Indian Union Budget 2021-22: Economic recovery on track! The country’s tourism and hospitality sector had pinned terrific expectations on Budget 2021. While no certain relief or proposals have been quickly announced, there are quite a few causes to look at the futuristic effect that can unquestionably enhance the hospitality and travel sector’s development trajectory.
“This budget truly has the potential for transforming India,” Rohit Kapoor, Chief Executive Officer, OYO India & South Asia told TheSpuzz Online.
Speaking exclusively with TheSpuzz Online, Rohit Kapoor additional stated, “It is heartening to see a budget entirely focussed on revitalising the economy. On the backbone of the proposed reforms, we believe that a focus on growth-oriented measures, economic reforms and inclusive growth would pave the way for extensive economic recovery. The Government’s focus on extending and improving transport (road, railway, metro) infrastructure with nearly 217 projects worth over Rs 1 lakh crore to be completed under National Infrastructure Pipeline will enable travellers to explore hidden gems and therefore bolster the domestic tourism and hospitality industries.”
Given the difficult months ahead, can travellers essentially strategy for their trips or summer season vacations like prior to? And if work-from-household continues to keep all through the year, will staycations and workcations replace the excellent old summer season vacations that Indian households have normally looked forward to?
On the other hand, there are welcome indicators of travel trends selecting up and new hotel launches coming up across the nation, signalling the green shoots emerging for the hospitality sector.
One of the essential variables boosting the travel and hospitality segment has been – yes, the buzzword is technologies.
“Additionally, keeping up with the changing times, an overall focus on technology with interventions like incentivising and promoting digital payments will fast track India’s transition into a digitally-enabled economy,” Rohit Kapoor observes.
Overall, we have observed numerous travel trends coming up considering that October 2020. From finding used to working at household, witnessing the emergence of revenge travel, hybrid workplaces and staycations, the pandemic’s financial toll has clearly been addressed in Budget 2021.
Notably, OYO India’s CEO Rohit Kapoor is confident about the series of interventions announced by FM Nirmala Sitharaman.
In his view, “We are confident that our nation is on the path of steady and speedy financial recovery. With the mantra of ‘Atmanirbhar Bharat’ and initiatives decreasing compliances for one-individual-firms, a enhance for MSMEs, the reduction in corporate taxation along with the actions to simplify GST for firms additional and ease tax compliance will enhance morale across industries. The funds allocated to COVID-19 vaccines will also strengthen self-confidence amongst travellers and enhance more rapidly recovery in the service sectors. The Government’s efforts towards skilling the country’s youth and collaborating with other nations will spur entrepreneurship and allow job creation as nicely. “