Will the Union Budget impact your life and style?

New Delhi, Feb 2 The 2023-2024 Union Budget was announced and what impact will it make on your life and style in the coming year? While some industries had favourable results that will spur the growth of the sector, others were rather underwhelmed.

Experts in the field expresses their thoughts to life…

Easting out?

The F&b industry benefits from the personal tax relief measures outlined in the budget. Commenting on the same, Merrill Pereyra, Managing Director, Pizza Hut India Subcontinent said, "The Food Services industry relies heavily on discretionary spending and therefore stands to gain from the personal tax relief measures announced in the budget, which will further catalyze consumption. The focus on domestic tourism will also cascade positively across our sector, by opening up new markets and allowing for greater expansion, especially in unpenetrated locations."

While on the other hand, Debaditya Chaudhury, Managing Director of Chowman, Oudh 1590 & Chapter 2 expresses disappointment stating, "I think it's a little disheartening for the food and beverage industry, that there was no mention of any relief or support for us in the Union Budget 2023-24 declaration. This year, we were hoping for extended moratoriums on interest payable and reduced tax structure to help us regain our balance sheet's health. Sadly, the government has ignored us even though the industry has been resilient and has recovered from the pandemic on its own. While other sectors are laying people off, the F&B industry has been generating jobs, adding to the GST credit without even any input credit."

Your next adventure

A growth-oriented aimed to help India weather the current global economic challenges says Sarbendra Sarkar, Founder & MD, Cygnett Hotels and Resorts. "With the Finance Minister announcing plans to renew 50 additional airports, helipads, water aero drones, and advanced landing grounds, it will boost regional connectivity. Moreover, the announcement to develop 50 destinations for domestic and international tourists will also help to draw attention to the country's tourism and hospitality sectors. The Finance Minister said that these tourist destinations will be selected through challenge mode. The impetus on Dekho Apna Desh will provide a further boost to the growth of domestic tourism in the country. The Finance Minister also highlighted that states will be encouraged to set up a "Unity Mall" in the capital city or most popular tourist destination for the promotion of the 'One District, One product' theme. Such initiatives will also help unleash the potential taped in the tourism sector."

Paritosh Ladhani, Joint Managing Director, Sincere Developers, which owns Taj Hotel and Convention Centre Agra said, "The Union Budget 2023-2024 presented by the finance minister highlighted that the Indian economy is on a growth trajectory in spite of the global economic challenges. In her Budget speech, the FM emphasized that the country offers "immense attraction" for both domestic and international tourists. With the government announcing that states will be encouraged to set up a "Unity Mall" in the capital city or most popular tourist destination for the promotion of the 'One District, one product' theme, such initiatives will help to unleash the potential vested in the tourism sector. I also expect that the change in tax regime announced in the Union Budget will result in more disposable income in the hands of middle-class consumers - which I expect ultimately will spur consumption in activities like travel. Regional connectivity will see a boost with the plans to renew 50 additional airports, helipads, water aero drones, and advanced landing grounds."

"The government's focus on tourism in the budget by giving it a top priority is commendable. The allocation of resources highlights the importance placed on boosting employment through the tourism sector," said Asif Fazlani, Managing Director, of Fazlani Nature's Nest. "The budget demonstrates the government's commitment to the holistic development of the industry. The plan to develop 50 tourist destinations for both domestic and international tourists will revolutionize the tourism industry in India."

About the provisions of the tourism industry in the Union Budget 2023-2024 Priya Thakur, founder, Larisa Hotels and Resorts said, "We are very pleased to see that the Union Budget for 2023-2024 includes funding for the development of tourist sites in India for both domestic and foreign visitors. With LaRiSa's strong presence in popular tourist areas like Goa, Manali, Shimla, and Mussoorie, we hope to see an increase in travelers. With a boost in infrastructure and enhanced air connectivity, we hope to welcome guests from varied locations. LarRiSa has always supported and endorsed the spirit of uplifting the local community. With the promotion of local tourist spots and spaces, it will not only result in the upliftment of these cities but will also provide more jobs and opportunities for the locals all around the year."

Sandeep Arora, Director of Brightsun Travel India added, "Indian economy is expected to increase by 7 per cent in the year 2023 and tourism is one of the major areas that contribute to it. Development of tourist infrastructure is the need of the hour so the announcement that 50 tourist destinations will be developed for domestic and international tourism is a positive step. Plus, the border village tourism initiative will bring tourists to these far corners helping the local communities earn livelihood and prosper. This year's budget also saw the highest-ever capital outlay of 2.5 crores for the railways which may provide the push needed for the growth of domestic tourism in the country. Air travel is also expected to rise. Specific focus is needed for the tourism industry to rebound back to pre-pandemic levels and we hope that these initiatives will provide much awaited-relief to the Indian tourism sector."

All those gems

The budget for Gems and Jewellery now has more room for discretionary spending, increasing consumer purchasing power. Amit Pratihari, Vice President, De Beers Forevermark said, "For natural diamonds, we've seen an encouraging trend over the past few months where consumers are purchasing items that hold meaning and value. Natural diamonds continue to be sought after due to their inherent preciousness. Pricing has also remained steady, and we are optimistic it will become stronger. As customers continue to value what is natural and genuine, diamonds will always be in demand."

"Gem & Jewellery Export Promotion Council

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor