Pre-Budget 2023 Live Updates | EaseMyTrip Founder emphasises the importance of reviving the travel and tourism industry.

Live Pre-Budget 2023 Updates: The Finance Ministry will present the Union Budget for fiscal year 2023-24 on February

Live Pre-Budget 2023 Updates: The travel and tourism industry, which was severely impacted by the Covid-19 pandemic, is on the mend, but it still faces a few challenges, including high GST rates on flights and hotels. According to Nishant Pitti, CEO and Co-Founder of EaseMyTrip, more emphasis on the industry’s resuscitation is required. This could be accomplished by implementing an e-visa fee waiver for tourist visas, as well as a domestic income tax travel credit for Indian residents and businesses.

Finance Minister Nirmala Sitharaman is scheduled to present her fifth consecutive Union Budget in Parliament on February 1 for the fiscal year 2023-24, which begins on April 1. Union Budget 2023-24, like the previous two, will be delivered paperless. This will be the final full Budget before the general elections in 2024. The event sheds light on the government’s finances as well as the determination of economic policies for the coming year. Prior to the 2024 general elections, The travel and tourism industry, which was severely impacted by the Covid-19 pandemic, is on the mend, but it still faces a few challenges, including high GST rates on flights and hotels.

Also Read: Hard Work Or Smart Work?” Student Asked The PM Modi.

As a result, it is difficult for the industry to compete with other countries and attract tourists. Aside from that, another source of concern for the industry is the government’s lack of support in the previous Union Budget.According to Nishant Pitti, CEO and Co-Founder of EaseMyTrip, more emphasis on the industry’s resuscitation is required. This could be accomplished by implementing an e-visa fee waiver for tourist visas, as well as a domestic income tax travel credit for Indian residents and businesses.

Pre-Budget Live Updates (Economy): The FM may increase spending by about 12.5% this year. Pre-Budget Live Updates (Economy): The FM may increase expenditure by approximately 12.5% year on year to 44.40 trillion rupees.

According to a survey of economists, the Modi government will look to maintain its spending pace to boost growth while relying on asset sales and avoiding subsidies to reduce the deficit.

According to the median of estimates in a Bloomberg survey ahead of the 2023 Budget, Finance Minister Nirmala Sitharaman will likely increase spending by about 12.5% year on year to 44.40 trillion rupees ($544 billion) in the fiscal year beginning April. According to the survey median, the fiscal gap is expected to shrink to 5.9% of GDP from 6.4% in the current fiscal year. The government is expected to fund it in part with a record gross borrowing of Rs 15.8 trillion, or 11% more than this year.