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Nirmala Sitharaman praises the nation's tourism potential in her Budget speech during the presentation of the Budget 2023-24, noting that it offers enormous appeal to both domestic and foreign tourists. She declared that the government will work to boost tourism in India in "Mission Mode."
According to Nirmala Sitharaman, 50 tourist spots would be chosen through the challenge mode and developed as a whole for both domestic and foreign tourists.
Numerous job and business opportunities exist in the tourism industry. With the active involvement of states' convergence of government programs and public-private partnerships, tourist marketing will be taken up in mission mode.
Stocks on the rise after the announcement of Mission mode:
After Union Finance Minister Nirmala Sitharaman stated in the Union Budget that tourist promotion will be taken up on a mission mode, the stock price of hotels increased by up to 8%. Indian Hotels Company shares increased by 6.50 % to INR 320.10 at roughly around 11.35 am following the announcement.
The benchmark BSE Sensex, on the other hand, was up 521 points, or 0.88 %, at 60071 at the same time. EIH shares were also up more than 6% at INR 171.30. At about the same time, Thomas Cook India went 3.57 percent higher at INR 74.
Other stocks in the travel sector, such as Viceroy Hotels, Lords Ishwar Hotels, and Lemon Tree, also increased by more than 3% in the morning trade. India's per capita income has doubled to Rs 1.97 lakh, according to finance minister Nirmala Sitharaman.
FM Sitharaman further noted that a capital budget of INR 2.40 lakh crores has been approved for the railways, among other significant announcements. This is around nine times the amount spent in 2013-14. She also stated that an additional 33% more money will be spent on major projects, totaling INR 10 lakh crores. This represents 3.3% of the GDP.
Economic growth is predicted to be 7% for the year ending March 2023, according to the Economic Survey of the Budget 2023. This growth follows an increase of 8.7% in the prior fiscal year.
The government said that the hotel and transportation sectors experienced sequential growth of 16% in real terms in Q2 of FY23 when compared to the prior quarter, indicating growth for the travel & tourism industry.
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