Yogesh Mudras, Managing Director, Informa Markets India

“The hospitality sector, which employs millions of people in the country, has proved to be a resilient one, while continuing to be challenged by the peaks and troughs of the pandemic. With the Union Budget due to be presented on 1st of February, people are eagerly waiting for the Finance Minister to announce benefits and exemptions for industries affected due to the ongoing coronavirus pandemic. This includes the hospitality sector, which is looking for incentives and lower taxes. According to industry data, more than 24 lakh people lost their jobs in the hospitality sector, after over 25 percent restaurants were shut owing to protocols discouraging unorganised gatherings.

The hospitality sector has advocated for travel expenses to be made deductible under the Income Tax Returns in the upcoming Budget till the sector bounces back to its pre-pandemic days. The measure can also help Meetings, Incentives, Conferences and Exhibitions (MICE) tourism to shift from low-cost destinations such as Southeast Asia to places within India. The Government of India’s tourism policy should strengthen and build capacity to provide better services and facilities to the tourists visiting the country. To kickstart inbound travel, the government should focus on opening international travel in a regulated manner. All the airports, railways and road transport should have adequate measures for public safety. Safety guidelines should be clearly defined to tour operators and hospitality operators.”

“SMEs play a crucial role in the economy and the wider eco-system of businesses. Enabling them to adapt and flourish in a more open environment and contribute more actively in the digital transformation is essential for boosting economic growth and delivering a more inclusive globalization. Last year, numerous steps were taken at the union budget to boost and support the MSMEs with the Government providing ₹15,700 crore to this sector. This year, we expect introduction of measures such as simplification of taxation, funding opportunities, improved credit lending for Startups, more streamlined methods for procedural clearance and license approvals. The pandemic has been a catalyst for technology and digital adoption across sectors. Given the role of the technology sector in the growth of Digital India, it is expected that the government may device effective and favorable policies, in creating the digital infrastructure and the ecosystem to support innovation. Including MSME prominently within the scope of the Union Budget is critical for the overall success of the sector. Support from the Finance Ministry for the hospitality sector is expected with the aim of allowing the corporate bookings and MICE to come under IGST which will further help in boosting the investment opportunities in India leading to surge in the overall expansion of the economy. Since, exhibitions play a huge role in shaping the domestic economy and its GDP, we as Exhibitors largely focus towards not only improving Trade, Innovations & better understanding between nations, but also, we are constantly thriving towards Sectoral growth, government initiative, a mass of subsidiary businesses allied directly or indirectly to the exhibitions.”