The Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on 1 February 2023, Wednesday. Like every previous year, this budget comes with new rules and regulations for purchasing many different things, details about taxes, payables of the government, and so much more. After the completion of all these announcements, the giants of the F&B industry share their opinions and views on the budget.
Union Budget 2023: Here’s What Tarak Bhattacharya Has To Say!
Tarak Bhattacharya is the CEO and Executive Director at Mad Over Donuts. After the budget was released, Tarak Bhattacharya shared how there are some interesting aspects that will help their business. He said, “Government will select 50 destinations, to promote tourism on mission mode. This will increase the movement of people towards these locations thereby giving a chance to increase travel and hospitality businesses that will help us too.”
Also, he emphasised how more tourism will help his business. “Regional air connectivity will be improved in the country allowing more flights, helicopters, and water aerodromes to operate. This again increases tourism and can benefit the F&B as well as the QSR industry. The government has also reduced the income tax rate and raised the income tax limit to 7 LPA, allowing people more disposal income to spend more on food and leisure. Again a positive sign for the F&B industry”, he added.
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Union Budget 2023: Here’s What Ritesh Agarwal Has To Say!
Ritesh Agarwal is the Founder & Group CEO of OYO. Here’s the press statement of OYO on the Union Budget. He is quite excited to see the massive emphasis given to tourism this year. He shared, “The Finance Minister has identified tourism as one of the key sectors, with huge potential to generate employment for the youth, and reiterated government’s commitment to promote tourism on ‘mission mode’.”
Ritesh also talked about the move of developing 50 tourist destinations in India in the press statement. He also added, “We welcome the move to develop 50 cities across India as a complete package for domestic and international tourism, and developing an app to ensure all the key metrics related to travel and tourism for the said cities are regularly updated. We also applaud the move to incentivise states to set up Unity Malls in the popular tourism destination for promotion of GI, Made in India products and handicrafts.”
He shared his views on such focus and moves will help in enhancing tourism in different remote places around the country which will further help other locals as well.
Here’s What Rajesh Magow Has To Say!
Rajesh Magow is the Co-Founder and Group CEO of MakeMyTrip and he also shared his views on this year’s Union budget. Rajesh Magow talked about the multiple initiatives that are great to boost tourism in the country. “It is noteworthy that the Honorable FM has highlighted tourism as a focus area. The union budget calls for many welcome initiatives like the revival of 50 airports, the building of 50 new destinations, and high budgetary outlays on railways, roads, and highways, that will help the long-term growth of the domestic travel and tourism industry”, he shared.
Out of all the proposals, Rajesh Magow found the move to increase the TCS mandate from 5% to 20% on overseas tour packages to be negatively impactful. MMT CEO shared how this will not only increase the upfront cash outflow for customers but will also give an unfair advantage to foreign-based online travel booking platforms over India-based travel agents and tour operators.
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Here’s What Sandhya Naidu Janardhan Has To Say!
Sandhya Naidu Janardhan is the Founder & MD of Community Design Agency and she shares her reactions after the presentation of the union budget 2023. She primarily emphasised the impact of the budget on marginalised and underprivileged communities and sustainable cities. She shared, “It is encouraging and timely that the Government of India has included sustainable cities of tomorrow and developing key infrastructure in Tier 2 & Tier 3 cities as an important part in the 2023-24 Union Budget.
In the backdrop of India’s presidency of the G-20 summit this year, and our crucial role in negotiations around climate change and adaptation funding for developing economies at COP 27 last year, we see incredible opportunities for an inclusive and integrated approach to building climate resilient and sustainable green cities.”
Here’s What Subhrakant Panda Has To Say!
Subhrakant Panda is the President of FICCI. Here’s how he reacted to the budget. He shared, “A push to investment and consumption was required to keep the growth cycle in motion.” They are very happy to note that the government has continued the thrust on capital expenditure with a 33% increase in the capital outlay to Rs 10 lakh crore representing 3.3% of GDP. He also added how this is a great step in the right direction amidst a global economic situation that is still not at ease.
What are your views on this year’s union budget?
Cover Image Courtesy: Wikimedia Commons