Union Budget 2019: The hospitality and tourism industry is expecting for better tax reforms, improvement of infrastructure and more attention on this sector from the upcoming budget of 2019. Experts are still looking at a reduced single rate GST which will boost the domestic and inbound traffic to their businesses and will also strengthen the current fiscal system.
Let’s have a look at some of the comments on the upcoming budget from industry leaders.
Aditi Balbir, Founder, and CEO, V Resorts, said, “Tourism plays a vital role in the growth of the economy of our nation contributing to a large proportion of GDP, leading to job creation. Considering the increased inbound travel, it has become one of the fastest growing services industries in the country with great potentials for its further expansion. Although last year’s Union Budget was a setback to India’s promising Hospitality and Tourism industry, this year we are expecting more attention on this sector, favourable policies, fund allotments for startups and better tax reforms.”
She has also urged to solve the most crucial concerns right now are water crisis, endless traffic jams, pollution control, waste management, etc. Therefore, she also looks forward to amending some policies and initiative around the same for green and sustainable tourism. The government should be approachable and willing to listen, even to the smallest of start-ups and initiatives towards bridging our requirements with them. In addition, there is a need to have an advanced infrastructure to further the growth of tourism in India.
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Anil Kumar Prasanna, CEO, AxisRooms said, “Expectations are very high with the continued BJP government at the center. In the hospitality the industry we are still looking at a reduced single rate GST, this can boost the domestic and inbound traffic to the business. Being a startup, schemes like CGTMSE and Mudra loans are not yet transparent, banks and financial institutions are unaware or keep asking collateral for such loans if this can be simplified then this can boost employment and also reduce stress on entrepreneurship, and would also request for bigger outlay spend for this loans.”
To strengthen the current fiscal and formulate new travel destinations and avenues in the tourism sector Sarbendra Sarkar- Founder and Managing Director, Cygnett Hotels and Resorts said, “The expected budget would be pro-farmer, middle sector and lower income groups with major emphasis on infrastructural development in a formulaic manner. Considering the rising disposable income and higher tax savings, the travel and hospitality industry could foresee a positive domestic tourist movement.”