Finance Minister Nirmala Sitharaman introduced an extensive development plan for India’s travel and tourism sector in her Union Budget 2024 announcement. Her seventh budget aims to transform several iconic destinations into world-class tourist attractions. This strategic initiative is anticipated to generate jobs, attract investments, and unlock substantial economic opportunities across various sectors.
The Finance Minister’s speech emphasised the government’s dedication to positioning India as a premier global travel destination. Through strategic projects and targeted investments, the plan focuses on enhancing both spiritual and cultural sites, as well as promoting natural and scenic attractions to draw domestic and international visitors.
Sitharaman also announced a simplified tax regime for foreign cruise companies operating domestic vessels in India, which is a notable measure to boost cruise tourism, and includes tax relief for cruise operators.
Key highlights for travel and tourism
– A streamlined tax regime for foreign cruise operators managing domestic cruise ships.
– A special emphasis on advancing spiritual and religious tourism by developing major temples and pilgrimage sites.
– Enhancements to beach destinations to improve the experience for tourists.
Special focus on Bihar and Odisha
Bihar: The state will see significant development of its key spiritual and historical sites. Notable initiatives include Bodh Gaya that is known for its association with Lord Buddha. Bodh Gaya will receive targeted development to strengthen its status as a major pilgrimage site. Rajgir, this ancient city, renowned for its Jain temples and sacred hot springs, will be developed to boost religious and wellness tourism. Efforts will be made to revitalise Nalanda, aiming to restore the historical Nalanda University to its former prominence. The Vishnupada Temple in Gaya will be developed into a major spiritual and tourist hub.
Odisha: The state will be promoted for its potential in religious and beach tourism.
Other special corridors and tourism
– Vishnu Path and Mahabodhi Temple Corridors: Located in Bihar, these corridors will be developed similarly to the Kashi Vishwanath Temple Corridor, enhancing their spiritual and tourist appeal for Hindus, Buddhists, and Jains.
– Rajgir and Nalanda initiatives: Rajgir: A comprehensive development plan will be implemented to elevate Rajgir as a key religious and wellness tourism destination.
– Nalanda: The development of Nalanda as a major tourist center will complement efforts to revive Nalanda University, enhancing the region’s cultural and educational tourism appeal.
These measures are expected to significantly boost the travel and tourism sector, create numerous employment opportunities, and stimulate investment, thereby providing a substantial economic uplift to the regions involved.
“We welcome the Union Budget 2024-2025 which focuses on positioning India as a global tourism hub through progressive initiatives. The surge in spiritual tourism has been recognized, and we are excited to see the sector receiving much-needed support in this year’s budget. The development of road connectivity projects, with a special emphasis on spiritual and cultural corridors, underscores the Government of India’s commitment to fueling the growth of the country’s rich cultural and spiritual network of tourism. At Radisson Hotel Group, we have always focused on Tier II and III cities, leveraging a first-mover advantage with 50% of our portfolio in these regions. Our strategic commitment to these destinations aligns with the government’s vision, allowing us to meet the increasing demand for spiritual experiences and further strengthen our presence across India. We are optimistic that this development will not only propel the domestic tourism sector but will also provide an opportunity for foreign tourists to further explore the rich culture of India,” said Nikhil Sharma, Managing Director and Area Senior Vice President- South Asia, Radisson Hotel Group
Source: Times Of India