Published on : Feb 18, 2015
The Ministry of Tourism (MoT), India has proposed for an allocation of INR3,000 crore in the Union Budget 2015-16. In addition to this, recommendations by Federation of Associations of Indian Tourism & Hospitality (FAITH) were also included in the Pre-Budget Consultative Committee Meeting. This is the first time in the history of tourism industry that the sector has requested to be included in the pre-budget discussions with the Union Finance Minister. Citing these reasons, Arun Jaitley, Minister for Finance, Corporate Affairs, and Information and Broadcasting, Government of India, invited important players in the tourism industry and FAITH for the crucial meeting.
Nakul Anand, Chairman of FAITH stated that the federation has submitted its suggestions and also followed it up for the Union Budget of 2015-2016 along with Ministry of Finance and other required ministries.
Since the Modi-led government took a firm stance in India, sectors such as tourism, travel, and power have garnered the attention on both, national and international platforms. Following this, tourism is receiving a tremendous amount of impetus and initiatives. Several players in the travel and tourism industry have high hopes from the upcoming Budget 2015-16.
Chariman and Managing Director, Royal Orchid Hotels Chander K Baljee, hopes that the new Budget supports the infrastructure plans for the hospitality industry and does not restrict it to INR200 crore.
A limitation translates to exemptions being offered to big enterprises, while the smaller hotels get INR40 to 50 crore. He further added, the hotel industry will be able to reach new heights of success if the timeframe to repay debts is extended.