Prioritizing the enhancement of domestic tourism, Union Finance Minister Nirmala Sitharaman announced plans to focus on tourism infrastructure and amenities on Indian islands, including Lakshadweep. Highlighting the success of hosting G20 meetings in various locations, Sitharaman emphasized the global exposure it provided to India’s diversity.
She stated, “To address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure, and amenities will be taken up on our islands, including Lakshadweep. This will help in generating employment also.”
The Finance Minister expressed confidence in the potential of Lakshadweep and other unexplored islands following Prime Minister Modi’s visit, which sparked a campaign to promote their beauty and cultural significance. Sitharaman encouraged states to undertake comprehensive development of iconic tourist centers, with a focus on branding and global marketing. Additionally, she announced the provision of long-term interest-free loans to states for such development, matching their financing efforts.
Recognizing the success of G20 meetings in showcasing India’s diversity, Sitharaman stated, “Our economic strength has made the country an attractive destination for business and conference tourism.” She acknowledged the growing aspirations of the middle class to travel, emphasizing the tremendous opportunities for local entrepreneurship in tourism, including spiritual tourism.
In terms of taxation, Sitharaman assured no changes, maintaining existing tax rates for direct and indirect taxes, including import duties. The Finance Minister concluded her budget presentation with a positive outlook, affirming the government’s commitment to fostering inclusive growth and development. The Interim Budget 2024 is expected to undergo thorough scrutiny and debates in Parliament, evaluating its potential impact on the nation’s economic trajectory.