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Budget 2024 travel & tourism industry live: All eyes in the industry are on the government as Union Finance Minister Nirmala Sitharaman is ready to present her sixth Union Budget. The FM has started presenting the Union Interim Budget 2024 -25 in Lok Sabha from 11 am. This Budget also holds importance as this is the Narendra Modi government’s last Budget before heading to Lok Sabha elections this year. So, there is a lot of buzz on what the government is going to announce.
Travel & Tourism is expecting lower taxes & incentives for revival post-Covid-19 pandemic. Finance Minister Nirmala Sitharaman has started her Budget speech.
Among the sectors with high expectations is the Indian travel and tourism industry, which is advocating strongly for industry and infrastructure status, policy reforms, and taxation benefits to support infrastructure development. In light of this, industry leaders have shared their wishlist for the budget with ETTravelWorld, highlighting key areas for transformation and growth.
The travel and tourism sector holds significant economic importance, contributing 5.8 per cent to India’s GDP in 2022 and aiming for a target of USD 1 trillion by 2047.
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Starting her budget speech, Finance Minister Nirmala Sitharaman highlighted the Modi government’s 10-year economic performance but is likely to hold back on expensive schemes to control the fiscal deficit. Experts are not expecting any ‘big bang announcements’ from the finance minister.
With unemployment being a major concern, the Budget 2024 is expected to prioritise job creation. This may entail investing in industries that have the potential to generate substantial employment opportunities.
CAPEX for airports & projects for connectivity
Making important announcements for the infrastructure push for travel and aviation sectors, Sitharaman said that INR 85,000 crore CAPEX is going to be spent on 72 new greenfield airports going forward. Between 2024 and 2025, 71 airports are projected to be built, which will take the total number of airports count in the country to 220 by 2025.
She further announced that projects for port connectivity, tourism infrastructure and amenities will be taken up on India’s islands including Lakshadweep. “This will help generate employment also promoting investments,” Sitharamaman said.
Rating framework for iconic tourist centres
The finance minister, mentioning the burgeoning travel and tourism industry in the country said the government will take further steps to boost the industry in the country. She mentioned that states will be encouraged to take comprehensive development of iconic tourist centres, branding and marketing them at global scale.
She further announced that a framework for the rating of these centres based on the quality of facilities and services will be established. Sitharaman also announced that long-term interest rate loans will be provided to states for financing such development on matching bases to address the emerging fervour for domestic tourism.
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