Pre-Budget Reactions By Industry Experts
Industry experts sharing views on budget expectation 2024-25.
Co-founder, VRO Hospitality
“With demand all-time high in hospitality, we are expecting a transformative year ahead. The upcoming budget holds the key to unlocking innovation and progress. As pioneers in these industries, we approach the budget with optimism, anticipating policies that encourage investment in cutting-edge technologies to enhance guest experiences in our sector and elevate healthcare services. We seek a budget that fosters a collaborative ecosystem, providing support for startups to flourish and contribute meaningfully to the growth of this sectors. A forward-looking budget will not only fuel innovation but also create a resilient foundation for the future of hospitality in our nation.”
Managing Director: Snow World Entertainment & Prasuk Jain Hospitality
“The Indian hospitality sector is anticipated to have a promising 2024 and experience key innovative trends like redefining dining and accommodation for digital nomads, menu visualization via VR.
GST credit for hotel construction,
Tax rationalisation and global competitiveness
Streamlining approvals for efficient growth
A reduction in income tax levels is needed to provide increased disposable income in the hands of the people.
To consider lowering of GST rates”.
Corporate General Manager – Rhythm Hospitality
“In the fiscal year budget, Rhythm envisions pivotal support for the hospitality sector. We anticipate strategic allocations that stimulate tourism, foster industry growth, and facilitate sustainable practices. Hoteliers partnering with the government in shaping a robust fiscal policy will undoubtedly fortify commitment to excellence in the hospitality sector.”
Director, CYK Hospitalities
“As restaurateurs, we anticipate a pre-budget focus on vital aspects affecting our industry. The current high GST on raw materials poses challenges, limiting the benefits derived. We hope for a revision to make it more conducive for growth. The cumbersome process of obtaining licenses for bars and restaurants requires streamlining, fostering a business-friendly environment. Additionally, the restoration of the Input Tax Credit (ITC) system would be a significant step in supporting the sustainability and prosperity of the restaurant sector. We look forward to measures that promote ease of doing business and contribute to the industry’s overall development.”