Union Budget 2020 India: The budget has seen encouraging focus intended to give an impetus to the travel and tourism sector with the allocation of Rs 2,500 crore, Thomas Cook chairman Madhavan Menon said.
Budget 2020-21: Welcoming the Budget, travel and tourism industry on Saturday said the proposed measures will further boost the sector and create a new momentum. The budget has seen encouraging focus intended to give an impetus to the travel and tourism sector with the allocation of Rs 2,500 crore, Thomas Cook chairman Madhavan Menon said.
“A far reaching and long term initiative that I welcome is the budget announcement to set up an Indian Institute of Heritage and Conservation with the status of a deemed university. This is an imperative towards education and skill development of the tourism sector that contributes 10 per cent to GDP. “The move is expected to provide employment to nearly 53 million, directly and indirectly by 2029,” he said. FCM Travel Solutions managing director Rakshit Desai said the budget reflects a potential for growth in both domestic as well as inbound tourism.
“We see a clear focus on revitalising the aviation and tourism sectors which will also boost employment generation. Several initiatives like enhancing the role of AI and machine learning will make the industry more technologically competent and help us become future ready,” he added. The budget allocation of Rs 3,100 crore for developing five archaeological sites as iconic tourism sites with on-site museums along with a tribal museum in Jharkhand will positively impact the industry in the coming years, he added.
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Sterling Holidays chairman Ramesh Ramanathan said the industry is happy with the budget proposals, which have a multiplier effect across the board. “The Rs 2,500-crore allocation for tourism promotion, the sector will receive the desired boost,” he added. Deloitte India Partner Sameer Wadhwa said proposed Indian Institute if Heritage and Culture will help provide trained manpower for the tourism industry.
“Coupled with greater emphasis on Udaan scheme, this will have a positive impact on travel and hospitality sector. Plans for developing new archaeological sites as world class tourism centres will boost the sector especially the inbound to promote India as a travel destination,” he added. SOTC managing director Vishal Suri said the proposal to build 100 more airports by 2024 under the Udaan scheme, and introducing more Tejas-type trains will help connect tourist destinations.
The Rs 1.7 lakh crore allocation for transport infrastructure will revitalise the untapped and unexplored destinations in the country, he said. Suri also said the new personal income tax regime will put more disposable income in the hands of individuals, leading to more consumer spends and help consumption across sectors, especially tourism,” he added.