Travel and Tourism stakeholders seek GOVT support to overcome commercial challenges, etTravelWorld

Everywhere we receive information and discuss about the new wave of the pandemic that is hitting the world with a new face. The travel industry has taken a beating due to the pandemic, with about 10 million jobs lost. Airlines report huge losses due to flight cancellations or cancellations. Border closures and travel restrictions affect everyone—from industries to individuals. So what can rief bring to the current scenario?

According to Statista Research and WTTC (World Travel and Tourism Council), India’s travel and tourism market in 2019 is expected to grow by 10 percent between 2019 and 2028, down from 4.7 percent in the industry in 2019, to 2027-28 USD.

Vivek Agarwal, Partner and Leader, Economic Development Advisory and Sector Lead – Tourism, KPMG in India talks about the areas where the union budget can provide the much-needed boost to the travel tourism and hospitality industry. Agarwal, creating a concrete foundation in the form of a policy or reform with tax structure, marketing, insurances, incentives, GST reliefs and concessions, GST reliefs and concessions is key in this regard.

The current state of the travel industry is such that this government needs support to overcome its commercial challenges. The government, now more than ever, is eager to play. It can do this by bringing in new provisions to the existing tax relief measures by scrapping TCS altogether and expanding the Eclgs scheme (emergency credit line guarantee scheme). Some of the other measures may include income tax benefits, an international travel resume, and opening borders for unrestricted tourism for vaccinated travelers. Inbound tourism contributes significantly to the country’s foreign exchange and the government is serious about exports to revive the economy. Then, why not consider exporter status to an industry whose exports and assistance will increase in the overall recovery. These measures can provide a new wave of optimism for the entire ecosystem over and above existing methods. In the past and today, to survive the worst many times, travel vendors have become resilient and patient enough to manage commercial challenges. Cross-Dimensional Industry Support has proven highly profitable for businesses, including technology and travel business partnerships that provide new ways to serve customers with greater security and convenience.

Join the 2M+ community of industry professionals.

Subscribe to the newsletter to get the latest insights and analysis in your inbox.

EttravelWorld industry on your smartphone.