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Interim budget 2024 shines a spotlight on growth of tourism in India. Announces major proposals

Summary: The Indian government is currently eyeing the growth of tourism in India to boost economy and create job opportunities. To this end, the interim budget 2024 presented major proposals that would promote the tourism industry.

02 Feb 2024 by IDFC FIRST Bank
growth of tourism in India
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The G20 meet which brought a sharper focus on India as a tourist destination, the Prime Minister favouring Lakshadweep as a budding destination, and the recent consecration of the Ram Mandir at Ayodhya - has brought the tourism industry in the spotlight.

The Hon. Finance Minister (FM), Ms. Nirmala Sitharaman, emphasized  that tourism, especially spiritual tourism, had considerable scope for growing local entrepreneurship. To this end, she proposed major proposals in the interim budget 2024 for the growth of tourism in India. 

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Tourism proposals in budget 2024-25
 

Here are a few proposals that FM announced for the growth of tourism in India -

  • Island development

Ms Sitharaman proposed better port connectivity, amenities, and development of tourism infrastructure measures to be taken up in the different islands of India, with a major emphasis on Lakshadweep.

  • Three new railway corridors

With an eye on economic development and tourism, the FM proposed the development of three major railway corridors under PM Gati Shakti – a cement, energy and mineral corridor; a port connectivity corridor; and a high traffic density corridor. The last two corridors would not only boost economic activity but would also promote tourism as travelling would become easy and convenient.

  • Development of trains

Promoting comfortable travel, Ms Sitharaman proposed the conversion of 40,000 train bogies into Vande Bharat-like standards.

  • Air travel development

The budget highlighted that the aggregate number of airports in India has increased to 149 in the last 10 years and it would continue to expand under the UDAN scheme. It also outlined the fact that the development of airports in Tier 2 and Tier 3 cities has proved successful, as carriers have ordered around 1000 new aircraft to accommodate increased number of passengers.

Initiatives to promote tourism in Interim Budget 2024
 

  • Enhanced connectivity and tourism infrastructure at islands, especially Lakshadweep
  • 3 new railway corridors - cement, energy and mineral; port connectivity; and high traffic density
  • Conversion of 40,000 train bogies into Vande Bharat-like standards
  • Airport expansion in Tier 2 and Tier 3 cities

Also read - How Personal Loans can help you plan your next vacation?

The bottom line
 

With domestic tourism booming, the government is making possible attempts to boost the growth further. It would be financially rewarding and would also put India on the world tourism map.

While the interim budget presented actionable proposals for the growth of tourism in India, the final budget due in July might bolster the growth with more developments. Till then, the tourism sector is looking at a positive road ahead. Explore the beauty, myriad attractions and the rich heritage of the country and watch the government’s efforts to put India on the global tourism map come to fruition. .

 

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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