On February 1, the Indian government, led by Prime Minister Narendra Modi, will present its second interim budget. Finance Minister Nirmala Sitharaman will seek Parliament’s approval for the government’s expenditure for the first four months of the fiscal year. As the country’s travel and tourism industry eagerly awaits the Union Budget 2024, industry experts have outlined their expectations and priorities for the sector’s growth and development.
Vikash Jalan, Chair of the TravelTech Committee at IAMAI and Chief Business Officer at Paytm Travel, believes that the upcoming budget presents a crucial opportunity to unlock the immense potential of India’s travel industry and contribute meaningfully to the country’s economic growth story. Jalan expects the government to prioritize policies that enhance travel accessibility, affordability, and stimulate demand. He suggests a reduction in GST on online travel bookings and continued investments in infrastructure, such as UDAN airports, railways, and roads, to connect underserved markets in Tier 2 cities and beyond.
Madhavan Menon, Executive Chairman of Thomas Cook India Ltd., emphasizes the importance of infrastructure development for the sector. He calls for the establishment of new airports through private participation, focusing on the hub and spoke model. Menon also suggests rapid expansion in rail, road, and waterways, including sea and river cruises. Additionally, he highlights the need for infrastructure development in high-growth areas like religious circuits and underutilized hidden gems such as Lakshadweep. Menon also proposes the revival of the Inbound incentive scheme for select destinations.
Zubin Saxena, Senior Vice President and Country Head for India at Hilton, emphasizes the necessity of tax reforms to drive strong growth in the hospitality sector. Saxena specifically calls for a significant reduction in the GST rate for hotels to position India ahead of its global rivals. He also advocates for granting the hospitality sector industry-wide infrastructure status, which would result in lower utility tariffs, reduced property tax, improved financial access, and a more favorable business environment. Saxena further suggests offering economic incentives and subsidies to developers within the sector to promote its growth.
Overall, the Union Budget 2024 holds immense significance for India’s travel and tourism industry. By prioritizing travel-friendly policies, infrastructure development, and tax reforms, the government can leverage the sector’s potential and contribute to sustainable economic growth and employment generation. The industry eagerly awaits the budget announcements and looks forward to the promises and opportunities that 2024 holds.
FAQ:
1. Što je drugi privremeni proračun?
Drugi privremeni proračun je proračun koji indijska vlada, pod vodstvom premijera Narendre Modija, predstavlja na 1. veljače. Ministar financija Nirmala Sitharaman tražit će odobrenje Parlamenta za izdatke vlade u prvih četiri mjeseca fiskalne godine.
2. Kako očekuje da vlada prioritetizira politike koje poboljšavaju pristupačnost i dostupnost putovanja?
Vikash Jalan, predsjednik Odbora za putovanja pri IAMAI i glavni poslovni direktor tvrtke Paytm Travel, očekuje da vlada smanji porez na dodanu vrijednost (PDV) na online rezervacije putovanja. Također se predlaže nastavak ulaganja u infrastrukturu, kao što su zračne luke UDAN, željeznice i ceste, kako bi se povezala područja koja su nedovoljno servisirana u gradovima drugog reda i šire.
3. Kako se predlaže razvijanje infrastrukture za sektor?
Madhavan Menon, izvršni predsjednik tvrtke Thomas Cook India Ltd., naglašava važnost razvoja infrastrukture za sektor putovanja i turizma. Predlaže osnivanje novih privatnih zračnih luka, s naglaskom na modelu čvorišta i krakova. Također predlaže brzo proširenje željeznica, cesta i vodnih putova, uključujući morska i riječna krstarenja. Također ističe potrebu za razvojem infrastrukture na područjima visokog rasta poput religijskih ruta i nedovoljno iskorištenim skrivenim draguljima poput Lakshadweepe. Menon također predlaže ponovno pokretanje poticajnog programa za dolazni turizam za odabrane destinacije.
4. Kako se predlaže poboljšanje stope PDV-a za hotele?
Zubin Saxena, viši potpredsjednik i direktor u Hiltonu za Indiju, ističe potrebu za poreznim reformama kako bi se potaknuo snažan rast sektora ugostiteljstva. Saxena posebno traži značajno smanjenje PDV-a za hotele kako bi se Indija pozicionirala ispred svojih globalnih konkurenata. Također zagovara dodjelu industrijskog statusa ugostiteljskom sektoru, što bi rezultiralo nižim troškovima usluga, smanjenjem poreza na imovinu, poboljšanim financijskim pristupom i povoljnijim poslovnim okruženjem. Saxena također predlaže ponudu ekonomskih poticaja i potpora developerima u sektoru kako bi se potaknuo njegov rast.
5. Kakvo je značenje Unije Budgeta 2024 za sektor putovanja i turizma u Indiji?
Unija Budget 2024 ima ogroman značaj za sektor putovanja i turizma u Indiji. Prioritizirajući putovanju prijateljske politike, razvoj infrastrukture i porezne reforme, vlada može iskoristiti potencijal sektora i doprinijeti održivom gospodarskom rastu i generiranju zaposlenja. Industrija s nestrpljenjem očekuje najave proračuna i raduje se obećanjima i mogućnostima koje 2024. donosi.
Povezane veze:
– Paytm Travel
– Thomas Cook India Ltd.
– Hilton