Highlights

  • States will be encouraged to undertake development of iconic tourist destination: Nirmala Sitharaman
  • States will receive long term interest free loans
  • Framework to rate tourist centres to be present

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Budget 2024: Finance Minister Nirmala Sitharaman lists measures to boost tourism

Finance Minister Nirmala Sitharaman in the budget presentation said that the states will be encouraged to develop iconic tourist destinations and will be given long-term interest-free loans for financing the development of iconic tourist centres 

Budget 2024: Finance Minister Nirmala Sitharaman lists measures to boost tourism

Budget 2024: Tourism was one of the areas which Finance Minister Nirmala Sitharaman specifically mentioned during her short budget speech. States will be encouraged to to undertake development of iconic tourist destinations.

"The success of organising the G20 meeting in 60 places presented the diversity of India to a global audience. Our economic strength has made the country an attractive destination for business and conference tourism. Our middle class also now aspires to travel and explore. Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship,” Sitharaman said in her speech.

Measures to boost Tourism

In the presentation, Nirmala Sitharaman announced that long-term interest-free loans will be provided to states for financing the development of iconic tourist centres on a matching basis. The fund can be used for branding and marketing them at a global scale.

She further mentioned that projects for port connectivity, tourism infrastructure, and amenities will be taken up on the country's islands, including Lakshadweep. She also added that boosting tourism will in turn boost employment.

There will also be a framework for rating of the tourist centres based on quality of facilities and services provided at the centres.

"Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship," she added.

Deloitte India's Rajat Mahajan expressed optimism that the tourism sector will get more focus in the coming years from both the states and centre

"This interim budget missed addressing few key points like increasing spends on marketing to get more global tourists, specific PLI like reforms for the players in the sectors etc. Given this being the election year, however, we expect the sector to get more focus in the coming years by both centre and states", said Rajat Mahajan, Partner, Consulting, Deloitte India


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