The Union Budget 2024-25 has garnered a positive response from the tourism and hospitality sector, with key industry figures applauding the government's initiatives. Mr. SP Jain, Chairman and Founder of Pride Hotels Group, shared his perspective on the budget's impact.

SP Jain's Viewpoint:

"We warmly welcome the budget announced today by Finance Minister Nirmala Sitharaman. The government's focus on the tourism industry, especially the development initiatives for Jharkhand, Odisha, and the North East, is commendable. The special emphasis on Rajgir and Nalanda will undoubtedly enhance religious and cultural tourism, creating new opportunities for growth and community engagement.

In 2023, India's tourism sector attracted over 9 million foreign tourists, marking a remarkable growth rate of over 40% year-on-year. The budget's commitment to enhancing spiritual tourism, particularly through the development of significant sites like Bodh Gaya and the Vishnupada Temple, is a strategic move that promises substantial economic benefits for the regions involved.

However, we had hoped that the Honorable Minister would grant infrastructure status to the hospitality industry. As a highly capital-intensive sector, our industry requires significant investments, and the initial 3-4 years often yield no profits due to high-interest loans from banks. Granting infrastructure status would enable us to access loans at lower interest rates, facilitating the development of more hotels and improving the quality of facilities offered. This is essential to attract both Indian and international tourists and to support the overall development of our industry," said Mr. SP Jain, Chairman and Founder, Pride Hotels Group.

The Union Budget 2024-25 is set to enhance India's tourism landscape significantly. With targeted investments in key spiritual and cultural sites and a focus on regional development, the budget aims to boost tourism, create jobs, and stimulate economic growth. Industry leaders like SP Jain appreciate these efforts but continue to advocate for infrastructure status to further support the sector's growth.