Budget 2021: Time for travel sector to take-off
By Apoorva Kashyap
TheUnion Budget 2021 is out and has fulfilled the expectations of the COVID-19-hit travel industry. In her Budget speech Finance Minister Nirmala Sitharaman’s said that Rs 1.15 lakh crore will be allocated to the Railways to boost its infrastructure along with the announcement of new vista-domed trains to promote tourism .She also announced privatization of all airports in tier 2 and tier 3 cities.
We sought some reactions fromBennett University students and other citizens. “The introduction of aesthetically designed train coaches will provide for a good travel experience and would encourage tourism which in return will kickstart the economic ,” says Ojaswee Agarwal, BBA 2nd year student at Bennett University.
The Railways faced its toughest times during the pandemic. “Complete shutdown of Railways during the pandemic had the worst impact on our economy, it being one of the biggest contributors to our country’s GDP, this decision will surely help in economic revival,” says Atul Kashyap, a financial consultant at Gartner Inc.
To improve the safety norms in Railways, Sitharaman has promised that highly utilized network routes will get state-of-the-art anti-collision networks to reduce accidents due to human errors.
Another travel sector that has been affected badly by the pandemic has been the aviation sector. The Budget2021 had some sops to improve this sector. “The privatization of airports in tier 2 and tier 3 cities will bring liquidity to the industry and will help revamp the struggling aviation sector,” says Dishti Tandon, BAJMC 2nd year media student at Bennett University.
In another move to rehabilitate the aviation sector the government has announced a tax holiday for foreign aircraft leasing businesses in the Budget 2021. “Most of the aircraft leasing companies are based in Ireland, Dubai and Hong Kong and this move will increase Investment in this sector and will also boost Foreign Direct Investment in India”, feels Siddarth Jain, a B.Tech 2nd year student at Bennett University.
“The economy needed an economic push in all sectors and this year’s budget has fulfilled the expectations of every sector. It is a ‘Sabka Budget’ as said by our Prime Minister”, Ajit Kumar, General Manager at Bhilai Steel Plant says.
Overall, the stock markets cheered the budget for this year, while Sensex jumped over 2,200 points, Nifty also gained points after the Budget announcement.
(The report has been written by Apoorva Kashyap, a student of BA (Journalism and Mass Communication) of Bennett University.)
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We sought some reactions from
The Railways faced its toughest times during the pandemic. “Complete shutdown of Railways during the pandemic had the worst impact on our economy, it being one of the biggest contributors to our country’s GDP, this decision will surely help in economic revival,” says Atul Kashyap, a financial consultant at Gartner Inc.
To improve the safety norms in Railways, Sitharaman has promised that highly utilized network routes will get state-of-the-art anti-collision networks to reduce accidents due to human errors.
Another travel sector that has been affected badly by the pandemic has been the aviation sector. The Budget2021 had some sops to improve this sector. “The privatization of airports in tier 2 and tier 3 cities will bring liquidity to the industry and will help revamp the struggling aviation sector,” says Dishti Tandon, BAJMC 2nd year media student at Bennett University.
In another move to rehabilitate the aviation sector the government has announced a tax holiday for foreign aircraft leasing businesses in the Budget 2021. “Most of the aircraft leasing companies are based in Ireland, Dubai and Hong Kong and this move will increase Investment in this sector and will also boost Foreign Direct Investment in India”, feels Siddarth Jain, a B.Tech 2nd year student at Bennett University.
“The economy needed an economic push in all sectors and this year’s budget has fulfilled the expectations of every sector. It is a ‘Sabka Budget’ as said by our Prime Minister”, Ajit Kumar, General Manager at Bhilai Steel Plant says.
Overall, the stock markets cheered the budget for this year, while Sensex jumped over 2,200 points, Nifty also gained points after the Budget announcement.
(The report has been written by Apoorva Kashyap, a student of BA (Journalism and Mass Communication) of Bennett University.)
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