Category Archives: Associations

Rules for FDI and Overseas Investments to be simplified to increase FDI inflows and promote use of Indian Rupee as currency for overseas investments, said the FM in her Interim Budget speech. She also said that 1.5 lakh core provision for long-term interest-free loans will be made to support infrastructure investment by state governments. The states will also be incentivised to implement Business Reforms Action Plans and digitalisation to develop tourism. All in all, the Union Budget 2024 was not a total let-down as far as tourism is concerned. Perhaps it has sown the seeds for a better tourism experience in India. But that may be too far into the future. Moreover, there has been no change in taxation, which has disappointed the travel trade no end. Their main gripe was the extremely high GST rates and the procedures, as well as bearing the onus of determining the quantum of TCS.

Sitharaman has raised our hopes when it comes to tourism in India, which bodes well not just for domestic but also inbound tourism, which has been suffering since Covid. Delivering to the states, she highlighted the development of ‘iconic’ tourism centres by the states who will be allowed long-term, interest-free loans for such long-term development. For domestic tourism, the FM announced projects for better port connectivity and more tourism infrastructure, that will be taken up on islands in India, including of course Lakshadweep! All in all, her Budget highlighted promoting investments into India, including its infrastructure projects. In positioning India as a global tourist destination, we’ll also create jobs, stimulate investments and unlock economic opportunities for other sectors. In addition to the measures outlined in the interim budget, I propose the following measures. Vishnupath temple at Gaya and Mahabodhi temple at Bodh Gaya in Bihar are of immense spiritual significance. Comprehensive development of Vishnupath temple corridor and Mahabodhi temple corridor will be supported, modeled on the successful Kashi Vishwana temple corridor to transform them into world-class pilgrim and tourist destinations. Rajgir, Rajgir holds immense religious significance for Hindus, Buddhists and Jains. The 20th Tirthankara Muni Suvaratha temple in the Jain complex, Jain temple complex is ancient. The Sapta Rishi or the seven hot springs form a warm water Brahmkund that is sacred. A comprehensive development initiative for Rajgir will be undertaken. Our government will support the development of Nalanda as a tourist center besides reviving Nalanda University to its glorious stature. Odisha’s scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches make it an ultimate tourism destination. Our government will provide assistance for their development to Odisha …

With the aim of Viksit Bharat by 2047, the Interim Budget 2024 yet again showcased a lofty imagery of the ‘new and improved’ India. However, it does fleetingly mention tourism and its development – directly and indirectly. To build a foundation for future development, the FM underlined its Startup Credit Guarantee Schemes that will encourage new businesses in various sectors including, hopefully, tourism. She mentioned that the country ‘is capable of creating more opportunities’ which cannot be further from the truth. Sitharaman added that the focus will be on ffostering and sustaining growth to create great opportunities for all and to fulfil aspirations. She said that the MSME will be an important element of this policy. Coming to aviation, she said that it has been ‘galvanized in the past 10 years’ with number of airports doubled, expansion of the UDAN scheme, 517 new routes carrying 1.3 crore passengers, and the expansion of existing and new airports that will continue, she committed. Mentioning the success of G20 meets that took place across India, she said the country has made itself an attractive destination for MICE. ‘The corporates want to explore India and religious tourism offers great opportunities.

A lot is riding on Finance Minister Nirmala Sitharaman’s 7th Union Budget presentation, to be aired today. This makes her the first FM to present seven Union Budgets in a row! This Budget is an important one for ‘Amrit Kaal’ and will decide the direction for India’s economy for the next five years. It has the potential to build a strong foundation of our dream of Viksit Bharat, the Prime Minister has said. As the industry braces itself for it, it does so with cautious hope – afraid of being let down yet again due to the absence of any mention of tourism, yet hopeful that perhaps this could be the moment when the sector begins to appear in the FM’s horizon. Watch this space for more updates and industry reactions on the Budget.

Urging the Government of India ahead of the upcoming Union Budget, Nitin Mittal, Coordinator South, NIMA, said, “The government of India should think of providing GST rebates or GST refunds to the MICE group or international tourists on shopping, if not then at least on the purchase of sustainable products like khadi, and Indian handicrafts.”

Neeraj Malhotra has been re-elected as the Chairman of the TAAI Northern Region for the next term 2024-2026 at TAAI’s Annual Meeting. The other office bearers who were reinstated includes: Anurag Agrawal as Hon. Secretary and Neeraj Kumar Sarna as Hon. Treasurer. They were elected unanimously for the next term indicating the support and trust shown by members.  

WTTC projects that Travel & Tourism will contribute almost INR 21.15 trillion to the Indian economy in 2024, an increase of 21% from 2019. Jobs are predicted to increase by 2.45 million this year, equivalent to one in 11 jobs in India. International visitor spending is expected to grow more than 17%, to reach INR 2.85 trillion, while domestic visitor spending is projected to continue growing this year, with a 9.6% increase to reach more than INR 16 trillion. 

39th IATO Annual Convention is scheduled to take place from 30 August to 2 September 2024 with the theme ‘Resurgent India Inbound’ in Bhopal, Madhya Pradesh. The event is expected to witness the participation of 15 states and 900-1000 delegates from all over the country, which includes leaders from travel industry.

Yuri Alemao, Leader of opposition, Goa Legislative Assembly, said, “I will vociferously raise concerns of tourism stakeholders in Assembly session.” He assured the Travel and Tourism Association of Goa (TTAG) that he will speak against the various deviations in the proposed Bill from the Tourism Policy 2020, which ignores the role of local tourism stakeholders.

Anoop Kanuga, MC Member, TAAI, said, “The potential to host weddings in J&K is immense, primarily due to its scenic locations and cultural richness. To tap it, the govt can help support the MICE community by improving infrastructure, strengthening security and offering subsidies to attract event organisers and agents to host weddings and MICE tourism events in the region.”