Union Budget Quote FY22-23 | Mr. Vishal Suri, Managing Director, SOTC Travel

Vishal Suri

Vishal Suri, Managing Director, SOTC Travel

The Union Budget 2022 presented by Hon’ble Finance Minister provides the much needed positivity with focus on infrastructural development, digital enhancements, and healthcare. The Prime Minister’s PM Gati Shakti plan focusing on roads (25,000kms additional national highway), railways (2000km new railway network by 2023), airports, ports, waterways will raise productivity and be the key drivers of domestic tourism economy. Additionally, the Parvat Mala announcement with 8 National Ropeways development project will ease commuting and thereby improve connectivity. The two noteworthy announcements of issuance of e-passports and the expansion of the ECLGS scheme for the hospitality sector will help boost the travel and tourism industry. 

However, this Union Budget did not provide the travel & tourism industry the respite we anticipated with respect to rationalization of taxes, reducing/ eliminating the TCS on outbound travel, and elimination of the 5 crore capping for the SEIS benefit. We hoped this budget would offer incentives to Corporates for organizing meetings and conference in India through partial or full tax exemptions.