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Finance Minister Nirmala Sitharaman today presented the Interim Union Budget 2024. the image is only a reference. Photo credit: Pixabay
India’s Union Finance Minister Nirmala Sitharaman earlier today presented the interim budget 2024-25, stressing that the government’s top priority is the welfare of the poor, women, youth and farmers. Here are some reactions from various sectors including food and hospitality, travel, health and artificial intelligence.
Pranav Rungta, Co-Founder and Director, Nksha Restaurants, Vice President, National Restaurant Association of India
Notably, the travel and tourism industry has made major announcements, creating opportunities that in turn have opened doors for the restaurant industry. Finance Minister Sitharaman stressed on setting up a framework for rating tourism hubs on the basis of quality of facilities and services and providing long-term interest-free loans to states to finance such development. This will create a lot of employment and entrepreneurial prospects in the tourism and hospitality sectors.
I expect a comprehensive and transformative Union Budget in July, when the newly elected government will lay out a detailed roadmap for our pursuit of a “Viksit Bharat”; there is an expectation that the industry’s key issues will be addressed. These include restoration of GST input tax credit, resumption of Indian Services Export Scheme, creation of dedicated food services ministry with industry status, reduction of GST on eco-friendly materials, resolution of GST on commercial leases, rationalization of licenses and National oil companies, ensuring fair e-commerce policies, extending business hours, implementing targeted subsidy programs for small and medium-sized enterprises and launching employee welfare schemes.
Sanjay Sethi, CEO and Managing Director, Chalet Hotels Limited
Overall, this is a good budget for national priorities. However, the hospitality industry is disappointed that the infrastructure status of the industry has not been achieved. This is a missed opportunity for an industry that could significantly increase GDP and employment, as well as contribute much-needed foreign exchange to the country.
Ramachandra Bhat, Financial Director, Clarks Exotica
The interim budget shows the prospects of proposed projects for port connectivity, tourism infrastructure and amenities in the islands, especially Lakshadweep. These initiatives have the potential to enhance destination attractiveness and act as a catalyst for significant job creation in the hospitality industry. I expect demand for accommodation and services to increase, driving positive growth in the industry.
Challenges such as sustainable development and infrastructure requirements need to be addressed, emphasizing careful planning and collaboration between government and private sector entities.
I’m pleased to see the Finance Minister recognizing local entrepreneurial opportunities, including spiritual tourism. Going forward, I believe local businesses and entrepreneurs in the hospitality industry will play a key role in showcasing local experiences that not only promise significant economic impact, but also promote community engagement and sustainable tourism practices.
Dr. Rajeev Boudhankar, Medical Director, Holy Family Hospital, Bandra
The Budget provides encouragement for healthcare. As healthcare professionals, we are pleased to see government initiatives moving towards building and developing more medical schools across disciplines. Providing cervical cancer vaccine education and vaccination to younger populations will also enable health care professionals to ultimately reduce cancer cases among women, the most vulnerable in our country.
The 13% increase in the health care budget allocation is a promising step that will help the country move in a more positive direction towards the goal of universal health coverage. India is on the cusp of becoming a global leader in healthcare R&D, and with year-on-year adjustments to the National Healthcare Mission and advancements in healthcare education and technology, we are certain that India will be the cornerstone of a breakthrough from the current status quo. Global challenges in various fields.
Rustom Lawyer, Founder and CEO of Augnito
The Mid-term Budget 2024 focuses on growth and innovation, creating a promising outlook for healthcare and technology in India. The economy is expected to grow at 7% in three years, with GDP reaching $5 trillion, painting a positive picture, while initiatives such as low-interest R&D loans of Rs 100 crore provide fertile ground for homegrown solutions.
Expanding healthcare coverage to ASHA and Anganwadi workers deserves praise, but the lack of concrete AI plans leaves some uncertainty. Perhaps these issues will be addressed in July’s budget, but the focus on defense “deep technologies” shows that the government recognizes the strategic importance of such technologies.
It is encouraging that the budget leverages existing hospital infrastructure to increase the medical school’s capacity to meet critical needs. In addition, the Unified Maternal and Child Health Plan simplifies implementation, while the “U-Win” platform for immunization management demonstrates an ongoing commitment to public health.
Overall, the budget lays a solid foundation for future investments in health care and technology. While we await further clarity on artificial intelligence, an emphasis on research, infrastructure, and accessibility creates exciting opportunities for advancement.
Jurgen Bailom, President and CEO, Cordelia Cruises Waterways Leisure Tourism Pvt Ltd
With the announcement of the 2024-25 medium-term budget, Cordelia Cruises welcomes the strategic initiatives outlined and recognizes the key role that tourism plays in driving economic growth. Cordelia Cruises remains committed to delivering unparalleled experiences at sea and we are keen to capitalize on the opportunities afforded by the budget to further enhance India’s status as a global travel destination.
Devika Saigal, CEO, M2M Ferries and Mandwa Jetty
Tourism being the main focus of the 2024 Interim Budget is good news for the entire Indian tourism industry as it is an important component of India’s overall economic growth. The rapid development of new airports, super highways and roads built with modern technology will surely improve connectivity and help discover new tourist destinations that were previously inaccessible.
As one of India’s leading ferry operators, we do hope that water travel and tourism also get attention to help realize its true potential. India has such a vast network of waterways and improving the waterway travel network can take the pressure off our growing road network infrastructure and further reduce CO2 emissions. Ropax’s operating expenses are quite high, much of which is attributed to fuel costs, with central and state taxes accounting for more than 40% of the cost. For the new and growing Ropax industry, reducing or waiving these taxes could trigger a knock-on effect of lowering overall costs, making water transport more affordable for mass transit.
Gaurav Mehta, CEO and Founder, Jaipur Watch Company
In the changing landscape of India’s consumer industry, Budget 2024-25 is a key opportunity to narrow the gap between urban and rural consumption. Anticipating increases in consumer demand, strategic resource allocation for optimal inventory management, enhanced customer experience and impactful digital initiatives have become critical. To meet changing consumer expectations, a commitment to sustainability is critical. Recognizing the integral role of technology in retail and e-commerce, digital advancements that inspire innovation are critical.
To strengthen this vision, measures such as tax reduction for the low-income segment, comprehensive tariff reform, export promotion, GST rationalization and sustainable incentives must be adopted. Prioritizing retail and key industries, coupled with a focus on growth-oriented policies, investment facilitation and global competitiveness, form the basis. Budget 2024-25 charts a course for a resilient, inclusive and forward-thinking consumer economy in India by promoting technological advancement, improving logistics and nurturing e-commerce.
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