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As India heard the Union Budget - 2017 let's see what Mr.Arun Jaitley has to offer to travel industry.With reduced tax rates, emphasis on digitalized economy and infrastructural development let's have a glance at the impact in the travel industry.
Economic reforms: Digitalization
With demonetization, the rise of digital wallets is already on a roll in India. The government looks keen on promoting India as a digital economy. The budget mentions India at the cusp of massive digital revolution. As the government is keen on putting an end to black money in India, the budget declaring no cash transaction above Rs 3 lakh was not surprising. Also, a panel on digital payments has recommended structural reforms. With India going cashless, the travel industry needs to revolutionize the way they operate and provide other digital forms of payments to their customers.
Promoting inbound tourism:
The highlights of the budget in the tourism sector are to set up five tourism zones in India. Already the campaign Incredible India initiated by India Tourism have seen a surge in the rate of arrivals of foreign tourists by 13.6 % on a year on year basis. What stands exciting is, campaign Incredible India 2.0 is to be launched. With the announcement of special train dedicated for tourism and pilgrimage, it welcomes the growth of inbound tourism. Mr. Jaitley also assures the development of airports in tier 2 cities of India under public-private partnership model.
Safety and security of travelers
With the rise of terrorism all over the world, India has realized the importance of having safety and security protocols. The budget proposed setting up of a special safety fund of Rs 1 lakh crore that will coverup gradation of tracks and signaling besides the elimination of unmanned level crossings. Also, 500 railway stations will be made differently abled friendly that indicates an upcoming new segment of tourist. The budget promises to launch “Clean my coach app” and assistance service in railways “Coach Mitra” and biotoilets for each railway coach.
The overall impact of the budget will have a positive impact on tourism in the coming years.