The Interim Budget 2024-25 might have left many feeling slightly disappointed in the sense that it did not addressing any populist demands directly. However, the Interim Budget, which covers government expenses and revenues for a short span in an election year till a new government is elected, does offer solid road map for India, a country that is likely to become the third-largest economy in the world by 2023.
Commending finance minister Nirmala Sitharaman for her vision, Prime Minister Modi stated, “Nirmala Ji‘s budget is a budget for building the future of the country… This budget carries the guarantee of strengthening the foundation of Viksit Bharat by 2047.”
In its pursuit to all-round development of an economic giant, the PM Modi-led government has emphasised on the need to promote tourism by way of several policy announcements. As the FM sought Parliament’s approval for the government’s expenditure for the first four months of this fiscal year in her Interim Budget, Sitharaman said tourism offers tremendous opportunities for local entrepreneurship and immense lure for global audience.
“The success of organising G20 meetings in 60 places presented diversity of India to global audience. Our economic strength has made the country an attractive destination for business and conference tourism. Our middle class also now aspires to travel and explore. Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship,” she said.
Iconic tourist centres
With an aim to develop domestic tourism hub of global appeal, Sitharaman said that states will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at global scale.
For this long-term interest free loans will be provided to states for financing such development on a matching basis. To promote comprehensive development of the centres, a framework for ratingof the centres based on quality of facilities and services will be established.
The long-term loans given to states to develop tourism will positively impact the hospitality industry, says Pavitra Shankar, MD, Brigade Group.
Domestic tourism
The FM highlighted the fact that India’s middle class also now aspires to travel and explore, and tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship.
To address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure and amenities will be taken up on the islands, including Lakshadweep, and this will help in generating employment.
According to Manpreet Singh Chadha, chairman, Wave Group, the focus on Tier-2 and Tier-3 cities by developing iconic tourist centres will generate employment opportunities and boost the real estate sector.
“The emphasis on developing tourism in the country is an excellent initiative. With this, numerous tier-2 and tier-3 cities will witness economic development which will further help the overall economy. The proposal to address the emerging fervour for domestic tourism with announcements of projects for port connectivity, tourism infrastructure, and amenities will also help in generating employment. Additional emphasis on continued development of airports, will drive more opportunities for the sector,” said Anshuman Magazine, chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE.
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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