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FM Announces Measures For The Covid Hit Tourism Sector
Finance Minister, Nirmala Sitharaman today announced relief measures for the Covid hit tourism sector.
The Finance Minister granted Free Visa for first 5 lakh tourists coming to India. The government will waive off fees for the first 5 lakh tourist visas issued in India, in an attempt to aid its tourism sector. The benefit will be available only once per tourist. The scheme will be applicable till March 31, 2022 or till 5 lakh visas have been issued.
The Finance Minister also said that capital and personal loans will be provided to the tourism sector in the credit guarantee scheme for Covid-hit sectors.
Loans will also be provided with 1005 guarantee, to the following limits for travel and tourism stakeholders (TTS), recognised by the Ministry of Tourism.
- Rs 10,00,000 per TTS.Rs 1,00,000 for tourist guide.
- Scheme would be administered by the Ministry of Tourism.
Nish Bhatt, Founder & CEO, Millwood Kane International - an Investment consulting firm, following the announcements said, " The onslaught of the second wave and the impact of the lockdown was severe, particularly for the contact-oriented businesses like travel & tourism and small businesses. The travel & tourism sector is crucial to earning foreign currency in the case of international tourism.
The announcement by the government is well-timed and in the right direction. MSMEs, MFIs, and small and unorganized sectors are the biggest employment creators. The measures will help boost growth, given the increased pace of vaccination across the country. The announcement for the health infra sectors will help strengthen the fight against the pandemic."
