Edited by Deepali Verma
With the Union Budget 2024-25 aroiund the corner on the horizon against the backdrop of impending general elections, industry leaders are expressing their expectations, having focused on sectors like travel and tourism. Anticipating a budget that manages a balance between fiscal responsibility and populist measures, leaders are engaging in discussion regarding their insights and desires for crucial reforms.
Nishant Pitti, CEO and Co-founder of EaseMyTrip, in conversation regarding his expectations for the upcoming budget, laid emphasis on the need for reforms to strengthen and revitalise the tourism sector. He said, “Our expectations from the Government is to allow GST input on holiday businesses, a strategic reduction in income tax to catalyse growth in the country’s tourism industry, as well as the streamlining of the TCS structure to a rather favourable 5 per cent slab. Additionally, a detailed overhaul of tax exemption policies concerning the Leave Travel Allowance (LTA), encouraging the Government to consider an annual allowance and the inclusive coverage of the entire tour package cost under LTA, surpassing the limitation to only flight expenses is also expected”.
He further added, “We look forward to seeing a budgetary emphasis on the infrastructure development, technology integration, and health safety measures that stretches to airports, aviation, roads, railways and waterways. Keeping in mind the vast, underleveraged potential of Bharat’s waterways, including sea and river cruising opportunities, we strongly encourage the Government to initiate the due measures for the development of this sector.”
Like any other industry, the travel and tourism industry has faced several challenges owing to the pandemic, leaving the industry leaders keen on measures that would not only support recovery but also administer long-term growth.
As the industry eagerly awaits the Union Budget, the expectations expressed by leaders reflect a desire for comprehensive reforms that will invigorate and propel the tourism sector towards a robust and sustainable future.
