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By Anushka Sharma Feb 2, 2023 2:55:03 PM IST (Updated)
The hospitality industry which plays a significant role in the country's economy includes hotels, restaurants, bars, clubs, motels etc. As Finance Minister Nirmala Sitharaman is set to table the Union Budget 2023-24 on February 1, the industry, this year, is expecting the Centre to make favourable announcements.
Finance Minister Nirmala Sitharaman is set to table the Union Budget 2023-24 on February 1. Amid this, the stakeholders from the hospitality and tourism industry are expecting favourable announcements from the Minister to boost the industry.
The hospitality industry, which plays a significant role in the country's economy, includes hotels, restaurants, bars, clubs, motels etc. Last year, the industry was severely hit by the pandemic and faced a drastic drop in sales due to the lockdown and covid related curbs.
According to the previous year's Budget allocations, Finance Minister had announced a sum of Rs. 2,400 crore, 18.42 percent higher than the budget allocation of year 2021-22. However, the industry stakeholders were not much convinced with the budget announcements. They welcomed the extension of the Emergency Credit Line Guarantee Scheme (ECLGS), but were hoping for far more specific measures to be announced to provide relief to an industry, which was worst hit during the COVID-19 pandemic.