Budget 2022-23: Hospitality and Tourism & Travel Sector Reactions

Date:

Trending

Hospitality and Tourism & Travel market reactions on Budget 2022-23: As Finance Minister Nirmala Sitharaman on Tuesday made an announcement outlining the economic growth for India over the next 25 years. 

- Advertisement -

Here’s what the Hospitality and Tourism & Travel  sector are saying about the Union Budget 2022:

Sarbendra Sarkar, Founder, Cygnett Hotels and Resorts:

- Advertisement -

Extension of ECLGS scheme with additional allocation for the hospitality sector is a welcome move. As we all are aware the hospitality sector has been one of the hardest hit sectors because of COVID. This will help the small and mid sized hotels  overcome liquidity issues and to return to growth. The big focus on infrastructure development will also help the tourism and hospitality sector. We also welcome the announcement of the National Ropeways Development Programme.

Prashant Kumar, Co-Founder & CEO, Zingbus:

Finance Minister Nirmala Sitharaman laid down the Union Budget for FY 2022-23, laying the blueprint for India’s growth for the next 25 years. The promise of inclusive growth in the Travel and Tourism sector prioritizing the PM Gati Shakti initiative to grow India economically facilitating faster movement of goods and people. 400 new Vande Bharat Trains to be manufactured and launched in the next 3 years to upgrade the Railway sector. It will help in setting the tone of the travel sector-leading towards growth.

Vedavyas Komara, CEO, TrackEx:

During the pandemic, the domestic travel and tourism industry saw a spike due to factors like international travel restrictions, increasing disposable incomes, revenge travel, etc. The industry feels that the Union Budget 2022 offers the government a significant opportunity to create a stimulus towards revival. The last two years have highlighted the power of the domestic market and towards unlocking the full potential of domestic tourism, we look forward to budgetary focus on infrastructure development, technology and health-safety across airports/aviation, road, rail and waterways.

We are seeing the true bounce-back potential of domestic tourism which saw a sharp rise in tourist flow in 2021 due to pent-up demand, vaccine roll-out, and revenge tourism. We have noticed the rise of domestic air travel from tier 2 and 3 towns and budgetary focus on the development of infrastructure, technology, and safety measures of existing and new airports in Tier 2 & 3 cities will help boost tourism by improving connectivity with those cities where trains or buses may be the only connectivity today.

The pandemic has created awareness about the digital world among the masses and people started using contactless modes for almost every activity, from payment to e- boarding. The budget has focused on using the maximum benefits from the new age technologies.

Madhav Kasturia, Founder, ZFW Hospitality:

As company owners, we’re gaining a lot from this budget, including a reduction in the corporate surcharge from 12% to 7%, which will help keep our spending in check. This budget also includes a cut in the surcharge on unlisted shares from 28.5% to 23%, which will facilitate exits from startups and unicorns.

We look forward to hearing more about the GATI Shakti programme. The Central Govt’s decision to standardise transportation infrastructure will benefit retail & ecommerce businesses. If our country’s connectivity improves, world-class travel facilities, tourism, & enterprises will begin to grow outside metropolitan areas- generating employment.

THE SNAPSHOTS

Sign up to get quick snaps of everyday happening, directly in your inbox.

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Support our independent journalism PayPal (Outside India) For PayU (For Indian Readers).

Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.

More Latest Stories

More Articles

Loans in Crypto Wallet: Useful Feature or a Security Threat?

Integrating crypto loans into digital wallets is gaining traction, allowing users to borrow and lend crypto assets without the need for traditional financial institutions....

From Arcade to Adventure – The Evolving Face of Entertainment and Why It Counts

Entertainment has always been a reflection of the shifting expectations of society. Earlier, people used to gather around a campfire to share stories or participate in outdoor activities, building trust and connection with each other. Being communal events, they focused on physicality and face-to-face...

How Technology Helps Combat Various Viruses and Diseases

Technology has transformed the ways we approach vaccines, particularly for the flu. One noteworthy...

12 Eye-Popping Hacks to Make Your Next Business Presentation Sparkle

Business presentations are often necessary to gain new clients and showcase what it is...

The Impact of EdTech on Student Outcomes in Higher Education

The introduction of interactive whiteboards in the early 1990s marked a major shift in...

Meta Legal Head Offloads Shares worth $577K

Meta Platforms Inc.’s (NASDAQ: META) Chief Legal Officer, Jennifer Newstead, has sold 921 shares,...

HR Chief Amy Coleman Reports Over 46,000 Microsoft Shares in SEC Filing

Microsoft (NASDAQ: MSFT) Chief Human Resources Officer, Amy Coleman, has reported her stock holdings...

BGC Group raises $700 Mn in bond sale to refinance debt

BGC Group, Inc. (NASDAQ: BGC) has finalized a $700 million private offering of senior...

The Long-Term Power of Investing: Selecting Undervalued Industries

Investing can seem overwhelming, especially for beginners, as the numerous options and strategies available can make it easy to feel unsure about where to...

Alphabet Legal Chief John Kent Walker to Sell $2Mn in Shares via Morgan Stanley

Alphabet Inc.’s (NASDAQ: GOOGL) Chief Legal Officer, John Kent Walker Jr., has filed to...

The Ultimate Guide to Choosing and Using Fonts in Your Design Projects

Fonts play a crucial role in every design project, from branding and web design...

‘Canada Ripping Us’: US President Trump Criticizes High Tariffs on Dairy and Lumber

U.S. President Donald Trump on Friday slammed Canada’s high tariffs on American dairy and...

Empowering Growth: Boosting the Robotics Sector with Targeted Support

India's robotics sector is emerging as a key area of technological progress, driving innovation...

Software and Technology Changing the Industry

The advent of software and technological advancements has been a game-changer across various industries. From enhancing productivity to transforming operational dynamics, tech plays an...

Jensen Huang Offloads $49.8Mn in Nvidia Shares

Nvidia (NASDAQ: NVDA) CEO and President Jen-Hsun Huang has disclosed the sale of 431,611 company shares, valued at $49.8 million. According to a regulatory filing with the U.S. Securities and Exchange Commission (SEC), the transaction carried out on March 19, 2025, was executed at $115.43...

Canada, Australia Partner to Build $6 Bn Arctic Radar System

In a bid to enhance Arctic and national security, Canada's Prime Minister Mark Carney...

Meta Chief Legal Officer Jennifer Newstead Offloads Shares as Part of Trading Plan

According to regulatory filings, Jennifer Newstead, Chief Legal Officer at Meta Platforms, Inc. (NASDAQ:...

Interview: Vserve CEO Siva Balakrishnan on SEO Secrets for Amazon Seller Success

In an interview with TechGraph, Siva Balakrishnan, CEO and Founder of Vserve, shared how...

Alphabet CEO Sundar Pichai Increases Stocks Holdings Amid Dividend Adjustment

According to a regulatory filing with the U.S. Securities and Exchange Commission (SEC), Alphabet...

Layer PR Wins SME News UK Awards, Expands to Bengaluru

Layer PR, a global public relations firm owned by TechGraph, has secured two major...

Google Acquires Wiz for $32 Billion in All-Cash Deal

Google LLC, a subsidiary of Alphabet Inc. (NASDAQ: GOOG, GOOGL) has signed a deal...
00:01:37

UK PM Kier Starmer Abolishes NHS England To Bring Health Services Under Govt Control

British Prime Minister Keir Starmer has announced plans to abolish NHS England and bring...
00:01:09

VIDEO: US President Donald Trump Calls NBC A ‘Worst Network’ On Television

During a press meeting at the Oval Office on Wednesday, US President Donald Trump...

From Startup to Success: Essential Steps for Landscaping Entrepreneurs

Starting a landscaping business is so exciting, blending creativity with the reward of transforming...

‘Canada Ripping Us’: US President Trump Criticizes High Tariffs on Dairy and Lumber

U.S. President Donald Trump on Friday slammed Canada’s high tariffs on American dairy and...

Nvidia Director Aarti Shah to Sell Shares Worth $2.37 Mn

Aarti S. Shah, a director at NVIDIA Corporation (NASDAQ: NVDA), has filed a notice...

Alphabet Board Member Frances Arnold Increases Stake Following Dividend Allocation

According to a recent regulatory filing, Frances Arnold, a board member at Alphabet Inc.,...

Elon Musk’s X Sues Indian Govt Over Content Regulation Clash

X Corp, an Elon Musk-owned social media firm, sued the Indian government in the...

Why Smart Cities Are the Future of Water Conservation

Water conservation has become an important factor due to climate change and worsened water...

Empowering Growth: Boosting the Robotics Sector with Targeted Support

India's robotics sector is emerging as a key area of technological progress, driving innovation...

VIDEO: US President Donald Trump Calls NBC A ‘Worst Network’ On Television

During a press meeting at the Oval Office on Wednesday, US President Donald Trump...

The Role of Edge Computing in AI-Powered Cloud Solutions

With businesses including artificial intelligence (AI) in their operations, cloud computing has grown in...

From Startup to Success: Essential Steps for Landscaping Entrepreneurs

Starting a landscaping business is so exciting, blending creativity with the reward of transforming...