Union Budget 2024: SOTC Travel urges multi-pronged approach for tourism growth

Wednesday, January 31, 2024

In the wake of Union Budget 2024, Vishal Suri, MD of SOTC Travel, advocates for a multi-pronged strategy to propel the tourism sector, a pivotal contributor to India’s GDP and employment landscape. Suri emphasizes the need for a comprehensive approach to leverage the budget as a catalyst for growth.

The budget presents a prime opportunity to bolster the travel and tourism industry, vital for economic prosperity and job creation. SOTC Travel proposes several key initiatives to harness this potential effectively.

Firstly, there is a plea to rationalize the Tax Collected at Source (TCS) rate on outbound tours. Consolidating the TCS rate into a single 5% slab would mitigate the competitive advantage enjoyed by international counterparts, thereby fostering a level playing field for domestic operators.

Secondly, the removal of the Tax Deducted at Source (TDS) on automated bookings, particularly for business travel platforms, is advocated. This move aligns with the government’s vision of promoting digital adoption and ease of doing business, essential for a thriving digital economy.

Moreover, SOTC Travel highlights the imperative of prioritizing infrastructure development, especially the expansion of the Udan Yojana and Vande Bharat routes. Enhancing connectivity to remote yet promising tourism destinations not only stimulates economic activity but also creates employment opportunities, fostering inclusive growth.

Furthermore, the call for incentivizing sustainable tourism practices underscores the industry’s commitment to environmental stewardship and responsible travel. Encouraging eco-friendly initiatives is pivotal in safeguarding natural resources and promoting sustainable tourism models for future generations.

In conclusion, SOTC Travel urges policymakers to adopt a holistic approach towards tourism development in the Union Budget 2024. By addressing key concerns and implementing strategic measures, India can unlock the full potential of its tourism sector, driving economic growth and fostering social inclusivity.

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