Our hospitality sector should be known as ‘Industry’ across all states. This is how companies under this can easily access long-term loans that too with a suitable interest rate. If the approach is implemented effectively, Indian companies can expand and modernise their operations, which will also allow them to compete globally.
More than that, the industry is asking for more skill development initiatives so that current workforce shortages can be fixed while upskilling the current talent pool. This is also important due to the growing tourism industry in India.
Tax measurements are another aspect to not overlook. Industry leaders are asking for a lesser GST rate when it comes to hospitality services. High taxation is not making them the actual profit they expect, which also deters investment. Doing so will help small and medium businesses in the F&B sector.
Overall, if the Union Budget 2025 aligns with these expectations, everything could be recovered, which was supposed to happen in the earlier post-pandemic. Plus, there will be new innovations and offerings to make India a step forward in global leadership.
