Home » Union Budget 2022-23: Pre-budget expectations for Tourism sector, Let’s hear from industry experts

Union Budget 2022-23: Pre-budget expectations for Tourism sector, Let’s hear from industry experts

by RTD Journal

Pre-budget Expectation 2022

Union Budget 2022-23:

  1. By Mr Gaurav Aggarwal, Founder & CEO, Savaari Car Rentals“Despite the delta variant hitting the world early in 2021, travel and tourism industry witnessed a strong resumption during the second half. However, the support from the government to boost growth was minimal, with the slashing of the ministry of tourism budget by 19% in 2021-22 compared to the 2020-21 numbers. Today, with the global scare of omicron, the situation for the sector is scarily close to a repeat of 2021. While international travel remains largely restricted this year, it serves as the fitting opportunity for the domestic hospitality sector to revive and recover the heavy losses incurred since the pandemic. The government’s role is crucial to inject life into the beleaguered sector. The industry is looking forward to expanded budgetary allocations for industry investments, tax relief and enhanced infrastructure in 2022We expect a budgetary allocation of Rs. 3000 crores for tourism promotion and publicity, and the development of the domestic tourism infrastructure”.

 

 

Union Budget 2022-23:

  1. By Lexship Founder and CEO, Padmanabhan Babu, To give momentum to India’s focus on exports and create an Atmanirbhar Bharat, it is important to understand our exports in granularity. Out of the $526 bn of exports, Retail export is estimated to be between 76Bn to 100 Bn$, a segment that is growing around 25-30% CAGR.  This segment primarily comprises Direct to Customers (D2C brands) and retail sales fulfilled by Small entrepreneurs (over a few 100 thousand) comprising of artisans, small traders and BFH (Business from Home) driving this. The paradigm shift in international trade globally is now driven by MSME’s, worldwide economies are trying to regularize and ease these trade flows by making them compliant, competitive, and easy to use. The government of India over the last couple of years has been focusing on this and has taken many steps that bring ease of doing business, they are Digitisation of Customs, Faceless evaluation, Simplified KYC etc.  

https://rtdjournal.com/the-union-budget-of-2022-23-is-more-significant-than-ever-before-mr-ananth/

https://www.firstpost.com/business/budget-2022-23-expectation-what-to-expect-from-the-fintech-sector-this-year-10290241.html

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