Post Budget Reaction Quotes by Industry Experts
The Union Budget 2023-24 presented by Finance Minister (Nirmala Sitharaman) is a goal Oriented to overcome economic challenges. Let's see the reactions and views from Industry Experts.
Director, Brigade Hospitality
“The government’s vision and initiatives for the Tourism Sector is much appreciated. The comprehensive development of tourist centres, especially the iconic ones, will showcase the rich and diverse cultural heritage of India to the world. Added focus on making India a MICE destination particularly after our positive experience in hosting the G20 summit is another welcome move and must be encouraged even through the PPP route. The provision of long-term interest free loans to the states will enable them to upgrade their infrastructure and services, and attract more tourists and investments. The focus on island tourism, especially Lakshadweep, will create new opportunities for employment and entrepreneurship, and enhance the connectivity and accessibility of these destinations. We hope that the budget proposals will further boost the growth of the tourism sector.”
Director, CYK Hospitalities
“As the network via road, rail, airport, and highway increases, it opens up opportunities for more travel, which creates a domino effect over the food and beverage industry as well. With developments like these and spiritual tourism coming up, the scope for established as well as new food brands has increased. The Honourable Finance Minister’s announcement to develop infrastructure across the country is a welcome step for everyone related to the F&B industry. The international and domestic brands will get a chance to penetrate more Nationwide, also giving a great employment opportunity.”
Chief Financial Officer, Niraamaya Wellness Retreats
‘As we await Budget 2024, we hope for a balanced plan that jumpstarts the economy, supports healthcare, and champions sustainability. We look for investments in infrastructure, a green agenda, and initiatives fostering job growth and skills. Specifically for the hospitality industry, a reduction in GST rates for hotels and an increase in the personal income tax slabs of individuals will boost the industry. We anticipate measures that recognize its unique challenges and contribute to its recovery, ensuring a vibrant future for tourism and travel.”