellence and enhanced productivity.
Internet ticketing:
IRCTC has undertaken several strategic initiatives to elevate its business and services within this segment.
a) Key enhancements introduced through the Rail Connect mobile app, available on both Android and iOS platforms, encompassed:
1. Booking of DMRC QR Code based ticket under- "One India One Ticket" Initiative through IRCTC website
& Android Mobile App w.e.f - 10th July 2024 & iOS Mobile App w.e.f.- 31st July 2024).
2. Time limit for advance reservation ARP Booking (reduce from 120 days to 60 days) in IRCTC Website & Rail Connect Mobile App w.e.f. 01.11.2024.
3. RBLBankCobrandCreditCardintegratedunderIRCTC Loyalty Program on IRCTC Website w.e.f. 14.09.2024 and on IRCTC Mobile App w.e.f. 01.02.2025.
4. IRCTC SBI Loyalty Programme has been enhanced by integrating the SBI Rupay Premium Credit Card, on website effective from 01.10.2024.
5. Option of selecting Catering Service option as Jain Meal, Veg (Diabetic) & Non Veg (Diabetic) implemented in all the pre-paid trains on Website w.e.f. 30.09.2024 and on Mobile App (Android & iOS) w.e.f. 20.09.2024.
b) New services added on Marketing during FY 2024-2025:
1. Push Notification Services on IRCTC Website and Mobile App: 929.74 crore push notifications for IRCTC in-house items were sent to subscribers nationwide using this facility. These alerts included information about various IRCTC tourism products such as bus booking, Ramayana Yatra, e-Catering, Bharat Gaurav tourist trains, Bharat Gaurav Deluxe Tourist Train and many more.
2. New Feature of Gen AI is integrated on AskDisha Chatbot w.e.f. 31.12.2024. Have implemented Voice-to-text and text-to-voice capabilities over generative response layer to provide accessibility and enhance the user experience in Ask Disha Chatbot.
Travel and tourism:
The Indian government is actively supporting the Travel & Tourism industry through numerous initiatives and schemes. Few key efforts of Government for 2025 are elaborated below:
"Bharat Gaurav" Trains:
The concept of Bharat Gaurav Tourist Trains is considered under "Ek Bharat Shreshta Bharat" and "Dekho Apna Desh" scheme where people of the country are encouraged to travel within country and explore the cultural & heritage places of India. IRCTC is operating various theme-based tourist circuits and also launching a few more tourist circuits to cater to the demand of people. Theyre themed adventures designed to immerse you in the heart of Indias rich heritage.
More Journeys: In the Financial year 2024-25, the Bharat Gaurav Trains embarked on a whopping 196 trips carrying 1,26,981 tourists on-board visiting various religious, cultural and heritage sites of India by rail.
Nationwide Exploration: These journeys covered 24 States and Union Territories with a view to explore the tourist destinations in every corner of the country.
Reliving Epics and Discovering Sacred Trails: Retracing the footsteps of legends on the Shri Ramayana Yatra, connecting Ayodhya with Janakpur, experiencing the spiritual passion of the Bharat Nepal Yatra or also delve into the life and teachings of the Constitutional Architect of India Dr. B.R. Ambedkar on the Ambedkar Circuit amongst many others. Even the mystical landscapes of the North East of India are being covered by the Bharat Gaurav Trains through various itineraries.
An All-Inclusive Train Tour Package: The Bharat Gaurav Trains offer a complete holiday package with comfortable train journey in well-maintained coaches along on-board and off-board meals, transfers, sightseeing in comfortable buses, comfortable hotel stays, insightful guided tours and travel insurance.
Connecting Cultures and Traditions: The "Bharat Gaurav" train tours perfectly align with Government of Indias efforts to promote tourism through concept of "Ek Bharat Shreshtha Bharat" (One India, Great India) and "Dekho Apna Desh" (Explore Your Own Country), encouraging people to discover the incredible diversity of India. IRCTC is providing these fantastic train tours to spread the reach of domestic tourism in the country.
Exploring India with Air Tours:
IRCTC also offers special comprehensive Air Tour Packages covering flight journeys comfortable hotel stays, all meals, sightseeing and smooth transfers. These air packages have made it possible to cover far flung tourist destinations for the customers which are still not connected with Railways.
Projecting Indias Cultural Tapestry:
IRCTC operated the following tours to promote Cultural exchange and confluence amongst people of various states especially the younger generation:
a. Kashi Tamil Sangamam 3.0 was operated from Chennai to Ayodhya- Kashi – Prayagraj for the students/ authority members of Tamilnadu.
b. Yuva Sangam tours-An initiative by Government of India under "Ek Bharat Shresth Bharat" scheme to strengthen people to people connect especially between youth belonging to various States/UTs.
Effortless Pilgrimage to Kedarnath with Heli-Tickets:
For those undertaking the sacred journey to Shri Kedarnath Dham, IRCTC developed Shri Kedarnath Heliyatra Ticketing System which has been a resounding success amongst the pilgrims. Operated through IRCTC Heli Yatra website, the system allows pilgrims to conveniently book helicopter rides online after completing their Chardham Yatra registration. With guidelines on group sizes and booking periods to manage the flow, this system has brought ease and efficiency for the tourists to reach Shri Kedarnath Dham.
Skip the Queues, Explore the History of Indian Railways: Online Tickets for the National Rail Museum:
For all Rail enthusiasts! Visiting the National Rail Museum (NRM) in New Delhi just got even easier. One can now grab ones tickets online through the specially designed website for booking the tickets of NRM. The online ticket booking system of NRM enables one to one visit ahead of time without the necessity to stand in queues for fetching manual tickets. Whether one is an adult, a family with kids (aged 3-12), or even a school group looking for an educational outing, online ticketing makes it super convenient to visit NRM. And above all, visit to NRM under 3 years of children is free of cost.
Maharajas Express:
Since its launch in 2010, the Maharajas Express has truly lived up to its name as Indias most luxurious train. Operating between the Tourist Seasons of October and April, the train offers four distinct journeys through the captivating landscapes of NorthWest and Central India, with a special focus on the Royal State of Rajasthan. Imagine stepping into the state of art opulent and royal carriages of the train named after precious gems, each cabin boasts its own en-suite bathroom and individual climate control for providing matchless comfort to the tourists. The train has two specialty restaurants serving an array of international and local cuisine, a kitchen car, a bar car and a lounge car. These meticulously crafted itineraries are like a journey back in time, offering guided tours of majestic forts, grand palaces and UNESCO World Heritage Sites along with immersive cultural experiences and even thrilling wildlife safaris on select routes. Today, Maharajas Express is the epitome of Luxury On Wheels for the elite class of rail lovers.
Golden Chariot:
Embark on a stylish exploration of South India aboard the award-winning Golden Chariot by IRCTC. This luxurious train offers three curated itineraries showcasing the rich cultural and historical treasures of the states of Karnataka, Kerala, Goa, and Pondicherry. Picture yourself in one of the 18 lavish carriages, each named after a Glorious Dynasty and reflecting the beauty of Dravidian architecture. Inside the luxurious carriages, one will find plush interiors, 44 well-appointed guest rooms, two exquisite specialty restaurants serving delectable cuisine, a bar car, a business centre for staying connected, a mini-gym to stay active, and even an Ayurvedic spa for ultimate relaxation. The train is offering an indulgent way to discover the wonders of South India.
Buddhist Circuit Special Train:
For those seeking a spiritual awakening, IRCTC operates the Buddhist Circuit Special Tour with its Bharat Gaurav Deluxe Train offering a unique pilgrimage through the sacred sites connected with the life of Lord Buddha as well as Buddhism. This special train takes one on a comprehensive tour on the footsteps of Lord Buddha covering key landmarks such as Lumbini (Buddhas birthplace), Bodhgaya (where he attained enlightenment), Varanasi (where he delivered his first sermon), and Kushinagar (where he achieved Nirvana). IRCTC operates the tour with its fully air-conditioned Deluxe Train with choice of accommodation in AC-I, AC-II and AC-III coaches, restaurant car serving diverse culinary options and even a mini-library for reading enthusiastics. The train tour also offers comfortable stay in good quality hotels, all transfers and guided sightseeing at each destination and also travel insurance making the tour all inclusive.
Deluxe Tourist Trains:
Beyond the Maharajas Express and Golden Chariot, IRCTC also operates the Deluxe Tourist Trains that offers comfortable journeys through the countrys diverse tapestry of culture, history, and stunning landscapes such as Bharat Nepal Yatra, Sri Ramayana Yatra, Char Dham Yatra, Garvi Gujarat Yatra, Dakshin Darshan Yatra and many more. These trains have redefined travel, providing all the comforts and amenities of a high-end hotel while the tourists visit the various famous tourist destinations across the country.
Rail Tour Packages: Hassle-Free Exploration of India:
IRCTCs Rail Tour Packages are A One-Stop Solution for exploring India with ease. These are unique tour packages combine confirmed rail journey with well-planned sightseeing excursions and convenient accommodation. Whether one is interested in spiritual journeys to pilgrim sites, leisurely explorations of popular destinations, or budget-friendly adventures, there is a rail tour package designed for every target clientele.
The Indian Railways and IRCTC are committed to making train travel not just a means of transportation, but a truly enriching and enjoyable part of your Indian adventure!
Catering: Static Catering:
IRCTCs static catering provides pre-prepared meals and refreshments through Refreshment Rooms, Jan Ahaars, Food Plaza, fast Food units and Food court within Railway Stations. It offers a convenient and affordable option for passengerson the go. The menu typically includes basic vegetarian and non-vegetarian meals, snacks, beverages, and packaged items like biscuits and chips at affordable prices to the passengers.
Further, the initiatives undertaken by IRCTC are as under:
IRCTC has developed and successfully commissioned an innovative food outlet designed on the concept of "Food Court" on 07.12.2024 featuring a diverse array of food and beverage items under one roof. This concept offers travellers a wide selection of both vegetarian and non-vegetarian dishes, representing various cuisines, all served in a modern, comfortable ambiance. The food court offers high-quality meals to the passengers.
IRCTC has also opened POD hotel at Bhopal Railway station. The facility on platform no. 6 of the Bhopal Railway station has 78 pods for the passengers. This is the 02nd pod facility at Railway stations after Mumbai Central.
Business segment overview
Internet ticketing:
In FY 2025, the IRCTC generated total revenue of C 1426.22, increasing from C 1,295.31 Crores. IRCTC allows passengers to book tickets through its website and mobile application, upholding its convenience and efficiency.
IRCTC website:
The official website of IRCTC offers a user-friendly platform to help passengers book train tickets conveniently.
E-Tickets booked by individual users through website (www. irctc.co.in) - 895.17 Lakh
IRCTC Rail Connect App (Mobile App);
The mobile app – IRCTC Connect App- provides a convenient experience to the customers for booking tickets.
E-Tickets booked by individual users on Mobile Phones (Rail Connect Android, iOS & Rail Saarthi) - 2,724.88 Lakh
IRCTC User Interface Refresh:
The focus of the User interface of the IRCTC website is to provide a user-friendly and modern experience to the users.
Total active verified users till FY 2025 - 10.01 crore
Aadhaar linking:
Linking the Aadhar card with the IRCTC account has helped in ensuring security and supporting a swifter ticket booking process.
Total Aadhaar Authenticated Users till FY 2025 - 1.14 crore
NGeT system:
The IRCTCs Next Generation e-ticketing System (NGeT) is a significant upgrade that revolutionized online train ticket booking in India. The available features include:
Enhanced Scalability and Speed: NGeT replaced the older ticketing system. It has significantly improved the capacity, handling 30155 tickets per minute as of March FY25 (on 12-March-2025 at 10:01 AM). This translates to a smoother booking experience with fewer crashes or delays during peak booking times.
High User Capacity: NGeT can support a massive 34.32 lakhs concurrent users, ensuring the system remains accessible even during heavy traffic periods like festive seasons or special train launches. This is a substantial improvement compared to the limitations of the previous system.
Improved User Experience: NGeT aims to provide a more user-friendly experience for booking train tickets. While the core functionalities remain similar to the older system, users might experience faster loading times, smoother navigation, and potentially even additional features as the system evolves.
Focus on Security: IRCTC prioritizes secure online transactions. NGeT is built with robust security measures to protect user data and financial information during the booking process.
Internet tickets booked through various channels during FY 2025 are as under:
| Tickets booked in | Tickets booked in | ||
Particulars |
YoY growth (%) | ||
| FY 2025 (in lakhs) | FY 2024 (in lakhs) | ||
| E-tickets booked by individual users on Mobile Phones (Rail | 2,724.88 | 2322.32 | 17.33 |
| Connect Android, IOS & Rail Saarthi) | |||
| Tickets booked by individual users through website (www. | 895.17 | 873.43 | 2.49 |
| irctc.co.in) | |||
| Tickets booked by individual users (B2C) | 956.00 | 844.22 | 13.24 |
| Tickets booked by Retailer (B2B,ICS,RTSA,IATA,E-Gov.) | 382.71 | 389.74 | -1.80 |
| E-Tickets booked by Defence(CGDA)/CRPF/NDRF/ NSG /AR/ | 87.68 | 86.07 | 1.87 |
| BSF/CISF/ITBP | |||
| I-Tickets booked by Defence(CGDA)/CRPF/NDRF/ NSG /AR/ | 18.83 | 14.04 | 34.12 |
| BSF/CISF/ITBP | |||
Total Tickets Booked |
5,065.28 | 4529.83 | 11.82 |
Tatkal Booking Measures Implemented By IRCTC For User Convenience: a) Technology Interface:
IRCTC has implemented Cutting edge Technology providing Anti-Bot solution, CDN and other Security Services in NGeT System since 12th Feb. 2025. Content Delivery Network has been deployed at NGeT system to enhance the performance and reliability of its services
To block automated ticket booking attempts and ensure fair access for genuine users.
To prevent automated attempts during New User Registrations.
Around 67% Traffic offloading through CDN service(Hit wise)
About 91% Traffic offloading through CDN service(Volume wise)
About 30% traffic is blocked by BOT Mitigation Tool.
b) Administrative Measures:
Summary of Tatkal Booking Administrative Measures taken by IRCTC in FY 2024-25:
Around 3.6 Crores personal user IDs have been flagged as suspicious and subsequently deactivated.
More than 6800 e-mail domains have been blocked.
A total of 74 complaints have been registered on the National Cyber Crime Reporting Portal.
The Unified IRCTC Travel Portal & Super App:
IRCTCs Unified Travel Portal and Super App will be digital transformation initiative aimed at consolidating IRCTCs diverse travel and ticketing offerings into a single, integrated digital platform. Currently, IRCTC operates multiple portals and URLs for services like air, hotel, bus bookings, tour packages, luxury trains, e-catering, retiring rooms, etc. This fragmented system results in a disjointed customer experience, limits cross-selling opportunities and creates operational inefficiencies. The new portal envisions a seamless, mobile-first, AI-powered super app that redefines user experience and positions IRCTC as a comprehensive and competitive player in Indias fast-evolving online travel market.
The unified platform will offer an end-to-end travel experience—from discovering and booking services across rail, air, road and hospitality to receiving real-time updates and personalized offers—all through one cohesive interface. Leveraging cutting-edge technologies such as artificial intelligence, machine learning, cloud computing and generative AI, the portal will intelligently understand user preferences, enable dynamic pricing, automate lead conversion and deliver hyper-personalized experiences.
Features such as automated vendor onboarding, real-time inventory management, customizable tour packages and a robust notification system (via WhatsApp, RCS, SMS and email) will ensure timely and relevant communication with customers.
Key Objectives:
Enhance User Experience: Deliver a unified interface integrating railway, air, bus, hotel bookings, tourism packages, cruises and ancillary services (e-catering, lounges, etc.) with personalized recommendations, ample inventory, multi-language support and seamless payments.
Achieve Market Leadership: by leveraging IRCTCs strong brand and customer base
Leverage Advanced Technology: Adopt AI/ML, GenAI, Cloud and DevSecOps to ensure a secure, responsive and continuously improving platform that provides smart nudges, dynamic pricing and curated offers.
Foster Operational Efficiency: Streamline backend processes, automate vendor on-boarding, enable rapid inventory integration and ensure compliance with global security and data standards.
Create an Open Marketplace: Facilitate third-party service provider integrations via standard APIs, promoting competitive offerings and broader inventory access.
Boost Customer Loyalty & Stickiness: Launch a robust loyalty program tied to spending and engagement, alongside targeted offers and faster refunds.
Catalyze Digital Transformation: Transition from legacy infrastructure to a modern cloud-native platform with disaster recovery, high availability and scalability.
Packaged drinking water:
IRCTC provides packaged drinking water under the brand name of Rail Neer. It is processed, purified and bottled at IRCTC plants, which undergo rigorous multi-stage purification processes, including reverse osmosis, ultraviolet treatment and ozonation. These steps remain essential to ensure that the product meets the stringent quality standards set by the Bureau of Indian Standards (BIS). Rail Neer maintains an exclusive position in the supply of packaged drinking water across Indian Railways, ensuring quality and continuity in service. The brand operates 20 advanced production units and currently fulfills 60–70% of the existing demand across trains and stations. In FY 2024, the total revenue generated by Rail Neer was C326.66 Crore and it increased to C 378.58 Crore in FY 2025.
Key Performance Indicators for FY 2024–25:
Production: Reached an all-time high at 46.43 crore litres
Revenue: C 378.58 Crore
Market Expansion: In response to rising demand, new facilities are being planned to enhance capacity and coverage.
Travel and tourism:
The revenue generated from the travel and tourism sector increased from C691.06 Crore in FY 2024 to C744.91 Crore in FY 2025. This segment of the Company provides various services promoting tourism in India, catering to the diverse travelling preferences of travellers from diverse economic backgrounds. Additionally, IRCTC offers convenient air ticket booking for both international and domestic air travels.
IRCTC has evolved beyond its roots in Railway Catering to become a significant player in Indias travel and tourism sector. The travel and tourism services offer a diverse range of options, making it easier for travellers to explore the rich tapestry of Indias culture, history, and natural beauty. Heres a look at the updated and comprehensive offerings:
Domestic Tour Packages:
IRCTC offers curated domestic tour packages that allow travellers to experience Indias vibrant heritage in a way that suits every interest and budget. Whether one is keen to explore historical landmarks, dive into cultural experiences, or unwind amidst scenic destinations, IRCTC has a package for all its customers. These tours cover religious pilgrimages, wildlife adventures and leisure escapes, catering to different travel styles and preferences.
For example:
Religious Pilgrimages: Packages to places like Vaishno Devi, Kedarnath and the Char Dham circuits.
Wildlife and Adventure: Explore Indias national parks and wildlife sanctuaries, such as Jim Corbett or
Ranthambhore etc..
Leisure Getaways: Unwind in destinations like Goa, Kerala, or Andaman & Nicobar Islands etc.
IRCTC also operatesDomesticandInternationalAirPackages, allowing travellers to book their flight tickets, accommodation, meals, and sightseeing tours all in one convenient package. Whether for a family vacation or a corporate retreat, IRCTC makes travel planning hassle-free.
Tourist Trains: Luxury to Budget:
For those looking to travel in style, IRCTC offers luxurious train experiences like the Maharajas Express and Golden Chariot.
These trains combine luxury with heritage, offering travellers a chance to explore Indias rich cultural and historical sites in ultimate comfort. The trains feature well-appointed cabins, fine dining, and guided tours to iconic destinations in states of Uttar Pradesh, Rajasthan, Karnataka, and Goa.
For budget-conscious travellers, IRCTC operatesBharatGaurav Trains which offers all-inclusive services to passengers like Train & Road Transportation, Meals, Stay, Sightseeing and Travel Insurance with service of Tour Escorts/ Guides. These trains are designed to offer a comfortable travel experience while focusing on cultural exploration. Passengers can choose from theme-based itineraries like the Buddhist Circuit or Ramayana Circuit, ensuring that theres something for every kind of traveller.
Comprehensive Travel Solutions:
Beyond tour packages, IRCTC provides Air Ticket booking services for both Domestic and International flights, making it a one-stop-shop for travellers. Whether one is flying to a nearby city for a business trip or heading abroad for a vacation, IRCTC is making it convenient & simple to book ones flights with competitive prices and reliable service.
Additionally, the company offers Corporate Travel Solutions assisting Governments and Corporates with complete travel solutions such as group bookings, MICE packages, and customized itineraries for corporate events or team outings.
Why Choose IRCTC for Travel?
IRCTC is not just about trains or booking flights; its about offering travellers convenient, comprehensive, and comfortable travel experiences. Whether planning a luxury journey on a heritage train, a budget-friendly cultural exploration, or a corporate retreat, IRCTC ensures that every aspect of ones trip is meticulously planned. By combining heritage, luxury, comfort, and convenience, IRCTC makes exploring India – and beyond – an unforgettable experience.
Catering services:
The IRCTC offers e- catering services to more than 1200 passenger For Mail/Express and Superfast trains without pantry cars, trains where it ensures on-board catering services through pantry vendors fulfil train-side vending contracts by delivering pre-cars. The total revenue generated by the catering service increased ordered meals to the customers. from C1,947.19 crores in FY 2024 to C 2125.06 crores in FY 2025.
As of March 31, 2025, IRCTC provided onboard catering through During FY 25, the Company successfully extended its onboard Train Side Vending in 701 trains, either on a sectional basis or catering services to a network of 1,269 trains, highlighting its end-to-end routes. commitment to passenger comfort and satisfaction.
E-catering Static catering
The E-catering service can be availed through the IRCTCs e-catering Static catering units are such units which are located at station app or its official website. This allows the passengers to browse menus premises and offers catering services at affordable prices to the and order directly from their phones. Additionally, the Company travelling passengers on Indian Railway network. has partnered with Zomato and Swiggy to extend the convenient As on March 31st 2025, IRCTC managed 149 Food Plazas, 161
Segment-wise performance
Segmental operative revenue |
FY 2025 | FY 2024 | % Change |
| Catering | 2,125.06 | 1,947.19 | 9.13% |
| Rail Neer | 378.58 | 326.66 | 15.89% |
| Internet Ticketing | 1,426.22 | 1,295.31 | 10.11% |
| Tourism | 744.91 | 691.06 | 7.79% |
Segmental Profit |
|||
| Catering | 271.76 | 254.51 | 6.78% |
| Rail Neer | 46.13 | 29.22 | 57.87% |
| Internet Ticketing | 1,179.49 | 1,067.59 | 10.48% |
| Tourism | 93.82 | 24.59 | 281.54% |
Discussion on financial performance:
There has been a rise in the total income from C 4424.69 Crore in FY 2024 to C 4903.45 Crore in FY 2025. The Profit before tax increased by 17.42% in the reported year, along with this, the Profit after tax increased by 18.30% in FY 2025.
The performance of major financial parameters during FY 2024 and FY 2025 is given below
Amount (C in Crores)
Segmental operative revenue |
FY 2025 | FY 2024 | YoY growth (%) |
Revenue from operations |
4,674.77 | 4,260.21 | 9.73% |
| EBITDA | 1,778.54 | 1,630.68 | 9.07% |
| Less: Interest and finance charges | 16.89 | 18.64 | -9.38% |
| Less: Depreciation | 52.58 | 57.22 | -8.11% |
| PBT before exceptional items | 1,709.07 | 1,554.81 | 9.92% |
| Exceptional items: Loss (-)/ Gain (+) | 47.89 | (58.53) | 181.82% |
Profit before tax (PBT) after exceptional items |
1,756.95 | 1,496.28 | 17.42% |
| Less: Provision for taxation | 442.30 | 385.03 | 14.87% |
Profit after tax (PAT) |
1,314.66 | 1,111.26 | 18.30% |
| Interim dividend (as a % of Equity share capital) | 350.00 | 125.00 | 180.00% |
| Final dividend (as a % of Equity share capital) | 50.00 | 200.00 | -75.00% |
| Net worth | 3,663.30 | 3,229.97 | 13.42% |
| Earnings per share (C) | 16.43 | 13.89 | 18.29% |
Analysis of financial ratios:
Details of significant changes (i.e. change of 25% or more as compared to the FY 2023-24) in key financial ratios, along with detailed explanations thereof, are as follows
Segmental operative revenue |
FY 2025 | FY 2024 | Change (%) | Remarks |
| Debtors turnover (number of days) | 121.26 | 107.99 | 12.29% | |
| Inventory turnover (number of days) | 5.06 | 5.05 | 0.20% | |
| Interest coverage ratio | 48.36 | 37.48 | 29.03% | Interest Coverage |
| ratio increased | ||||
| due to increase in | ||||
| Lease Liabilities. | ||||
| Current ratio | 2.02 | 1.95 | 3.59% | |
| Debt-to-equity ratio | 0.02 | 0.02 | 0.00% | |
| EBITDA margin (%) | 36.27 | 36.85 | -1.57% | |
| Net profit margin (%) | 28.12 | 26.08 | 7.82% | |
| Return on net worth | 0.38 | 0.39 | -2.56% |
Disclosure of Accounting Treatment:
No alternative or differing accounting treatment, which deviates from the prescribed Accounting Standards, has been followed in the preparation of the financial statements. All accounting policies and methods adopted in the preparation of these financial statements are in full compliance with the prevailing Accounting Standards and have been consistently applied.
Human resource:
The long-term success and high performance of the company are strongly rooted in the strength and dedication of its workforce, which is regarded as a vital asset. In IRCTC, employees are seen not just as workers but as strategic partners in the organizations growth. Recognizing this, IRCTC adopts a human-centric and inclusive approach to management, aligning with its core values of mutual respect, trust, and shared success.
To ensure active employee engagement and participation in decision-making, IRCTC regularly organizes communication meetings and workshops across various organizational levels – including zones, regions, and the corporate office. These gatherings foster the exchange of ideas, encourage feedback, and build a culture of openness and collaboration between employees and management. This synergy enhances productivity and creates a positive work environment.
The Human Resource (HR) department plays a pivotal role in driving talent development and retention. It is responsible for designing and executing strategic HR policies, procedures, and developmental programs that are tailored to enhance employees knowledge, skills, creativity, and potential. These initiatives aim to prepare employees for future challenges and leadership roles within the organization.
Amajorfocusisplacedonskill-buildingandcapacitydevelopment. Employees are regularly provided with comprehensive training to help them meet evolving job demands and expand their capabilities. In addition, the company encourages its mid-level and senior managers to pursue higher education and professional courses at renowned institutes. This commitment to continuous learning and professional development not only boosts individual growth but also contributes to the companys overall innovation and competitiveness.
Some of the important HR Initiatives in the last FY 2024-25:-
Following the success of the HRMS portal which was developed in-house, the further integration of the HRMS system to obtain D&AR clearance module, Medical Card issuance module, Submission of Medical Bills, accessing of the D&AR reports of the employees by the HR personnels, Generation of Pay Slips, Income Tax Reports, Lease reports, Last Pay Certificate, Foreign Service Contribution report. Online employee grievance redressal, re-launch of passport NOC module post enhancements, Marriage Gift claim module, etc.
Carrying forward the efforts of FY 2023–24, empanelment of in-house doctors continued to extend accessible primary healthcare to the employees.
Expansion of coverage under the Group Life Insurance Scheme, IRCTC has extended the coverage with monetary limit of 70 months basic pay plus dearness allowance for all employees of IRCTC, ensuring financial protection in the event of natural or accidental death.
As a welfare measure for its employees, IRCTC has recently started the facility for Optional Preventive Medical Health Check-up of Spouse of the employees who has crossed a certain age (45 years in case of males and 40 years in case of females). This scheme will be helpful for the spouse of the employees to get their regular preventive health check-ups and medical treatments.
Conducting of training programs of Senior Management Personnels at prestigious institutes like IIMs, IICA, ISTM, etc.
A small glimpse of trainings conducted during FY 2024-25:
Numbers of training |
No. of staff | |
| Man-days | ||
programs |
trained | |
| 73 | 2379 | 8040 |
Initiatives undertaken by the Company to enhance its workforce in FY 2025 Talent acquisition
IRCTC has been proactive in modernizing its workforce, adopting talent acquisition strategies, talent retentions, employee engagement and their learning and development that align with the changing dynamics of the railway and tourism sectors. While specific initiatives may evolve over time, some key strategies and programs IRCTC has employed include:
Workforce Planning and Analytics: -i. IRCTC analyses the workforce requirement based on business expansion plans in coordination with Zonal and Regional offices duly forecasting future hiring needs and skill gaps. E.g. Succession Planning, Skill Gap Analysis. ii. Develop Strategic HR Recruitment Policy for hiring.
iii. IRCTC held recruitments drives and walk-in interviews, especially for certain roles that require immediate hiring for employees mostly on the contractual/fixed-term/ Outsourced personnel.
Adoption of IT in Talent Acquisition though Online Applications portal:
IRCTC has embraced digital platforms for recruitment especially for Re-engagement/re-employments and on deputations, making it easier for candidates to apply for various positions online. This streamlines the process and opens the door to a wider pool of talent. However, the process is still under a testing phase. IRCTC uses its inhouse portal and Railway Boards portal for advertising of vacancies.
Diversity, equity and Inclusion: As part of its commitment to diversity and inclusion, IRCTC focuses on recruiting individuals from various backgrounds, gender, and geographical regions to create a more diverse workforce. The organization follows a policy of providing equal opportunities to all candidates, ensuring non-discriminatory hiring practices.
Talent Retention:
Defined Career Progression plan for employees through providing periodical feedback, and individual learning and development plans.
Internal Mobility: IRCTC encourages internal promotions and transfers, giving employees opportunities for growth within the organization. This keeps morale high and reduces turnover.
Employee Engagement:
Talk-to Management program: - The "Talk to Management" interface was enhanced to provide a more formalized and interactive platform for employees to put forward recommendations,ideas,andcommentsindirectcommunication with top management
Work-life balance programs: - Many health, safety and work-life balance awareness programs conducted during the FY 2024-25.
Recognitions and Awards: - The employees are recognised for their contributions towards the organisation.
Learning and Development Initiatives: -
Skill Enhancement Initiatives: The organization conducted workshops, certifications, and training sessions for employees through online/offline/hybrid platforms. 7813 man-days of training conducted for 4710 staffs.
Specialized Courses: IRCTC facilitated wide-ranging thematic L&D programs for its employees including Senior Management in-collaboration with reputed training institutions like IIMs, IICA, etc.
New Employees
Recruited during FY 2024-25 on Permanent Absorption/ Immediate Absorption/Compassionate Grounds.
Outlook: Catering:
Development of Budget Hotels in collaboration with Rail land Development Authority (RLDA)
Launch of E-Pantry facility in trains in phased manner
API integration with e-Ticketing B2C partners for faster & efficient communication between IRCTC & B2C systems for expansion of E-catering
Internet Ticketing:
Unified IRCTC Travel Portal & Super App: It is a digital transformation initiative aimed at consolidating IRCTCs diverse travel and ticketing offerings into a single, integrated digital platform.
TravelProtect:Securingtheneedfortravelofthecustomers through providing alternate travel accommodation in case of WL tickets and protecting the customer from the cancellation charges in case of last-minute changes which are the long-felt needs of the customers.
New sources of revenue – Other Ticketing and OTA Initiatives:, IRCTC aspires to become an e-ticketing giant in the travel and leisure sectors. The online ticketing platform shall be able to provide such services for multiple use cases on commercial basis which may be integrated with the unified portal as per user requirement.
Tourism:
Luxury Train Segment-Maharajas Express and Golden Chariot: To provide Impetus to the Luxury Train Vertical through induction of a New LHB Maharajas Express Rake and increasing the number of Trips and Occupancy by way of Domestic and International Marketing shall be made in the Golden Chariot
Bharat Gaurav Train: IRCTC is processing to acquire a new Third AC rake to be used for operating the already existing demand of State Teertha Bharat Gaurav tours and will focus on five Yatra Circuits which have been planned to be undertaken in Financial Year 2025-26.
Online Ticketing – Air / Bus / Hotel: IRCTC will focus on improving its technological infrastructure, offering more personalized travel options, and enhancing customer experience through more partnerships with both domestic and international airlines
Focussing on new Business initiative, viz., MICE Business and Outbound & Domestic Air packages.
Railneer:
Expansion of Railneer by facilitating production of 500 ml Rail Neer Package Drinking in 18 Rail Neer Plants. The 500 ml bottles are being supplied in Shatabdi and Vande Bharat trains. Also, this will be sold on Railway Station premises
Risk management
Risk description |
Mitigation strategy |
Foreign exchange risk |
Tariffs are calculated in USD with a lower Return on Equity (ROE)to ensure |
| Fluctuations in the foreign exchange rates can impact | stability and avoid frequent revisions. |
| the performance of IRCTCs Internet Ticketing and | Banks convert foreign exchange transactions to INR and credit IRCTCs |
| Tourism business. | account with the prevailing exchange rate on the remittance date. |
| The exchange rate for booking packages in USD is set higher than the | |
| RBIs monthly average ROE. In circumstances of frequent volatility, an | |
| upper limit on the exchange rate is imposed. | |
| ROE is kept above the RBIs average ROE to mitigate potential foreign | |
| exchange losses. This approach is frequently used for booking packages | |
| for overseas clients or agents. | |
Competition risk |
A strong and agile management team effectively drives strategic growth, |
| Entry of the private sector in the industry can compel | enabling IRCTC to outperform private competition. |
| IRCTC to lose its market exclusivity. Its operational | |
| efficiency and profit margins will be negatively | |
| impacted by increased competition. |
Internal control systems – process excellence
The Company maintains rigorous internal controls to mitigate risks, particularly in financial accounting, reporting and operational processes, ensuring strict compliance with legal and regulatory requirements. These Internal Controls (ICs) measures, including thorough reviews, approvals, physical counts and segregation of duties, are aimed at strengthening the systems, preventing errors and detecting irregularities. To ensure adherence to these standards, the Company has engaged an independent external firm, comprising Chartered Accountants, as Internal Auditor. The internal audit assignments are carried out on a half-yearly basis. The Internal Audit team carries out extensive audits throughout the year covering each and every aspect of the business. The Company has also hired another firm of Chartered Accountants to issue the Independent Auditors Report on the Internal Financial Controls over Financial Reporting for the Company in accordance with Clause (i) of subsection 3 of Section 143 of the Companies Act, 2013. The report issued thereupon has been attached along with the Financial Statements. The Audit Committee reviews the internal control systems with the Internal Auditor and Statutory Auditor before the Financial Statements are placed before it for recommending to the Board for approval
Disclaimer
There may be some forward-looking statements in the MDA section about potential future developments. These statements involve known and unknown risks and uncertainties that could materially affect final results. Macro-environmental changes may pose unanticipated, unexpected, unknowable and ever evolving risk(s) to the Company and the environment in which it operates. The conclusions of these assumptions, which are based on information that is both internal and externally available, constitute the basis for some of the facts and numbers in the study. The estimations on which these assumptions are based are similarly for an on behalf of the Board of Directors.
For and behalf of Board of Directors
Sd/-
(Sanjay Kumar Jain)
Chairman & Managing Director DIN: 09629741 Place: New Delhi Date: August 04, 2025
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