Madhavan Menon

Managing Director, Thomas Cook (India)

The union budget 2022-23 reflected the development and investment orientation, with muchneeded emphasis on infrastructure, technology, skill development and health. However, from a travel and tourism perspective, the union budget has been disappointing. The budget made no reference to the industry’s recommendations to aid revival, including rationalization of taxes (a complete GST holiday, exemption of TCS on outbound tours, reduction in indirect taxes), removal of SEIS benefit capping of `5 crore. For a sector that is a key contributor to the country’s GDP and brings in valuable foreign exchange earnings, with a force multiplier impact on employment and skill development, a stimulus would have created significant value in supporting the country’s road to recovery and growth.