Summary:

The Union Budget includes measures to promote tourism and provide growth opportunities. Finance Minister Nirmala Sitharaman revealed plans to develop the top 50 tourist destinations in partnership with states under a "challenge mode," focusing on performance-based incentives. This approach encourages innovation and competition in destination management. States will provide land for infrastructure, and hotels at these locations will be added to the harmonized master list (HML).

The government aims to support small businesses and local growth by expanding homestays through Mudra loans. It also plans to streamline e-visa processes to increase foreign tourist arrivals (FTAs). The Budget increased the tourism ministry's funding to Rs. 2,534.93 crore (US$ 290.80 million), with a focus on spiritual and medical tourism, particularly at Lord Buddha’s life-related sites. These initiatives are designed to drive investment, create jobs, and enhance India's tourism sector's growth potential.

Source: IBEF

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