Budget 2024: What should the hospitality sector in India expect this year?

The textile sector, specifically, is well poised to reap the rewards of the robust growth in infrastructure which would further help to address the challenges of this industry.

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.

The US-India Strategic and Partnership Forum (USISPF) also commend the government's continued focus on the trinity of infrastructure, inclusive growth, and fiscal prudence in line with growing US-India commercial ties.

On the Indian side, JICA is financing road connectivity improvement projects in the Northeast region

Finance Minister Nirmala Sitharaman has urged the corporate sector to increase private capital expenditure and participate in India's economic growth. She emphasized the trust of global investors in India and called for greater joint venture partnerships. Sitharaman also emphasized the continuation of reforms, including digital infra, and emphasized the role of the Indian industry in aligning with national interests.

The hospitality sector in India is attracting a diverse range of investors, including book publishers, car dealers, and school owners, in addition to industrial groups. The increased interest is driven by the country's growing economy and high demand for hospitality services. Hotel companies are also expanding to meet the surge in demand, while standalone properties in non-metro areas are being acquired by hotel chains. Factors such as the rise of travel as a lifestyle trend, improved infrastructure, and changing social norms are contributing to the long-term growth potential of the hospitality sector in India.

Sitharaman says the Narendra Modi government overcame those challenges and undertook structural reforms. | Latest News India

The absence of any freebies, on the other hand, points to the government’s confidence about the coming elections. In fact, the finance minister asserted in her budget speech that she would deliver a roadmap for a developed India (Viksit Bharat) in the full budget after the polls.

India Business News: Reserve Bank of India (RBI) governor Shaktikanta Das has predicted that the Indian economy is likely to grow at 7% in the next fiscal. The RBI chief a

India Business News: CHENNAI: The surge in tourism after the pandemic has had a trigger effect on hospitality hiring.