gpdm mediagpdm media

Union Budget 2022-23 is a Big Disappointment for The Hospitality Industry?

- Advertisement -

The Union Budget 2022-23 might have favoured infrastructure, technology, skill development and health but it has been disappointing for the hospitality industry. Experts from the industry state that the Union Budget 22-23 has made almost no reference to the industry’s recommendations such as tax relief, utility tariffs, Infrastructure status and financial assistance.

The Union Budget 2022-23 brings forth the Extension of the Emergency Credit Line Guarantee Scheme (ECLGS) and allocation of additional INR 50,000 crores for hotels and the hospitality sector till March 2023 proving to be a relief for the hospitality industry.

Along with this the FM also announced the CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) scheme, which is expected to facilitate additional credit of INR 2 lakh crore for micro small enterprises and expand employment opportunities. 

- Advertisement -

The budget is also inclusive of aggressive infrastructure development with eight ropeways, an additional 25,000 km of National Highways, 400 new Vande Bharat Trains with modern facilities, etc. 

The introduction of the revolutionary ePassport in the Union Budget received a lot of appreciation from the travel trade as well as from the hospitality industry. According to the industry experts, all these will be instrumental in encouraging both international and domestic travellers to explore the country with ease and give a new lifeline to hospitality brands of all sizes. 

To summarise the industry sentiments, the hospitality industry experts have expressed mixed reactions to the Union Budget 2022-23. According to a report in Hospitality Biz with industry have shared their opinions as follows : 

Amrut Mehta the Director of Little Italy stated that “the union budget brings a lot of hope as businesses and individuals look forward to receive help from the government in these trying times. The pandemic has been tough and businesses have suffered due to government induced restrictions and lockdowns. The extension of ECLGS by the finance minister is a boon to the hospitality sector. This move will help the MSME sectors to cope up with the risks arising out of COVID induced challenges.”

- Advertisement -

Major Dinesh Sharma, Founder Academy of Pastry & Culinary Arts thinks that 

“The government’s vision of developing a skill based education system  will get a new direction with this  year’s budget announcement.”

Sibasish Mishra, Founder & CEO, BookingJini claims that “no significant direct announcement impacting Travel, tourism and hotel though there is an extension of Emergency Credit Line Guarantee Scheme (ECLGS) upto March 2023 is a welcome move. The same has been further expanded by 5000 crores for the Hospitality industry. This will help the cash strapped hotel entrepreneur to bounce back from the burden and losses of covid19. 

He also added “The E-passport move will make the ease of travelling abroad much easier, travellers who already have been desperately waiting to go abroad since 3 years due to travel restrictions will avail this facility the most and we will witness surge in outbound tour. The Budget travellers’ segment which compromises more than 66% of the traveler will look forward for a great experience under Vande Bharat Trains in near future thus boosting tourism and hotel industry. These trains will be not only be energy efficient but also cheaper, faster and safer”

Team FNH
Team FNHhttps://foodandhospitality.incrediblegoa.org
Food & Hospitality Team works day and night to get you some of the best culinary experiences from across the state of Goa. If you wish to get featured into this portal, please share your details at [email protected]

Related Stories

Discover

10 Famous Goan Sweet Dishes That You Cannot Resist

The history of Goan sweet can be traced back to the colonial era when Goa was ruled by Portugal powers. The Portuguese brought with them their own culinary traditions

Discover The Flavours of Goa: 10 Unique Beverages You...

From the famous coconut water to the local brew feni, Goan beverages are a true reflection of the state's multiculturalism and hospitality

A Food Trip Across India: Hilton Goa Resort Hosts...

Indian street food is not just about the taste, it is also about the culture, traditions, and for many of us, childhood memories of heading out and enjoying some simple yet delicious food with friends and family.

Goa’s Gastronomic Gems: Discovering The Instagram-Worthy Dishes That Will...

Goa is a state located on the western coast of India, renowned for its beautiful beaches, vibrant nightlife, and delicious cuisine. While Goa has many food joints that offer aesthetically pleasing food, the state also has a rich history of ancient cafes that serve traditional Goan dishes that are equally Instagram-worthy.

Taste The Goodness of Home Made Goan Food

Love for homemade food can be deep-rooted in the combination of taste, health, comfort, creativity and socialisation. Love varies in different areas and regions. We all know Goa has something unique to offer always. Goan cuisine is known for its unique blend of flavours, which is a result of its rich cultural heritage and diverse influences.

10 Most Loved Traditional Goan Dishes!

When we talk about Goan cuisine the tempting ideas of that mesmerising taste and liberal use of spices, Coconut, rice, and seafood will take hold of our senses. The use of Kokum and Vinegar is another phenomenal feature of Goa’s cooking style. 
Advertisement

Popular Categories

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.