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Tourism Industry Budget 2023 Expectations: Union Finance Minister Nirmala Sitharaman is going to present the Union Budget 2023 in the Parliament on 1 February 2023. Many sectors are pinning great hopes on this budget for the next financial year 2023-2024. Along with this, the long-standing expectation of the country’s tourism sector getting industry status seems to be getting fulfilled this time. The government considers this sector as a major source of economic income for itself. The tourism sector is expected to get great help from Sitharaman’s box. At the same time, the general public of the country gets the direct benefit of this scheme. Know what are the expectations of this sector from the government.
Tourism is a major source of income in India
According to media reports, tourism experts believe that tourism is a major source of income for the Government of India. This gives a boost in foreign exchange. There has been a lot of increase in tourism due to vacationers in India. In terms of domestic business travel, India is way ahead of its foreign competitors by leaps and bounds, with around 18 per cent of Indians traveling within the country to meet their job-related requirements.
employment related sector
If experts are to be believed, there should be a demand for establishment of local and national tourism promotion policies by all state governments in the country. The tourism sector in the country is booming well. The tourism industry is estimated to contribute more than $15.9 trillion (about US$215 billion) in 2023 to the country’s economy. About 35 million jobs are expected to be created in the travel and tourism sector this year.
Industry status for tourism
The hotel and tourism industry is going through tough times right now. After being affected by the Corona Pandemic for the last 3 years, things have improved now. Slow growth has been observed in the tourism sector. Many businesses have lost key employees and important customers, and progress has ground to a halt. The amount of money being invested in the tourism industry is at a record low. This sector, which provides employment to 35 to 50 million people annually, gets a budget allocation of only Rs 2,000 crore. The tourism sector should be declared a priority sector for the next two years and given industrial status.
Can get relief from GST
At the same time, GST of 12 percent to be imposed on hotel booking is being considered. Due to this, an increase in the expenditure incurred during the journey has been recorded. At present, these tax rates are creating difficulty for people to travel somewhere. The tourism sector is expecting some relief in GST from the government.
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