Tag Archives: Sitharaman

Union Finance Minister Nirmala Sitharaman on Friday met with Jyotiraditya Scindia, Civil Aviation Minister, representatives from travel, tourism, and hospitality sectors to discuss various banking-related issues. Travel, tourism and hospitality sectors are among the worst hit due to the COVID pandemic. The industry leaders from these sectors have been pitching for financial support from the government.

Madhavan Menon, Managing Director, Thomas Cook India Group, welcomes the announcement by the honourable Finance Minister, Sitharaman, saying, “This is a much needed step towards the revival of tourism – a sector  that is a significant contributor to the GDP, foreign exchange receipts and employment generation – with a cascading force multiplier effect on allied sectors. The three-pronged approach for the sector covers 100% guarantee for loans up to Rs 10 lakhs per government recognised Travel & Tourism stakeholder (TTS), up to Rs 1 Lakh financial support to over 11000 licensed guides at a state/regional level, and 5 lakh gratis visas that will serve to catalyse much needed inbound inflows.  The stimulus announcements reflect the government’s focus on the travel and tourism sector and augurs well for the industry, while simultaneously building consumer confidence in travel.”