Budget 2023: Tourism sector is also important for the country's economy, eyes on it in the budget - Newztezz Online

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Saturday, January 28, 2023

Budget 2023: Tourism sector is also important for the country's economy, eyes on it in the budget

If we look at the last few years, there has been an increase in the graph of the tourism sector. In between, the Corona epidemic definitely affected it, but after the relief, this area is once again recovering. By promoting tourism, the government can also promote foreign exchange reserves.

Union Finance Minister Nirmala Sitharaman will present the country's general budget on February 1. There are many areas in this budget which are waiting for funds. It also includes tourism and hospitality sector which has high hopes from the Finance Minister. Goods and Services Tax (GST) can be further rationalized especially in the case of its infrastructure and exports. Experts in this field believe that tourism in India can be a big source of income. This can boost foreign exchange earnings.

If experts are to be believed, the government can take several steps to encourage this sector. These include creating a domestic travel tax credit policy and establishing a natural and cultural heritage. Along with this, the government can also consider creating an underwriting fund for travel agents and tour operators through the budget. By doing this, more confidence can be instilled in the agents of this area than ever before.

According to experts, India's tourism has been struggling for infrastructure for the past several decades. In the last few years, the central government has seen a boom in tourism and hospitality in the country. At the same time, the industry still needs government support to recover completely. The government should give tourism the status of an industry and encourage all the states to implement tourism friendly policies.

At the same time, there is a need to consider the GST of 12 percent for booking a hotel room for less than 1000 for one night. Due to this, an increase in the expenditure incurred during the journey has been recorded. Travel cost has already increased. In such a situation, at present these tax rates are creating difficulty for people to travel somewhere. At this critical juncture, the tourism sector needs the support of the government, because in the future, the tourism industry can play a big role in the country's economy.

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