BUDGET 2024 TOURISM
Budget 2024: Hospitality players seek infra status for hotels
Advocates from the hospitality industry are urging the government in the upcoming Union Budget to classify hotels as infrastructure to enhance investment appeal and move away from luxury or 'sin' goods labels. They seek incentives like tax breaks for eco-friendly practices, highlighting tourism's potential for GDP growth and job creation.
Budget 2024: Top three moves that NDA govt must consider for employment generation
Budget 2024: Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget on July 23 in Lok Sabha, kicking off the parliamentary session running from July 22 to August 22. The upcoming budget under the NDA government is anticipated to prioritize sustaining economic growth, promoting job creation, and adhering to fiscal deficit targets.
Infrastructure status: Hotel companies' budget wish
The hospitality industry is advocating for infrastructure status in the upcoming budget to access better financing options and attract investment. There is a growing need for more hotel rooms to support the ambitious tourism targets set for the future.
Maharashtra budget 2024 key highlights: Free cylinders & farmer friendly measures
Maharashtra budget 2024: Maharashtra Deputy Chief Minister Ajit Pawar presented the state budget during the ongoing monsoon session from June 27 to July 12. Key highlights include the provision of three free cylinders annually to all households under the CM Anna Chhatra Yojana, a Rs 5,000 per hectare bonus for cotton and soybean farmers, and a Rs 5 per litre bonus to milk-producing farmers after July 1, 2024.
ETMarkets Smart Talk: We could see tweak in corporate & personal tax to boost consumption in Budget 2024: Samir Bahl
While the expectations on overall economic growth were unchanged, FED committee members increased their inflation forecast for 2024 and 2025 and hence in June 2024, Fed kept the interest rates unchanged at 5.50%.
Is buying just hotel stocks better or a collection of stocks which gain from travel hungry Indians? 17 stocks from the whole tourism ecosystem
There can be a debate on whether, after the run up that hotel stocks saw in the last three years, are they cheap or not, and whether one should buy them now. But when it comes to tourism and the possibility that it will grow at a much faster rate, there is little room for debate. Now the question is if one buys only one set of stocks, for example hotel stocks, they come with their own plus and minus, right from the business risk of that industry to the fact that in tourism business, there are many segments, so there is a premium segment, there are travelers who travels by train and stay in medium size hotel which are not even listed. But then he has spent money in booking his ticket which has been captured on a railways ticketing platform. So, why not have that railway ticketing platform in a small portion of the portfolio.
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Market to be volatile and move in a fairly tight range till Budget: Dinshaw Irani
Dinshaw Irani says that Helios has been so bullish on the financial sector that they brought out a first sector dedicated fund from the house of Helios which closed on June 14; it was a financial services fund. Anyway, Helios id loading up on that particular portion as such in the and fortunately most of the stocks are in the largecap space.
Govt needs to adopt granular approach to support biz, promote jobs: PwC Chairman
PwC in India Chairperson Sanjeev Krishan emphasizes the need for a granular and tailored approach to support small businesses, promote job creation, and ensure inclusive economic growth in Modi 3.0 government's agenda.
India has made huge strides, but the new govt still has a lot to do
The past decade in India has seen significant transformations in infrastructure, economic reforms, and digitization, laying the groundwork for sustained growth. The challenge for the new government is to maintain an 8%-plus growth rate and increase per capita income. To achieve this, private investment must drive growth, with investments rising to 32-35% of GDP. Scaling up manufacturing, outcome-oriented skill development, supporting women and youth entrepreneurs, reforming municipal governance, realizing tourism potential, accelerating R&D, and addressing urban challenges are key areas for action.
Gen Z to help India's travel spending expand 9% a year: McKinsey Report
A new McKinsey report predicts India's travel spending to grow at 9% annually driven by strong GDP growth. Domestic air passenger traffic is set to double by 2030, boosting the domestic travel market to potentially become the world's fourth largest.
It's also the journey, not just destination
Reaching this figure would have taken a whole year to achieve about a decade ago. Annual data for remittances reveals a significant rise in overseas travel spending, which reached $17 bn in FY24, an increase of more than 24.5% over the $13.6 bn in the previous year. In comparison, India's inbound tourism earnings in 2023 were $28.07 bn.
Hiring surge in travel and tourism: What it means for mid-career and senior roles
India's travel and tourism sector has rebounded post-pandemic, contributing Rs 16.5 trillion to the economy and creating 39 million jobs by 2020. The sector is also witnessing a spike in demand for AI specialists and data operations in the hospitality industry.
Private capex in India to pick up in H2 of FY25; hotel, tourism to drive investment: Kotak Bank Chief Economist
Private sector investment is set to increase in the latter half of the fiscal year, particularly in sectors like hotels and tourism, following extensive government-led infrastructure development efforts. The government's enhanced capital expenditure has supported economic growth post-Covid, with private sector capex expected to rise significantly in the coming months.
South Africa eyes 1 lakh tourists from India in 2024
"We hosted over 79,000 Indian travellers in 2023, which is 82 per cent of the pre-Covid levels. In 2019, 95,000 Indian visitors travelled to South Africa, and this year, we are expecting the footfalls from India to cross 1,00,000 tourists.
Kerala Budget: Here's what gets costlier after budget announcement
The Kerala government has raised liquor prices and court fees to generate additional funds for development works. The excise duty on Indian-made foreign liquor (IMFL) has been increased by Rs 10 per litre, aiming to generate revenue of Rs 200 crore. Additionally, court fees and electricity duty for self-power generation have been increased. The budget also focuses on enhancing the agricultural sector, extreme poverty eradication, and the cooperative sector.
What Budget 2024 means for you: Positive takeaways from the interim Budget
No hike in basic exemption, no increase in deductions, not even a change in tax slabs– why should taxpayers feel happy about the interim Budget announced last week? Read here to find out
Budget at a Glance: From tax to capex, here's your 2-minute guide to become a Budget Pro
Budget at a Glance 2024: India's FM presented the Interim Budget for the next fiscal year. Tax slabs remain unchanged, no commitment to revdis. New housing scheme for the middle class. Capex target raised by 11.1%. Defense budget increased by 4%. Ayushman Bharat healthcare extended to workers. Hospitals to be set up in all districts. Vaccination for cervical cancer.
Interim Budget 2024: On path to a brighter and more prosperous India
The unveiling of a budget that charts a clear course for the nation is a welcome sight in an era of uncertainty. The cornerstone of this budget is its commitment to policy continuation, instilling confidence and stability in corporate sector. The FY25 fiscal deficit has been pegged at 5.1% of GDP, lower than market expectations, with a commitment to reducing below 4.5% of GDP by FY26. The budget focuses on a climate-friendly approach, strengthening the EV ecosystem, domestic tourism, and multi-modal logistics to propel India towards a developed nation by 2047. It also includes measures to boost innovation in the defense sector and improve logistics efficiency.
Tourism industry welcomes measures announced in interim budget, hopes for other industry demands to be met going forward
Finance minister Nirmala Sitharaman announced long-term interest-free loans to states for developing iconic tourist centres and undertaking projects for improving tourism infrastructure on the country’s islands, including Lakshadweep.
Interim Budget 2024 not likely to immediately trigger consumption revival in rural economy
Slower demand in rural markets has been dragging the overall growth of the fast moving consumer goods segment since the past two years and companies said a normal monsoon and a good harvest could help expedite rural recovery instead of budget sops. Finance minister Nirmala Sitharaman said they are close to achieving the target of three crore under the rural housing scheme.
Focus on spiritual tourism to fuel demand; FMCG companies plan aggressive scale-up at religious hotspots
Following Finance Minister Nirmala Sitharaman's encouragement for states to develop religious sites, companies anticipate a surge in demand in spiritual tourism. Executives plan to boost distribution, manufacturing, and stocking near these sites to meet potential demand. Consumer companies, including staples, groceries, and hospitality, aim to enhance distribution networks and increase marketing spends.
Budget 2024: Sitharaman's push towards making India a tourism hub; gives special mention to Lakshadweep
Finance Minister Nirmala Sitharaman announced plans to make India a global tourism hub, focusing on developing iconic tourist centers and spiritual tourist spots. Emphasis will be placed on port connectivity, tourism infrastructure, and amenities, particularly in Lakshadweep. The government will provide interest-free loans to states for development. The travel and tourism sector contributed 15.7 lakh crore to India's economy in 2022 and is expected to create jobs for 137 million people and add $250 billion to the GDP by 2030.
Budget 2024! Nilesh Shah says Mahindra Holidays can be a multi-year tourism bet
The Interim Budget announcement for 2024 presents opportunities in mid-income housing and tourism. Mahindra Holidays is a potential beneficiary of increased tourism activity, offering resorts and hotels. The budget mentions the success of organizing G20 meetings and highlights India's economic strength as an attractive destination for business and conference tourism. The tourism sector, including spiritual tourism, has opportunities for local entrepreneurship.
What did the Union Budget 2024 offer? Here are the positive signals
The interim budget presented by Finance Minister Nirmala Sitharaman on Thursday refrained from outlining specifics for job creation. However, staffing companies and job market experts believe that sectors such as infrastructure, hospitality & tourism, manufacturing, and electric vehicles may experience a job push based on positive signals in the budget.
I did not get any takeaway to look at a particular kind of stock or vertical: Porinju Veliyath
Porinju Veliyath believes that the formation of tourism hubs, along with themes like affordable housing, is important. He mentions the potential of religious and pilgrimage tourism with international airports and sufficient infrastructure. The development of tourism can contribute 1% to India's GDP. EIH is a good bet in the luxury tourism sector, especially with new opportunities like Ayodhya. There is potential for growth in the tourism sector, which will have an overall impact on the economy. Porinju expects ONGC to lead the PSU pack in the next one to two years due to its low valuation.
Prudence has taken precedence over populism in this interim budget: Nilesh Shah, Envision Capital
Post-May, FIIs will see India as the next stable place for five years. Unlike China, India is still part of an EM allocation, but that may change soon. The government's fiscal prudence and focus on mid-income housing are positive for the market. Private capital is expected to invest in the infrastructure. PSU banks may benefit from fiscal consolidation and potential privatisation. The bond market is looking favorable. FIIs are waiting for the May election outcome and evaluating China's value play. India's potential as a country allocation is not far away.
Budget 2024: How Sitharaman can help you get more out of your vacation
Budget expectations: Finance Minister Nirmala Sitharaman is presenting the interim budget on February 1. The tourism and hospitality sector has high hopes for helpful government policies to cater to the rising domestic tourism demand with quality infrastructure and services. For years, the hospitality industry has been advocating for infrastructure status, which would grant hotel projects access to affordable debt on par with other industries. This status promises reduced capital costs, positively impacting project completion timelines, financial well-being, and ultimately improving service quality, infrastructure, and competitiveness.
Budget policies in 2024 could boost Indian hospitality industry's prospects
Interim Budget: India's diverse offerings - from cultural heritage to niche tourism like adventure and wellness - continue to lure global travelers. Despite a pandemic setback, the multi-billion-dollar travel sector is resurging, driven by domestic tourism. Government initiatives like Swadesh Darshan and international events like India's G20 presidency bolster the country's reputation as a top leisure, business, and MICE tourism destination.
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