Budget 2022: Big boost to tourism! What experts think of the budget

Indian hotels, travel operators and players in the hospitality sector get notable recognition in Finance Minister Nirmala Sitharaman's budget speech. As part of the emergency credit scheme, the sector has been expanded by Rs 50,000 crore to the total cover of Rs 5 lakh crore.

"Considering these aspects, the ECLGS (Emergency Credit Line Guarantee Scheme) will be extended up to March 2023 and its guarantee cover will be expanded by ₹50,000 crores to the total cover of ₹5 lakh crore, with the additional amount being earmarked exclusively for the hospitality and related enterprises," Sitharaman said.

During the course of the Covid-19 pandemic in 2020 and 2021, the travel and tourism industry was gravely affected, and it has been no easy task to recover. Despite the fact that most industries began to regain momentum in the latter months of 2021, the travel and tourism industry, which has experienced one of the worst contractions since the pandemic, continues to experience disruptions due to the new COVID-19 variant, Omicron.

On May 13, 2020, the finance minister announced a comprehensive package worth 20 lakh crores. Micro, small and medium enterprises (MSMEs) are to be helped by this package to cope with the pandemic's distress.

'Tourism boost in the NE region'

Ekansh Saxena, co-founder of Touch Down Earth said, "The extension of ECLGS to a total cover of 5 lakh crore is a big relief for the MSMEs, especially businesses with a special focus on hospitality and related services. The decision recognizes the distress in hospitality."

"With the announcement of the infrastructural development in the North East, the states are definitely going to see a tourism boost in the region. The introduction of e-passport was another great takeaway since this will make travel more convenient and secure for the new age international travellers," Saxena further added.