Budget 2022-23: Hospitality, Tourism and Travel Industry expectations

Hospitality, Tourism & Travel Industry expectations from Budget 2022: As Union Finance Minister Nirmala Sitharaman is all set to present her third union budget on February 1, 2022.

Here’s what the Tourism, Travel & Hospitality Industry experts expects from Finance Minister Nirmala Sitharaman:

Amit Damani, Co- Founder and  Head Sales & Marketing, Vista Rooms:

If we look at the homestay villa segment especially, it’s always in the grey area, and we’d need more clarification at the national level on rules and tax systems that apply to the segment. Currently, it’s fairly fragmented, and each state may have its own set of laws surrounding what constitutes a homestay or bnb, and that’s more of a recognition than a policy. We’re trying to simplify and get each and every property registered as a BNB nationally.

Travellers have recognized homestays in the last two years, and they have become an extremely integral and significant component of domestic tourism, employment-generating pathways, and the subsequent prosperity of local communities. As a result, sufficient legislation and policy recognition are critical, and we expect to see suggestions in this year’s budget.

Sibasish Mishra, Founder & CEO, BookingJini:

The hotel business was on the recovery path thanks to domestic tourism, leisure, and events, only to be thrown back into uncertainty by the Omicron threat. It is vital to safeguard the industry during such prolonged periods of uncertainty in business prospects. We interact with hundreds of hoteliers every day, and we’ve discovered that the industry’s main goal is to give hotel owners the status of ‘Infrastructure,’ since this will solve a large number of the challenges that hotels and hospitality firms face. The step will also help the industry’s operational survival and encourage investment in the sector. Access to funding, extended repayment periods for loans, and the resulting reduction in the gestation period will make hotel investments more enticing and sustainable. More hotels would lead to more jobs and growth.