Budget 2020! What's in store
A few industry stalwarts talk about their expectations from the budget this year. The travel and tourism industry is a vital contributor to the country’s growth and foreign exchange. The hospitality industry provides a vital link to this chain.
SANJEEV K NAYAR MIH, General Manager WelcomHeritage
Government should continue with its tax reforms. Though the infrastructure has improved considerably, even now there is still scope of improvement. Since India has a large domestic market, road travel is gaining more momentum as the public at large are taking more vacations of lesser days, exploring the offbeat destinations in the region of their residence. There should be focus on National Skill Development Corporation to train our youth in hospitality and travel operations as there is shortage of skilled work force at the bottom of the pyramid.
GURBAXISH SINGH KOHLI Vice President FHRAI
The sector is at an inflection point after a decade of stunted growth. One of the major boosts to achieve this target is to grant an industry status to the sector on a national level and compensate states for any notional loss. The industry needs to be made eligible for tax incentives and concessions available to infrastructure industries under Section 80 I/A of the Income Tax Act, as savings from such tax can be ploughed back to build hotels. We would also recommend that the GST on hotels be further reduced to 12%.
NARESH ARORA Founder & Chief Executive Officer Trulyy India Hotels & Resorts
Further tax reduction in budget 2020 will be highly appreciated. Government has reduced the tax, which is a blessing for our industry, but there a lot of scope for further improvement. For example, if the slab of ` 7,500 can also come under the category of 12%, will bring a big respite to the industry. Hotel industry needs to be recognised and this starts right from here.
PUSHPENDRA BANSAL Chief Operating Officer Lords Hotels and Resorts
Government should strengthen its initiatives to create sustainable hospitality. They should also waive off tourist visa fee for a shorter period to increase inbound tourism. Another important aspect is the lack of adequate infrastructure. The focus should be on developing amenities like building good quality roads, constructing public restrooms on highways and petrol stations that makes road trip safe and women friendly.
VIJAY JAISWAL Senior Vice President- Sales and Marketing Sarovar Hotels and Resorts
Travel and tourism industry is a vital contributor to the country’s growth. Rising middle class and increasing disposable incomes has continued to support the growth of domestic and outbound tourism. A lot of hotel business expansion plan is focusing on many Tier-II and III destinations that can be developed into major destinations for domestic and international tourists but are currently lacking facilities. Better infrastructure like roads, railways, airports, waterways and sanitation, will lead to growth.