Union Budget: Will Budget 2024 book tourism’s ticket to growth?
Union Budget 2024: In the 2024 interim Budget, Finance Minister Nirmala Sitharaman allocated ₹2,449.62 crore to the tourism sector, signaling a substantial 44.7% increase from the revised allocation in the current fiscal year. This marked a significant improvement over the 2023 Union Budget, initially set at ₹2,400 crore for the tourism ministry and later revised downward to ₹1,692.10 crore.
With the industry experiencing a surge in travel, the upcoming Budget announcements later this month are eagerly awaited by stakeholders in the tourism sector.
Hotel operators, who significantly downsised their workforce during the Covid-19 pandemic, are now actively hiring to support expansive growth plans and address high turnover rates in India. Over the next 12-18 months, an estimated 200,000 jobs are anticipated to be generated in the hotel, restaurant, and tourism sectors, as per TeamLease Services, a staffing services firm. This surge in employment comes as hotels expand their capacities, open new locations, and experience robust demand from both business and leisure travelers.
Glenn Fogel, the global chief executive of Booking Holdings, emphasized the global travel industry's keen interest in India. He highlighted the government's substantial investments in tourism infrastructure and resources, including airports, underscoring India's potential as a pivotal market.
In such a scenario, it becomes interesting to see what Finance Minister Nirmala Sitharaman has to offer to the tourism industry in the upcoming Budget for
