Finance Minister Nirmala Sitharaman is due to present the Interim Budget 2024 tomorrow at 11 am. In anticipation of the budget, leaders from across industries have put forth their wishlist for the announcements.
While the budget is not expected to involve major policy changes, industry experts have some hopes pinned to this vote of account.
Among the sectors which have put forth their expectations regarding tomorrow’s announcements. The travel and tourism sector is also keenly watching the space as one of the vital drivers of the economic growth of India.
What are the expectations of the travel and tourism sector?
India is now one of the world’s major tourist destinations. Among the various expectations seen floating around in the sector are the hopes for hygienic public spaces, increased security and bringing the Aviation Turbine Fuel (ATF) cost down.
Here is what some of the industry leaders have said.
Stressing on the potential India holds in terms of attracting international tourists, adventure tourism firm Intrepid Travel Country General Manager, India, Rama Mahendru, pinned his hope on the Interim Budget re-emphasising the “transformative power” of tourism and the crucial role infrastructure plays in outlining India’s appeal globally. She said a supportive budget which priorities the necessities such as hygienic public spaces and increased security awareness, and ensures that foreign guests have a good time in the country, will only push the industry further.
“In addition to being beneficial economically, rewarding the businesses that are bringing in foreign money for the country and including incentives for the inbound tour operators under foreign trade policy demonstrates our dedication to international collaboration,” She added.
Mahendru also called for making hospitality-driven infrastructure a “top priority” while channeling resources so that it helps strengthen India’s reputation as a friendly destination.
Aloke Bajpai, ixigo Co-founder and CEO, said that India is on path to become the fastest-growing aviation market in the world in the next decade. Talking about the rising trend of domestic air travel from tier 2,3,4 cities Bajpai said he hoped the budget allocates resources for the development of infrastructure, technology, and safety measures at existing and new airports in these cities under the UDAN scheme. He also discussed about a consideration on lowering the aviation turbine fuel (ATF) which make up a vital portion of operational costs for airlines. “Bringing the Aviation Turbine Fuel (ATF) cost down to pre-pandemic levels presents significant opportunities for India’s aviation sector, serving as a crucial factor in improving air travel accessibility,” he added.