The release of the second budget of the year brings noteworthy developments for the tourism industry. While the interim budget of 2024 set a promising tone for the sector, the July budget has introduced specific initiatives focused on regional and spiritual tourism. These targeted measures are expected to drive growth and innovation within these niches, offering new opportunities and support for their development.
In the Tourism Budget for 2024, Finance Minister Nirmala Sitharaman announced that the Central government will focus on promoting Nalanda and the Nalanda-Rajgir corridor in Bihar as a tourist spot. She stated that the government aims to enhance Nalanda as a tourist destination and restore Nalanda University to its former grandeur. This was revealed during the presentation of the Budget on July 23.
During the unveiling of her seventh consecutive Budget for 2024-25, Nirmala Sitharaman also suggested aiding the development of corridors at Vishnupad Temple and Mahabodhi Temple, aligning with the initiative at Kashi Vishwanath Temple. In the financial year 2024-25, the tourism industry saw an increase in capital expenditure by 3.3 percent, amounting to Rs 2,479.62 crore, as opposed to the previous budget allocation of Rs 2,400 crore in 2023-24. Despite this, the revised budget allocation for tourism was Rs 1692.10 crore.
During her Budget speech on July 23, Finance Minister Nirmala Sitharaman emphasized the importance of tourism in India’s history and culture. She also mentioned that efforts to promote India as a global tourist destination would lead to job creation, increased investment, and economic growth in various sectors. Sitharaman identified tourism as one of the key areas for growth and development during the Amrit Kaal, aiming for inclusive growth in the Union Budget 2023-24, which raised expectations for further initiatives in the sector.
The Highlights
Development of the Vishnupad Temple Corridor, Mahabodhi Temple Corridor, and Rajgir will be carried out comprehensively. Support will be provided for the enhancement of temples, monuments, artisanal skills, wildlife sanctuaries, natural scenery, and unspoiled beaches in Odisha. A more straightforward tax system will be implemented for international shipping corporations that run local cruises in order to boost cruise tourism in India. According to Aashish Gupta, the Consulting CEO of FAITH, the Finance Minister’s declaration about India’s potential as a global tourism hub is positive, although it would have been better to see budget recommendations to support this statement. Some suggestions from the industry included increasing the marketing and publicity budget, providing infrastructure status support for hospitality, removing TCS on travel, and reducing GST rates related to tourism travel and hospitality. Noting the religious importance of Rajgir in Bihar for Hindus, Buddhists, and Jains, Nirmala Sitharaman mentioned a plan for a comprehensive development initiative in the area.
Read More: Highlights from Interim Budget 2024
The Finance Minister highlighted the religious significance of Rajgir for Hindus, Buddhists, and Jains, emphasizing the ancient 20th Tirthankara Munisuvrata temple in the Jain Temple complex and the sacred Saptharishi or the 7 hot springs forming a warm water Brahmakund. The budget showcases the government’s efforts to promote India as a global tourist destination and is expected to create jobs, attract investment, and generate economic opportunities.
Key Points:
- The Vishnu Path and Mahabodhi Temple Corridors in Bihar are set to undergo extensive development inspired by the successful renovation of the Kashi Vishwanath Temple Corridor.
- The government plans to assist in the growth of Nalanda as a prominent tourist destination and aims to revive Nalanda University to its former splendor.
- Rajgir, famous for its ancient Jain temples and holy hot springs, will undergo a thorough development project.
- Odisha will be highlighted as a top spot for religious and beach tourism.
- The budget included plans for three significant economic railway corridors as part of the PM Gati Shakti initiative to enhance logistics systems and lower expenses.
- Moreover, there are plans to enhance 40,000 rail bogies to meet the Vande Bharat standards.
Explore India in it’s full glory…
