Hospitality Industry’s Highlights for 2024 Budget

Hospitality Industry’s Highlights for 2024 Budget

From the backwaters of Kerala, the Coral Islands of Lakshawadeep, to the Snow-Laden Mountain caps of Kashmir, India is a treasure of hospitality, travel and tourism. Standing at a pivotal juncture, the curtain has finally ascended from India’s Interim Budget 2024, with the hospitality industry ready to unleash the reforms it brings forth. In tandem with the hospitality industry’s 2023 resurgence, India’s Budget 2024 has allocated ₹2,449.62 crore to the tourism sector, marking a 44.7% increase compared to the revised figure for the current fiscal. Source – cmbctv18

Witnessing the revival of India’s tourism and hospitality sector, marked by G20 and initiatives like ‘Dekho Apna Desh’ which were all emblematic of our tourism potential and aspirations.

Following this, the Union Budget 2024 has advocated a proactive shift with a commendable emphasis on domestic tourism, transforming India into an odyssey of enigmatic tourist destinations.

Apart from being home to iconic tourist spots, India’s tourism and hospitality industry holds untapped potential of job opportunities and entrepreneurship, which is all set to revolutionise under the working of 2024’s budget. 

Unveiling Union Budget 2024 for Hospitality, Travel, and Tourism Sector

With the intention of boosting the tourism and hospitality industry, 2024 Budget has emerged as the pinnacle of robust growth and development, with the government encouraging states to take up comprehensive development of tourist centres on a global scale.

In regards to which, the government in this budget will allocate long-term interest-free loans to local entrepreneurs which will further elevate India’s tourism landscape. 

Currently contributing $178 billion to the GDP, Source Yourstory the government’s efforts to encourage domestic tourism in India will prove to be monumental, solidifying the country’s position as a leading tourist attraction for business and conference tourism, along with a gateway of spiritual tourism.

The increased focus on promoting Lakshadweep holidays, Andaman and Nicobar tours and travel, and spiritual pilgrimage is indicative of the government’s mission to achieve 100 million tourists by 2047. 

Leaving no stone unturned to make India the hot spot of global tourism, efforts are being made to bolster tourism infrastructure through initiatives spanning rail and air connectivity.

Thus, the projects to enhance connectivity through the development of airports, railways, metros, and ports will not only be instrumental in attracting foreign tourists but will also play a significant role in generating employment.

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New Wave of India’s Travel and Tourism Sector

1. Travel and Explore

Travel and Explore, have been the golden words for India’s travelholic populace, with them actively looking forward to uncovering India’s hidden treasures. 

2. Spiritual Rise

Spiritual Rise: After the recent inauguration of Ayodhya Ram Mandir and the subsequent announcement in the Interim Budget to make India a spiritual destination, the hotel industry is actively looking forward to tapping into this potential market.

With pilgrim spots like Ayodhya, Shirdi, Amritsar and Tirupati witnessing consistent demand and higher occupancy for hotels, premium hotel chains and investors are targeting these cities, elevating India’s culture, heritage and religion at the forefront. 

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3. Local for Vocal

Local for Vocal: India is a storehouse of local tourist places, however the sheer lack of hospitality companies at the grassroots level, has hampered these locations from attaining their fair share of tourism-led growth.

Bringing ‘local for vocal’ to life, government and private players are actively partnering to expand their hotel footprint in these local, culturally rich locations. 

4. Domestic Islands

Domestic Islands: With the Prime Minister’s recent push for Lakshadweep Tourism and the Finance Minister’s (Nirmala Sitharaman) mention of the group of islands during the Budget, India’s islands are garnering interest from the hospitality and tourism sector. In tandem with this, the Tata group has announced its plan to establish two Taj hotels in Suheli and Kadmat islands by 2026. Source – Outlook Traveller

Apart from extending its presence to these picturesque yet unexplored islands, online travel platforms are witnessing a surge in bookings in India’s islands.  

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2024 Budget – Navigating the Aftermath within Hospitality and Travel Management

To support this new demand and influx of guests, the Hospitality Industry is in serious need to employ a robust Property Management System. In tandem with this Revivo has now appeared to be the new engine of the hospitality sector.

By bringing advancements of technology to each and every hotelier in India, Revivo’s Hotel X, a Cloud-based PMS will actively help hoteliers easily tackle all their hassles in managing rooms, restaurants, banquets and all other services. 

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From managing room inventory across multiple OTAs and thousands of TAs, checking in an influx of guests at the same time, to updating rates of rooms as per the market demand, it allows Hoteliers to relax.

Ready to be used as your tool to manage all aspects of the business from billing, accounting, and marketing, to human resources, Tourism and Hospitality Industry in India is all set for a revolution, with Hotel X leading the way.    

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