Corona Crisis: The Hospitality-Travel Sector has broken, can get relief from the Finance Minister today
Finance Minister Nirmala Sitharaman will share the details related to the Corona Economic Package by holding a press conference for the third time today. Nirmala Sitharaman can announce relief to the hospitality and travel-tourism industry at 4 pm today. The condition of these two sectors is quite bad. Let us know what is the condition of these sectors and what is the demand of the industry related to them…
The outbreak of Corona has indeed proved to be havoc for many sectors of the industry. The tourism and hotel industry has broken its back. The hotel industry has got a complete break due to the travel of tourists. Businessmen associated with the hotel industry are seeking help from the government. Not only the hotel industry but also the business of tour and travel has been stalled by Corona. The biggest challenge at the moment is to deal with the corona and prevent it from spreading. But even after winning the battle against Corona, it will be a big challenge to bring the business back on track.
Hospitality (Hotel & Restaurant):-
The havoc of Corona is overshadowing the hospitality sector like hotels and restaurants. Hotels and restaurants are also closed due to flights being closed, transportation and travel completely halted. After the lockdown opens, domestic transport can get some business in this sector, but it may take several months for international tourists to come. Even at the domestic level, people will hesitate to visit restaurants or crowded places for months ahead.
There is a possibility of loss of 30 thousand crore rupees to the hospitality business. In this case, there is a possibility of large scale layoffs in this sector too.
National Restaurants Association of India (NRAI) has said that out of 73 lakh people in the restaurant sector, 10-20 percent of the people can loss their jobs. Meaning about 15 lakh people can be unemployed.
Aviation Sector:-
The aviation sector has suffered the most from Corona. There is a lockdown in many countries of the world because of Corona. Flights to India are also completely closed. Salary cuts and layoffs have started in this sector. Thousands of jobs are expected in this sector in India itself. Informed people are even warning that if the lockdown is prolonged, there may be a delay in the shutdown of many airlines. According to global business advisory firm KPMG, for aviation, it is a bigger crisis than the recession of 2008-09.
According to a report by the International Aviation Travel a Society (IATA), due to this, Indian airlines will lose $ 1,122 million (about 86 thousand crore rupees) this year and more than 29 lakh people can be unemployed.
What are the major demands of the industry ?
1. The most important demand of the hospitality and travel industry is that they be given relief from the payment of Goods and Services Tax (GST) and other advance tax of the center-state for the time being and postpone it for some time.
2. Not only this, there is also a demand to reduce the GST rate significantly for the next 2-3 years for the hotel and travel industry. Currently, the GST rate for big hotels is 12 to 18 percent.
3. Apart from this, there has been a demand from this industry to waive all license and permit fees.
4. Industry is also in demand that the three-month Mauritorium of the loan given by the Reserve Bank should be done for at least one year.
5. FICCI has also written a letter to Finance Minister Nirmala Sitharaman demanding that small and medium enterprises SMEs in the tourism sector be given collateral free loans for at least five years.
May take a year to recover:-
Puneet Chhatwal, MD & CEO of Indian Hotels Company, recently told India Today TV, 'Apart from aviation, the hospitality sector has had the worst impact. The consumer is worried about his future. The tourism industry will take at least 6 to 12 months to recover. Chhatwal said, "A new normal can be formed in the future. A presentation of BCG has come, which states that the behavior of people will change. The wedding sector will return, celebrations will happen, people will do new things by social distancing.
It is worth noting that earlier, the country's Finance Minister Nirmala Sitharaman on Thursday presented the second installment of economic relief. A large package was announced for the migrant laborers, common man and farmers. PM Narendra Modi had announced on Tuesday that a package of 20 lakh crore rupees will come from Corona to provide relief to the people and economy of the country. After this, on Wednesday, the Finance Minister gave a package of about Rs 6 lakh crore for the MSME etc. sector.
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