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Budget 2019: Infra boost bodes well for tourism, says OYO's Ritesh Agarwal

Concerns over employment generation have been addressed, albeit indirectly

Ritesh Agarwal  |  New Delhi 

Budget: Fiscal deficit under control, courtesy healthy non-tax revenues

Buoyed by a strong mandate, this Budget offered a rare opportunity to policy-makers to participate in the blue sky thinking as exemplified by the Economic Survey. The government has identified two directional pillars of socio-economic development and investment-led economic growth.

Ritesh Agarwal

Ritesh Agarwal, Founder & Group CEO, OYO Hotels & Homes

This reflects a medium- to long-term vision over instant gratification. Measures prescribed for investments, urban India the youth and women indicate a concerted approach to improving the ease of living and doing business. The finance minister has displayed the intent to kick-start the virtuous cycle of domestic and foreign investments. Announcements with respect to recapitalisation of public sector banks, bond market reforms as well as FDI in aviation and media and entertainment will inject the much-needed liquidity into the economy.

Concerns over employment generation have been addressed, albeit indirectly. The Budget recognises the need to improve connectivity and boost infrastructure spending through allocations to industrial and freight corridor projects. Taken together, these initiatives should help support the twin goals of job growth and driving domestic consumption. This bodes well for the hospitality, tourism and travel industry. Today, this sector employs over 41.6 million people and by 2028 is expected to employ over 52.3 million, accounting for over 9.4 per cent of India’s GDP.

First Published: Sat, July 06 2019. 02:12 IST
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