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Budget 2024 for Hospitality Sector
What are the top expectations for the Hospitality Sector in the upcoming Interim Budget 2024-2025? Click on to financialexpress.com and get a comprehensive idea on our dedicated page Who Gets What. Navigate through a handy ready reckoner, meticulously crafted to provide a glance at previous Budgets declarations for the sector.
Budget 2024 Announcements for Hospitality Sector
Hospitality Sector
- Tourism including spiritual tourism has tremendous opportunities for local entrepreneurs.
- Projects for port connectivity, tourism infrastructure and amenities will be taken up “on our islands, including Lakshadweep” to address the “emerging fervour” for domestic tourism in the country.
- FM also said “our economic strength has made the country an attractive destination for business and conference tourism”.
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Budget Announcements for Hospitality Sector in FY2024
Hospitality Sector
- Promotion of tourism will be taken up on mission mode, with participation of states, convergence of government programmes and PPP.
- A scheme that will be implemented over the next three years to encourage optimal use of wetlands, focusing on eco-tourism opportunities.
- Under the Vibrant Villages Programme, tourism infrastructure and amenities will also be facilitated in border villages.
Budget Announcements for Hospitality Sector in FY2023
Hospitality Sector
- Announcement of an expansion of the Emergency Credit Line Guarantee Scheme (ECLGS), with a specific emphasis on bolstering support for hospitality and related services, particularly for Micro and Small Enterprises (MSMEs).
- Proclaimed special focus on infrastructure development in the North-East, aiming to elevate tourism prospects and create employment opportunities in the region.
Budget Announcements for Hospitality Sector in FY2022
Hospitality Sector
- Announced Expressway development to improve connectivity to tourist sites, boosting the country's tourism sector. Construction of a 3500 KM highway in Tamil Nadu (Madurai – Kollam Corridor, Chittoor-Thatchur Corridor)
- Enhancement of AAI airports in Tier II & III cities, NHAI toll roads, and railway infrastructure assets was also announced.
- Aesthetically designed Vista Dome LHB coaches on tourist routes that aim to enhance passengers' travel experiences were brought in notification.
Budget Announcements for Hospitality Sector in FY2021
Hospitality Sector
- Proposal to establish an Indian Institute of Heritage and Conservation under the Ministry of Culture as a deemed University.
- Notified development of five archaeological sites into iconic sites with on-site Museums: Rakhigarhi (Haryana), Hastinapur (Uttar Pradesh), Shivsagar (Assam), Dholavira (Gujarat), and Adichanallur (Tamil Nadu).
- Proclaimed re-curation of the Indian Museum in Kolkata and creation of a Museum on Numismatics and Trade in the historic Old Mint building in Kolkata.
- Proclaimed renovation and re-curation plans for four more museums nationwide.
- Proclaimed support for the establishment of a Tribal Museum in Ranchi (Jharkhand).
- Proclaimed a set-up of Maritime museum at Lothal, the Harappan age maritime site near Ahmedabad by the Ministry of Shipping.
Budget Announcements for Hospitality Sector in FY2020
Hospitality Sector
- Announced allocation of Rs 2,189.22 crore to the tourism ministry for 2019-20.
- Development of 17 iconic tourism sites was announced aiming to elevate visitor experience and boost domestic and international tourism footfall.
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