Start-up giants and tourism industry majors have wholeheartedly welcomed the Union Budget 2020-21 and said that that it will give a boost to tourism, industry, connectivity, job creation, and start-ups.
"It is heartening to see a budget that focuses on improving standards of living as well as economic development. A grant of Rs 2,500 crores for tourism promotion and the development of 5 iconic archaeological sites and museums in the country are bright indicators of the renewed focus of the government on the travel and tourism industry," said Rohit Kapoor, CEO, OYO, India South Asia.
"Apart from these initiatives, the overall focus on increased disposable income, better infrastructure, better connectivity, and the digital push will help boost demand for the hospitality industry in India. It is also heartening that the government acknowledges and understands the role of entrepreneurs in both capital and job creation in the country. Government's efforts towards creating more opportunities for startups will spur entrepreneurship," said Kapoor.
"Thankful to the Hon'ble Finance Minister for accepting the start-up sector's request for ESOP taxation reforms. Also, the higher time and turnover limits for carry forward of losses for start-ups will enable them to optimize growth decisions in formative years," said Kunal Bahl, CEO & Co-founder, Snapdeal.
"Overall, Budget 2020 is a thoughtful weaving together of specific proposals to tackle varied issues. Measures to improve access to finance for MSMEs and reduced taxation for the middle-income segment are welcome steps. Boosting physical infrastructure, expanding digital connectivity and growing use of technology in government functioning are important building blocks for the long-term growth of the Indian economy," said Bahl.
"The Union Budget has seen encouraging focus intended to give impetus to the Travel and Tourism sector with the allocation of Rs 2500 crore, equally critical allocation of Rs 1.7 lakh crore towards transportation infrastructure in 2020-21; setting up of 100 additional airports by 2024 and doubling of aircraft as part of the unique Udaan scheme to further boost regional connectivity and ensure affordability; 2000 kms of strategic highways and Tejas equivalent trains to connect iconic tourist destinations," said Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Ltd.
"Significant focus of the Budget towards cultural tourism was mfest in the Rs 3,150 crores allocation for the ministry of culture and announcements including developing five archaeological sites at iconic sites with on-site museums at Rakhigadi (Haryana), Hastinapur (UP), ShivSagar (Assam), Dholaveera (Gujarat) and Adichanallur (TN); setting up of a Tribal Museum in Ranchi and a Maritime Museum at Lothal, the dockyard of the Harappan Civilization of 3000 BC-2000 BC," he said.
"India's Foreign Exchange Earnings (FEE) grew by 7.4 percent to Rs 1.88 lakh Crore during 2020-21, and the announcement of specialized grants to states will give much-needed fillip towards tourism-focused initiatives on a pan-India basis," said Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Ltd.
( With inputs from ANI )