By Spl Correspondent
The Union Budget 2024 has injected a substantial boost into India’s tourism sector with a generous allocation of Rs 2,479 crore for the financial year 2024-25. This substantial increase of 44% over the previous year underscores the government’s recognition of tourism’s pivotal role in driving economic growth and employment.
Key Focus Areas
The budget outlines a comprehensive strategy to develop India’s tourism potential:
- Development of Tourism Circuits: Building upon the success of the Kashi Vishwanath Corridor, the government will replicate this model for projects like the Vishnupath temple in Gaya and Mahabodhi temple in Bodhgaya, aiming to bolster spiritual and cultural tourism in Bihar.
- Preservation of Cultural Assets: Efforts to protect and develop the hot water spring at Rajgir and pursue Nalanda’s World Heritage Site status exemplify the government’s commitment to preserving India’s rich cultural heritage.
- Infrastructure Development: A significant portion of the allocation will be invested in improving tourism infrastructure, ensuring a seamless experience for both domestic and international visitors.
- Skill Development: The budget emphasizes training and development programs to enhance the skills of tourism industry professionals, thereby elevating service standards.
- Marketing and Promotion: Robust marketing campaigns will be undertaken to showcase India’s diverse tourism offerings to a global audience.
Positive Market Response
The announcement has been met with enthusiasm by the travel and tourism industry, with stocks experiencing a surge. This reflects the market’s confidence in the sector’s growth prospects. Analysts predict that India’s strategic investments and effective marketing initiatives could propel the country to become a leading global tourism destination.
Economic Impact
The tourism sector is poised for significant growth, with projections indicating a market value of $23.72 billion by 2024 and an annual growth rate of 9.6% over the next four years. This growth trajectory is expected to create numerous employment opportunities and contribute substantially to India’s economy.
By prioritizing tourism development, the government has demonstrated its commitment to unlocking the sector’s full potential and positioning India as a world-class tourist destination.