Union Budget 2021 India: "This budget truly has the potential for transforming India,” Rohit Kapoor, Chief Executive Officer, OYO India & South Asia told Financial Express Online.
Rohit Kapoor, CEO - India & South Asia, OYO
Indian Union Budget 2021-22: Economic recovery on track! The country’s tourism and hospitality industry had pinned great expectations on Budget 2021. While no specific relief or proposals have been immediately announced, there are several reasons to look at the futuristic impact that can definitely boost the hospitality and travel sector’s growth trajectory.
“This budget truly has the potential for transforming India,” Rohit Kapoor, Chief Executive Officer, OYO India & South Asia told Financial Express Online.
Speaking exclusively with Financial Express Online, Rohit Kapoor further stated, “It is heartening to see a budget entirely focussed on revitalising the economy. On the backbone of the proposed reforms, we believe that a focus on growth-oriented measures, economic reforms and inclusive growth would pave the way for extensive economic recovery. The Government’s focus on extending and improving transport (road, railway, metro) infrastructure with nearly 217 projects worth over Rs 1 lakh crore to be completed under National Infrastructure Pipeline will enable travellers to explore hidden gems and therefore bolster the domestic tourism and hospitality industries.”
Given the challenging months ahead, can travellers actually plan for their trips or summer vacations like before? And if work-from-home continues to stay throughout the year, will staycations and workcations replace the good old summer vacations that Indian families have always looked forward to?
On the other hand, there are welcome signs of travel trends picking up and new hotel launches coming up across the country, signalling the green shoots emerging for the hospitality industry.
One of the key factors boosting the travel and hospitality segment has been – yes, the buzzword is technology.
“Additionally, keeping up with the changing times, an overall focus on technology with interventions like incentivising and promoting digital payments will fast track India’s transition into a digitally-enabled economy,” Rohit Kapoor observes.
Overall, we have seen many travel trends coming up since October 2020. From getting used to working at home, witnessing the emergence of revenge travel, hybrid workplaces and staycations, the pandemic’s economic toll has clearly been addressed in Budget 2021.
Notably, OYO India’s CEO Rohit Kapoor is confident about the series of interventions announced by FM Nirmala Sitharaman.
In his view, “We are confident that our country is on the path of stable and quick economic recovery. With the mantra of ‘Atmanirbhar Bharat’ and initiatives reducing compliances for one-person-companies, a boost for MSMEs, the reduction in corporate taxation along with the steps to simplify GST for companies further and ease tax compliance will boost morale across industries. The funds allocated to COVID-19 vaccines will also strengthen confidence among travellers and boost faster recovery in the service sectors. The Government’s efforts towards skilling the country’s youth and collaborating with other countries will spur entrepreneurship and enable job creation as well. “