Tourism stocks rally after FM's plans for destination development and spiritual tourism

Tourism stocks surged following FM's announced plans to develop 50 tourist destinations, focusing on spiritual and medical tourism to boost employment. Special emphasis will be placed on sites linked to Lord Buddha to promote spiritual tourism.

EaseMyTrip (8.01%), Lemon Tree Hotels (up 2.42%), Indian Hotels Company (up 1.77%), Westlife Foodworld (up 1.40%), India Tourism Development Corporation (up 4.53%), Tbo Tek (up 1%), Le Travenues Technology (up 1.40%), and Taj Gvk Hotels (up 2.26%), added.

On Saturday, Finance Minister Nirmala Sitharaman announced that the government plans to develop 50 tourist destinations to promote tourism and boost employment. Focus areas will include spiritual and medical tourism.

As part of a broader strategy to improve tourism infrastructure, 22 destinations across the country will be developed in collaboration with state authorities.

Additionally, the government is considering e-visa facilities and visa fee waivers for select countries to further enhance tourism. The budget also announced a special focus on destinations associated with the life and teachings of Lord Buddha. These sites will be developed to promote spiritual tourism, aiming to attract both domestic and international visitors and elevate Indias status as a spiritual tourism hub.

Finance Minister Nirmala Sitharaman is currently presenting the Union Budget 2025-26 in the Lok Sabha today, marking the Modi government's second budget in its third term. This will be Sitharamans eighth consecutive budget since 2019.

The budget session will take place in two phases: the first part runs until February 13, while the second session will be held from 10 March 2025 to 04 April 2025.

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